Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

7835 Greylock Ridge Road Matthews, NC 28105

4 Beds 4 Baths 3,449 sqft Built 2006

$450,000

List Price

$2,470

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

November 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $130.47
  • 5 Days on Market
  • MLS # : 3686592
  • Updated Date : 11/25/2020 at 11:50
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,449 sqft
  • Baths : 3 full , 1 half
Listing Agent

Allen Tate Lake Norman

Listing Agent's Description

Gorgeous home! Excellent location - just minutes to Downtown Matthews and 485. Great schools and walk to 4 Mile Creek Greenway and park. Open, spacious floorplan with all the upgrades. Private office / classroom on main level. First floor hardwoods and new carpet. Beautiful coiffured ceiling in great room with gas fireplace opens to huge chef's kitchen with solid surface and 42” cabinets and breakfast bar. Bright sunny keeping room off kitchen for multiple uses. Outside is a party sized custom brick patio, beautiful mature yard with play set, all inside a privacy fence. One year Supreme Home Warranty for buyer as well as 2020 new roof and new AC unit. Cat 5 and speakers throughout home. Elegant owner's suite with Trey ceiling, sitting area, jetted tub, dual closets and vanities. Full guest suite on second floor as well as 2 bedrooms with 3rd full bath. Enormous bonus / theatre room with sound system completes the second floor.

SEE MORE

MARKET HIGHLIGHTS

  • Corporate Fortune 500 headquarters: Bank of America, Lowe’s, Duke Energy, Nucor, Family Dollar Stores, Sonic Automotive, Domtar
  • #3 fastest-growing big city in US with more than 15,000 people added in 2017 (US Census, 2018)
  • Charlotte metro has 65.8% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Charlotte attracted more than $325 million in capital investments in 2018Q2 (Meckelenburg county, June 2018)
  • Charlotte metro's economy is worth $181 billion in Gross Metro Product and projected to grow to $192 billion in 2019 (USMayors.org, 2018)
  • #1 Millenial Moving destination city (Smart Asset)

PRICE & RENT TRENDS

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Matthews Elementary School Primary Regular 1,006 51 7
Crestdale Middle School Middle Regular 868 44 7
Butler High School High Regular 2,081 106 7

Matthews Elementary School

  • Education Level: Primary
  • # of students: 1,006
  • # of teachers: 51
7
GreatSchools Rating

Crestdale Middle School

  • Education Level: Middle
  • # of students: 868
  • # of teachers: 44
7
GreatSchools Rating

Butler High School

  • Education Level: High
  • # of students: 2,081
  • # of teachers: 106
7
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$2,223$2,717$2,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,470
EXPENSES Loan Payment -$1,660
Property Tax -$362
Property Insurance -$92
HOA -$25
Property Management Fees -$222
CASH FLOW
$108

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$450,000

PROJECTED PRICE

$2,470

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$37,787

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,470

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $2,699

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,470
1$2,4702$2,4953$2,5004$2,5505$2,550
$2,550
RENT COMPS ANALYSIS
  • 7835 Greylock Ridge Road Matthews, NC 1
    • 4 beds 4 baths ∙ 3,449 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,449 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,470
    • $0.72
    •  
  • 7800 Greylock Ridge Road Matthews, NC 2
    • 5 beds 3 baths ∙ 3,265 Sqft ∙ Built 2007 5 beds 3 baths ∙ 3,265 Sqft ∙ Built 2007
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.76
    •  
  • 7004 Edenderry Drive Charlotte, NC 3
    • 4 beds 4 baths ∙ 3,200 Sqft ∙ Built 2002 4 beds 4 baths ∙ 3,200 Sqft ∙ Built 2002
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.78
    •  
  • 2804 Bridle Brook Way Charlotte, NC 4
    • 5 beds 4 baths ∙ 3,110 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,110 Sqft ∙ Built 2006
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.82
    •  
  • 216 Rosedale Lane Matthews, NC 5
    • 4 beds 4 baths ∙ 3,307 Sqft ∙ Built 1997 4 beds 4 baths ∙ 3,307 Sqft ∙ Built 1997
    LEASED 03/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.77
    •  
PROPERTY LISTING DETAILS
Cathleen Staskel
1.704.507.7777
Allen Tate Lake Norman
BESbswy