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811 Sinclair Drive Monroe, NC 28110

3 Beds 3 Baths 1,728 sqft Built 2004

$240,000

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $138.89
  • -1 Days on Market
  • MLS # : CAR3752808
  • Updated Date : 07/12/2021 at 19:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,728 sqft
  • Baths : 2 full , 1 half
Listing Agent

Highgarden Real Estate

Listing Agent's Description

Pride in ownership is evident in this immaculately well-maintained 2-story home in booming Monroe! Pet-friendly neighborhood with easy access to Hwy 75, Hwy 84, Hwy 74, Hwy 601, schools, and grocery stores. Beautiful new laminate flooring 2018, granite countertops 2020 with an eat-in kitchen, breakfast bar, and new stainless steel kitchen appliances. New roof 2021, water heater and garage opener from mid 2017! HVAC from 2015 and has just been serviced. Freshly painted interior.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28110

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k215k

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

Zip Code: 28110

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8011375

* 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
Walter Bickett Elementary School Primary Regular 694 64 1
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

Walter Bickett Elementary School

  • Education Level: Primary
  • # of students: 694
  • # of teachers: 64
1
GreatSchools Rating

Monroe Middle School

  • Education Level: Middle
  • # of students: 1,068
  • # of teachers: 68
3
GreatSchools Rating

Monroe High School

  • Education Level: High
  • # of students: 1,009
  • # of teachers: 70
1
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$834
Property Tax -$127
Property Insurance -$60
HOA -$18
Property Management Fees -$119
CASH FLOW
$373

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$240,000

PROJECTED PRICE

$1,530

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

12.75

YEARS SAVED

$49,190

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $1,508

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,5493$1,5494$1,6505$1,675
$1,675
RENT COMPS ANALYSIS
  • 811 Sinclair Drive Monroe, NC 1
    • 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1937 Stoney Point Circle Monroe, NC 2
    • 3 beds 3 baths ∙ 1,745 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,745 Sqft ∙ Built 2016
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,549
    • $0.89
    •  
  • 2114 Lexington Avenue Monroe, NC 3
    • 3 beds 3 baths ∙ 1,621 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,621 Sqft ∙ Built 2005
    LEASED 02/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,549
    • $0.96
    •  
  • 3005 Grey Pond Lane Monroe, NC 4
    • 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2000
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.83
    •  
  • 1131 Parker Street Monroe, NC 5
    • 4 beds 3 baths ∙ 2,045 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,045 Sqft ∙ Built 2018
    LEASED 03/29/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.82
    •  
PROPERTY LISTING DETAILS
Christopher Duty
1.704.818.6613
Highgarden Real Estate
BESbswy