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816 White Oaks Circle Monroe, NC 28112

3 Beds 2 Baths 2,194 sqft Built 1995

$299,900

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $136.69
  • 14 Days on Market
  • MLS # : 3711216
  • Updated Date : 03/04/2021 at 17:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,194 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Providence @485

Listing Agent's Description

Beautiful brick home in neighborhood just outside city limits in great location with no HOA. Nice split floor plan. Bright kitchen with breakfast bar. Master has his/her closets. Master bath has his/hers vanities, separate shower and garden tub. Gas fireplace in cozy living room. Huge Great room/Sunroom has lots of windows so have the feeling of being outside but inside. Backyard is an oasis with large patio, lovely Gazebo and nice Leonard 12x8 Storage building. Great view of backyard from bay window in dining room. Cute courtyard at entry of home. Sunroom addition has pretty vinyl shakes. Darling breakfast nook. Home Warranty in Place

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

Zip Code: 28112

ZipNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $93k213k

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

Zip Code: 28112

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7651375

* 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
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$1,042
Property Tax -$158
Property Insurance -$68
Property Management Fees -$119
CASH FLOW
$73

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.

$299,900

PROJECTED PRICE

$1,460

PROJECTED RENT

0.49%

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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$23,296

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,530

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,4603$1,5004$1,5255$1,549
$1,549
RENT COMPS ANALYSIS
  • 816 White Oaks Circle Monroe, NC 2
    • 3 beds 2 baths ∙ 2,194 Sqft ∙ Built 1995 3 beds 2 baths ∙ 2,194 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.67
    •  
  • 822 Sinclair Drive Monroe, NC 1
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2006
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.68
    •  
  • 1911 Kingstree Drive Monroe, NC 3
    • 4 beds 3 baths ∙ 2,041 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,041 Sqft ∙ Built 2006
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.73
    •  
  • 2311 Kingstree Drive Monroe, NC 4
    • 4 beds 3 baths ∙ 2,361 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,361 Sqft ∙ Built 2005
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.65
    •  
  • 2408 Lexington Avenue Monroe, NC 5
    • 3 beds 3 baths ∙ 2,280 Sqft ∙ Built 3 beds 3 baths ∙ 2,280 Sqft ∙ Built
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,549
    • $0.68
    •  
PROPERTY LISTING DETAILS
Jennie Griffin
1.704.577.1047
Allen Tate Providence @485
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3711216
Last Updated: 03/04/2021
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