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8325 Potter Road Matthews, NC 28104

4 Beds 3 Baths 2,561 sqft Built 1988

$415,888

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $162.39
  • 20 Days on Market
  • MLS # : 3691747
  • Updated Date : 01/09/2021 at 21:01
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,561 sqft
  • Baths : 3 full
Listing Agent

Teel Realty

Listing Agent's Description

Father of the Bride style home on over an acre in Weddington area. Home has been lovingly customized by present owners. Custom kitchen features double oven, gas stove top, pot filler, & farmhouse sink. Newer LVP on main. Inside has a farmhouse chic vibe w/shiplap & gorgeous finishes. Main floor full bath. Large formal living room + a family room w/fireplace (wood burning) for cozy nights. Upper floor boasts 4 bedrooms & a bonus room w/wood clad ceiling for charm w/additional storage over attic off both sides of bonus. Two full baths on upper level. Master has 2 walk in closets & an updated bath w/dual vanity & a custom tile shower. Garage was recently fully insulated to convert it into over 500 additional square feet of living space. (Drywall was not added.) Rear yard boasts lots of character including a massive deck for entertaining, raised beds for gardening, and a framed out space for a green house or play house. Newer mechanical systems. Roof is only about 6 years young.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k349k

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

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442033

* 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
Antioch Elementary School Primary Regular 744 42 9
Weddington Middle School Middle Regular 997 55 10
Weddington High School High Regular 1,342 69 9

Antioch Elementary School

  • Education Level: Primary
  • # of students: 744
  • # of teachers: 42
9
GreatSchools Rating

Weddington Middle School

  • Education Level: Middle
  • # of students: 997
  • # of teachers: 55
10
GreatSchools Rating

Weddington High School

  • Education Level: High
  • # of students: 1,342
  • # of teachers: 69
9
GreatSchools Rating
 

$374,299$457,477$415,888

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,445
Property Tax -$276
Property Insurance -$75
Property Management Fees -$119
CASH FLOW
-$125

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.

$415,888

PROJECTED PRICE

$1,790

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

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$115,960

INVESTMENT

$115,960

Down Payment
$103,972
Rehab Estimate
$5,750
Closing Costs
$6,238

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,445

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $103,972
Loan Amount $311,916
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$16,492

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,773

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6953$1,7504$1,7905$1,850
$1,850
RENT COMPS ANALYSIS
  • 8325 Potter Road Matthews, NC 4
    • 4 beds 3 baths ∙ 2,561 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,561 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.70
    •  
  • 14002 Fenwick Drive Indian Trail, NC 1
    • 3 beds 3 baths ∙ 2,360 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,360 Sqft ∙ Built 2001
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.70
    •  
  • 3021 Semmes Lane Indian Trail, NC 2
    • 4 beds 3 baths ∙ 2,346 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,346 Sqft ∙ Built 2003
    property image
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.72
    •  
  • 3002 Semmes Lane Indian Trail, NC 3
    • 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2001
    property image
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.69
    •  
  • 3016 Corrona Lane Indian Trail, NC 5
    • 4 beds 4 baths ∙ 2,800 Sqft ∙ Built 2014 4 beds 4 baths ∙ 2,800 Sqft ∙ Built 2014
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.66
    •  
PROPERTY LISTING DETAILS
Janet Teel
1.704.641.0267
Teel Realty
BESbswy