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8713 Castle Cliff Drive Matthews, NC 28105

3 Beds 2 Baths 1,913 sqft Built 2003

$310,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $162.05
  • 6 Days on Market
  • MLS # : 3706266
  • Updated Date : 02/12/2021 at 09:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,913 sqft
  • Baths : 2 full
Listing Agent

Paragon Real Estate Group

Listing Agent's Description

Welcome to this lovely move-in ready 3 bedroom 2 bath ranch home in the Castle Cliff community! Home is meticulously maintained and has lots to offer. Upon entering you are greeted with an open floorplan, vaulted ceilings, stainless steel appliances, and farmhouse style accents throughout the home. The master bedroom offers a quiet sitting room that is perfect for a home office as well. Master bath was recently renovated, roof was replaced in Dec of 2018, home equipped with an oversized laundry/mudroom and a sunroom perfect for your morning coffee/tea. Garage offers built-ins for lots of storage and the fenced-in backyard is great for entertaining guests. The home is located in a very convenient location with all the Matthews shopping you will need. Highway 485 and downtown Matthews are just a short drive away.

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
Bain Elementary School Primary Regular 899 49 10
Mint Hill Middle School Middle Regular 1,249 64 5
Butler High School High Regular 2,081 106 7

Bain Elementary School

  • Education Level: Primary
  • # of students: 899
  • # of teachers: 49
10
GreatSchools Rating

Mint Hill Middle School

  • Education Level: Middle
  • # of students: 1,249
  • # of teachers: 64
5
GreatSchools Rating

Butler High School

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

$279,000$341,000$310,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,077
Property Tax -$249
Property Insurance -$63
HOA -$20
Property Management Fees -$119
CASH FLOW
$212

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.

$310,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.56%

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

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$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,900

INVESTMENT

$87,900

Down Payment
$77,500
Rehab Estimate
$5,750
Closing Costs
$4,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,077

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $77,500
Loan Amount $232,500
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$39,454

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,765

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7003$1,7404$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 8713 Castle Cliff Drive Matthews, NC 3
    • 3 beds 2 baths ∙ 1,913 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,913 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.91
    •  
  • 2328 Heathershire Lane Matthews, NC 1
    • 3 beds 3 baths ∙ 1,822 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,822 Sqft ∙ Built 1988
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.91
    •  
  • 2308 Heathershire Lane Matthews, NC 2
    • 3 beds 3 baths ∙ 1,934 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,934 Sqft ∙ Built 1988
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.88
    •  
  • 13634 Tynecastle Lane Matthews, NC 4
    • 3 beds 3 baths ∙ 1,876 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,876 Sqft ∙ Built 1987
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.96
    •  
  • 14400 Buckton Lane Matthews, NC 5
    • 4 beds 3 baths ∙ 1,965 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,965 Sqft ∙ Built 1988
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.94
    •  
PROPERTY LISTING DETAILS
Kevin Fu
1.828.446.7674
Paragon Real Estate Group
BESbswy