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903 Arden Drive Monroe, NC 28110

4 Beds 3 Baths 2,306 sqft Built 2020

$319,900

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $138.73
  • 4 Days on Market
  • MLS # : 3680510
  • Updated Date : 11/12/2020 at 22:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,306 sqft
  • Baths : 2 full , 1 half
Listing Agent

Emerald Pointe Realty

Listing Agent's Description

Hurry to see this beautiful all brick home that is nestled just minutes from downtown Monroe. When you step inside you are greeted with Laminate wood flooring throughout the first floor. A beautiful open concept Kitchen with granite countertops, Stainless Steel appliances, and breakfast bar as well as a spacious Family Room that will be great for entertaining. Upstairs you will find the large Master Bedroom and Bathroom that was built for a king. Also, upstairs are 3 more spacious bedrooms with large closets as well as the laundry room. This house has lots of storage with quick access to many amenities! Don’t miss the opportunity to own this home!!

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: 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
 

$287,910$351,890$319,900

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$1,180
Property Tax -$167
Property Insurance -$71
Property Management Fees -$143
CASH FLOW
$30

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$319,900

PROJECTED PRICE

$1,590

PROJECTED RENT

0.50%

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) 3.00%
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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$86,774

INVESTMENT

$86,774

Down Payment
$79,975
Rehab Estimate
$2,000
Closing Costs
$4,799

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,180

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,975
Loan Amount $239,925
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$20,186

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,568

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5253$1,5494$1,5505$1,590
$1,590
RENT COMPS ANALYSIS
  • 903 Arden Drive Monroe, NC 5
    • 4 beds 3 baths ∙ 2,306 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,306 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.69
    •  
  • 1911 Kingstree Drive Monroe, NC 1
    • 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 2
    • 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 3
    • 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
    •  
  • 125 Forest Hills Drive Monroe, NC 4
    • 3 beds 2 baths ∙ 2,352 Sqft ∙ Built 1960 3 beds 2 baths ∙ 2,352 Sqft ∙ Built 1960
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.66
    •  
PROPERTY LISTING DETAILS
Brian Benton
1.980.328.3597
Emerald Pointe Realty
BESbswy