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915 Somersby Lane Matthews, NC 28105

3 Beds 2 Baths 1,548 sqft Built 1984

$310,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $200.26
  • 4 Days on Market
  • MLS # : 3685746
  • Updated Date : 01/16/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,548 sqft
  • Baths : 2 full
Listing Agent

Dm Properties & Associates

Listing Agent's Description

This hidden gem, one owner ranch style home nestled in established and well maintained Somersby neighborhood boast 3 bedrooms and 2 baths with a spacious den and fireplace, formal dining room and living room, and nice size bedrooms. Enjoy your morning cup of coffee on your private rear deck overlooking the nicely wooded backyard. Excellent location, convenient to Matthews, South Charlotte and within walking distance of Elizabeth Lane Elementary. Plenty of nature and walking areas. No HOA.

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
Elizabeth Lane Elementary School Primary Regular 925 51 8
South Charlotte Middle School Middle Regular 856 41 9
Providence High School High Regular 1,991 94 9

Elizabeth Lane Elementary School

  • Education Level: Primary
  • # of students: 925
  • # of teachers: 51
8
GreatSchools Rating

South Charlotte Middle School

  • Education Level: Middle
  • # of students: 856
  • # of teachers: 41
9
GreatSchools Rating

Providence High School

  • Education Level: High
  • # of students: 1,991
  • # of teachers: 94
9
GreatSchools Rating
 

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

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$1,077
Property Tax -$249
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
-$102

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

$1,400

PROJECTED RENT

0.45%

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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 55% 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

4.08

YEARS SAVED

$11,614

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,401

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,6003$1,6504$1,6505$1,695
$1,695
RENT COMPS ANALYSIS
  • 915 Somersby Lane Matthews, NC 1
    • 3 beds 2 baths ∙ 1,548 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,548 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.90
    •  
  • 634 Furrow Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,745 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,745 Sqft ∙ Built 1983
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.92
    •  
  • 8208 Bluesage Circle Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,841 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,841 Sqft ∙ Built 1983
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.90
    •  
  • 2801 Briar Ridge Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,855 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,855 Sqft ∙ Built 1987
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.89
    •  
  • 922 Evian Lane Matthews, NC 5
    • 3 beds 2 baths ∙ 1,855 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,855 Sqft ∙ Built 1987
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.91
    •  
PROPERTY LISTING DETAILS
Drew Maher
1.704.258.9227
Dm Properties & Associates
BESbswy