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919 N Rocky River Road ##1 Monroe, NC 28110

3 Beds 2 Baths 1,196 sqft Built 1980

$209,000

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 22, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $174.75
  • 4 Days on Market
  • MLS # : 3673877
  • Updated Date : 11/22/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,196 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Select

Listing Agent's Description

Eligible for 100% USDA financing, county taxes, Sun Valley/Rocky River Elem., super convenient location close to shopping,schools,and restaurants.This remodeled full brick home has been converted to 2 full baths, has a NEW ARCH ROOF, NEW vinyl trim and gutters, NEW deck and windows. LIKE NEW,MOVE IN READY! NEW flooring, paint and smooth ceilings throughout, the eat in kitchen has all new cabinets, granite counter tops and SS appliances, and the 2 full baths have new cabinetry, toilets and tile bath surround as well as a fabulous HUGE walk in tile shower in the master. The remnants of a chain link fence were left behind for anyone wanting to do a little work for their pet to have a confined space. This home sits on 1.23 acres with a tiny portion at the very back in the flood fringe, beside the creek, home does not require flood insurance and has NO HOA. NEW light fixtures, NEW interior doors and front and side doors. Come take a look, showings start Sunday! CHECK DIRECTIONS FOR DETOUR

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
Rocky River Elementary School Primary Regular 844 58 6
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 844
  • # of teachers: 58
6
GreatSchools Rating

Sun Valley Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 69
6
GreatSchools Rating

Sun Valley High School

  • Education Level: High
  • # of students: 1,306
  • # of teachers: 76
7
GreatSchools Rating
 

$188,100$229,900$209,000

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$771
Property Tax -$110
Property Insurance -$50
Property Management Fees -$114
CASH FLOW
$225

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.

$209,000

PROJECTED PRICE

$1,270

PROJECTED RENT

0.61%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,135

INVESTMENT

$61,135

Down Payment
$52,250
Rehab Estimate
$5,750
Closing Costs
$3,135

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$771

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,250
Loan Amount $156,750
See What Happens When You Reinvest Cash Flow

10.08

YEARS SAVED

$36,150

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,270

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,268

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,130
1$1,1302$1,2703$1,3754$1,4495$1,575
$1,575
RENT COMPS ANALYSIS
  • 919 N Rocky River Road Monroe, NC 2
    • 3 beds 2 baths ∙ 1,196 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,196 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $1.06
    •  
  • 617 Charles Franklin Street Monroe, NC 1
    • 3 beds 1 baths ∙ 1,050 Sqft ∙ Built 1976 3 beds 1 baths ∙ 1,050 Sqft ∙ Built 1976
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,130
    • $1.08
    •  
  • 1612 Winthrop Lane Monroe, NC 3
    • 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1999
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.03
    •  
  • 300 Lameshur Lane Monroe, NC 4
    • 3 beds 3 baths ∙ 1,449 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,449 Sqft ∙ Built 2006
    LEASED 07/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $1.00
    •  
  • 2511 Hopewood Lane Monroe, NC 5
    • 3 beds 2 baths ∙ 1,415 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,415 Sqft ∙ Built 1991
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.11
    •  
PROPERTY LISTING DETAILS
Tracy Anderson
1.704.219.0290
Keller Williams Select
BESbswy