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96 Lena Street #96 Monroe, NC 28112

3 Beds 3 Baths 1,953 sqft Built 2021

$289,990

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $148.48
  • 6 Days on Market
  • MLS # : 3704430
  • Updated Date : 02/04/2021 at 12:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,953 sqft
  • Baths : 3 full
Listing Agent

Nvr Homes, Inc./ryan Homes

Listing Agent's Description

If you're looking for a new, low-maintenance home in Union County for an excellent value, Cottage Green is for you! Say goodbye to yard work and landscaping, lawn maintenance is included! The Alberti 2-Story is wonderful 2 story open design that allows you to live your life on one level while having space for family or guests on the second story. This home will come loaded with incredible features like an upgraded kitchen with large island, Quartz/Granite counter tops, Ceramic Tile or Luxury Vinyl Plank in ALL full baths, Stainless steel appliances and Hardy Plank Siding and much more.

SEE MORE

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: 28112

ZipNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $93k213k

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

Zip Code: 28112

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7651375

* 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
Rock Rest Elementary School Primary Regular 699 67 6
East Union Middle School Middle Regular 908 59 3
Forest Hills High School High Regular 937 63 2

Rock Rest Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 67
6
GreatSchools Rating

East Union Middle School

  • Education Level: Middle
  • # of students: 908
  • # of teachers: 59
3
GreatSchools Rating

Forest Hills High School

  • Education Level: High
  • # of students: 937
  • # of teachers: 63
2
GreatSchools Rating
 

$260,991$318,989$289,990

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$1,007
Property Tax -$149
Property Insurance -$64
HOA -$120
Property Management Fees -$119
CASH FLOW
-$119

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.

$289,990

PROJECTED PRICE

$1,340

PROJECTED RENT

0.46%

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

PROJECTED ANNUAL CASH FLOW

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

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$78,847

INVESTMENT

$78,847

Down Payment
$72,498
Rehab Estimate
$2,000
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,498
Loan Amount $217,493
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$7,173

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,367

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,340
1$1,3402$1,395
$1,395
RENT COMPS ANALYSIS
  • 96 Lena Street Monroe, NC 1
    • 3 beds 3 baths ∙ 1,953 Sqft ∙ Built 2021 3 beds 3 baths ∙ 1,953 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $0.69
    •  
  • 1743 Lesa Lin Drive Monroe, NC 2
    • 4 beds 2 baths ∙ 2,001 Sqft ∙ Built 1990 4 beds 2 baths ∙ 2,001 Sqft ∙ Built 1990
    property image
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.70
    •  
PROPERTY LISTING DETAILS
Jerry Smith
1.704.610.5282
Nvr Homes, Inc./ryan Homes
BESbswy