Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

9613 Farmridge Lane Matthews, NC 28105

3 Beds 2 Baths 1,054 sqft Built 1989

$211,000

List Price

$1,200

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $200.19
  • 4 Days on Market
  • MLS # : 3683800
  • Updated Date : 11/21/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,054 sqft
  • Baths : 2 full
Listing Agent

Bon Maison Properties, Inc.

Listing Agent's Description

Amazing find in charming SE CLT/Matthews location! One level living with easy-care laminate flooring in most areas. Neutral palette with open Living/Dining area featuring a cathedral ceiling! Space opens to fabulous screened porch for awesome outdoor living! Updated Kitchen w/stainless appliances and on-trend painted cabinets. Gorgeous quartz countertops and tile backsplash - all done and move-in ready! MBR with en-suite + two additional spacious BR's and Hall Bath. Fenced backyard includes on-site storage shed + house has rear storage room!

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: Marshbrooke

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $74k305k

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

Neighborhood: Marshbrooke

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270080090010001100120013001400150016001700Rent in $6771766

* 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
Piney Grove Elementary School Primary Regular 823 52 4
Mint Hill Middle School Middle Regular 1,249 64 5
Butler High School High Regular 2,081 106 7

Piney Grove Elementary School

  • Education Level: Primary
  • # of students: 823
  • # of teachers: 52
4
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
 

$189,900$232,100$211,000

PURCHASE PRICE

$1,080$1,320$1,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,200
EXPENSES Loan Payment -$779
Property Tax -$194
Property Insurance -$47
HOA -$10
Property Management Fees -$108
CASH FLOW
$62

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.

$211,000

PROJECTED PRICE

$1,200

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,665

INVESTMENT

$61,665

Down Payment
$52,750
Rehab Estimate
$5,750
Closing Costs
$3,165

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$779

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,750
Loan Amount $158,250
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$15,736

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,200

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $1,004

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2753$1,2754$1,2995$1,325
$1,325
RENT COMPS ANALYSIS
  • 9613 Farmridge Lane Matthews, NC 1
    • 3 beds 2 baths ∙ 1,054 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,054 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.14
    •  
  • 9021 Louvaine Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 1986
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.97
    •  
  • 8435 Mission Hills Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1986
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.92
    •  
  • 7801 Cloughy Circle Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1983
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.95
    •  
  • 6916 Highbrook Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1966
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.97
    •  
PROPERTY LISTING DETAILS
Maureen Regele
1.704.605.5444
Bon Maison Properties, Inc.
BESbswy