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9809 Potter Road Matthews, NC 28104

3 Beds 3 Baths 2,555 sqft Built 1997

INVESTimate

$425,000

List Price

$2,120

$1,908 - $2,332

Rent Est.

$446,888  ( +5.15%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1997
  • Price/Sqft : $166.34
  • 6 Days on Market
  • MLS # : 3654193
  • Updated Date : 08/24/2020 at 09:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,555 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Beautiful Ranch Split Floor Plan with NO HOA in Union County. A little over an acre lot ready for you. Home has a dining room and a flex room that can be used as an office, den or formal living room depending on your needs right as you enter the home. A large open living room opens to an eat in Breakfast area and open kitchen. Off of the breakfast area is a sun room with a new AC wall unit. You can also exit the spacious private owners suite into the sun room. Cabinets and workbench in the garage convey. New Windows in 2013. New microwave installed over the range and new carpet in the sun 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

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k349k

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

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442033

* 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
Wesley Chapel Elementary School Primary Regular 550 30 7
Weddington Middle School Middle Regular 997 55 10
Weddington High School High Regular 1,342 69 9

Wesley Chapel Elementary School

  • Education Level: Primary
  • # of students: 550
  • # of teachers: 30
7
GreatSchools Rating

Weddington Middle School

  • Education Level: Middle
  • # of students: 997
  • # of teachers: 55
10
GreatSchools Rating

Weddington High School

  • Education Level: High
  • # of students: 1,342
  • # of teachers: 69
9
GreatSchools Rating
 

$382,500$467,500$425,000

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,568
Property Tax -$282
Property Insurance -$75
Property Management Fees -$191
CASH FLOW
$4

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.

$425,000

PROJECTED PRICE

$2,120

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.15%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,568

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$27,270

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,725

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,6953$1,7704$1,9455$2,120
$2,120
RENT COMPS ANALYSIS
  • 9809 Potter Road Matthews, NC 5
    • 3 beds 3 baths ∙ 2,555 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,555 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $0.83
    •  
  • 1007 Clover Hill Road Indian Trail, NC 1
    • 4 beds 3 baths ∙ 2,880 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,880 Sqft ∙ Built 2015
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.59
    •  
  • 3021 Semmes Lane Indian Trail, NC 2
    • 4 beds 3 baths ∙ 2,346 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,346 Sqft ∙ Built 2003
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.72
    •  
  • 2001 Taylor Glenn Lane Indian Trail, NC 3
    • 4 beds 3 baths ∙ 2,520 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,520 Sqft ∙ Built 2001
    LEASED 04/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.70
    •  
  • 1017 Taylor Glenn Lane Indian Trail, NC 4
    • 4 beds 3 baths ∙ 2,809 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,809 Sqft ∙ Built 2001
    LEASED 05/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.69
    •  
PROPERTY LISTING DETAILS
Rachel Alles
1.855.299.7653
Mark Spain Real Estate
BESbswy