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10006 Drawbridge Drive Charlotte, NC 28215

3 Beds 3 Baths 2,255 sqft Built 1993

$319,500

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $141.69
  • 5 Days on Market
  • MLS # : 3693384
  • Updated Date : 12/23/2020 at 10:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,255 sqft
  • Baths : 2 full , 1 half
Listing Agent

Carolina Homes Realty

Listing Agent's Description

This nicely updated & well maintained full brick ranch is nestled on a large, flat lot with mature landscaping & is ready for new owners; It’s neat, clean, & move-in ready; The split bedroom floor plan features a bright kitchen with white cabinets, granite countertops, & breakfast bar with pendant lighting, large great room with a real wood burning fireplace, relaxing master suite with walk-in closet, cozy sitting room & remodeled master bath with tile shower, and split vanities with granite tops; The secondary bedrooms are nice sized & one has a cozy window seat with storage; Inside, you’ll find fresh neutral paint & low maintenance LVT flooring throughout the main living areas; Outside you’ll find a welcoming rocking chair front porch & large covered rear porch that could be easily screened; Another great feature is the oversize side load garage that can easily accommodate two cars plus all your stuff….workbench, bikes, golf clubs; There’s even a handy separate storage/workshop area

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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

Neighborhood: Silverwood

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $113k235k

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

Neighborhood: Silverwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
Reedy Creek Elementary School Primary Regular 730 44 6
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Reedy Creek Elementary School

  • Education Level: Primary
  • # of students: 730
  • # of teachers: 44
6
GreatSchools Rating

Northridge Middle School

  • Education Level: Middle
  • # of students: 779
  • # of teachers: 43
3
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$287,550$351,450$319,500

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,179
Property Tax -$279
Property Insurance -$70
Property Management Fees -$119
CASH FLOW
$134

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.

$319,500

PROJECTED PRICE

$1,780

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.1%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,418

INVESTMENT

$90,418

Down Payment
$79,875
Rehab Estimate
$5,750
Closing Costs
$4,793

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,179

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,875
Loan Amount $239,625
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$33,990

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,669

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,585
1$1,5852$1,7253$1,7504$1,7505$1,780
$1,780
RENT COMPS ANALYSIS
  • 10006 Drawbridge Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,255 Sqft ∙ Built 1993 3 beds 3 baths ∙ 2,255 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.79
    •  
  • 7526 Salinger Way Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,216 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,216 Sqft ∙ Built 2003
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.72
    •  
  • 4217 Stockbrook Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,202 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,202 Sqft ∙ Built 2020
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.78
    •  
  • 4213 Stockbrook Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.73
    •  
  • 4225 Stockbrook Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.73
    •  
PROPERTY LISTING DETAILS
Mark Anthony
1.704.796.5195
Carolina Homes Realty
BESbswy