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10114 Drew Court Huntersville, NC 28078

3 Beds 3 Baths 1,620 sqft Built 1995

$285,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $175.93
  • 3 Days on Market
  • MLS # : 3665329
  • Updated Date : 11/06/2020 at 16:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,620 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Cozy home in popular Cambridge Grove is ready for new owners! New paint and carpet throughout. New HVAC installed last year and 8 new first floor windows ordered and to be installed. Full kitchen of newer stainless steel appliances, washer and dryer and even garage refrigerator included! Front entry opens into a unique vaulted living space which leads to a semi-open floorplan and heart of the home. Den complete with a wood burning fireplace leads to a FABULOUS fenced backyard (fully irrigated) and huge stamped concrete patio. Walk to Starbucks or access I-77 in 5 minutes! Top rated schools and amenity rich community make this such a great location. Don't miss out on this opportunity!

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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: Cambridge Grove

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $118k585k

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

Neighborhood: Cambridge Grove

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $8442955

* 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
J.v. Washam Elementary School Primary Regular 992 49 8
Bailey Middle School Middle Regular 1,616 77 9
William Amos Hough High School High Regular 2,453 120 8

J.v. Washam Elementary School

  • Education Level: Primary
  • # of students: 992
  • # of teachers: 49
8
GreatSchools Rating

Bailey Middle School

  • Education Level: Middle
  • # of students: 1,616
  • # of teachers: 77
9
GreatSchools Rating

William Amos Hough High School

  • Education Level: High
  • # of students: 2,453
  • # of teachers: 120
8
GreatSchools Rating
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$1,052
Property Tax -$230
Property Insurance -$58
HOA -$60
Property Management Fees -$139
CASH FLOW
$3

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.

$285,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.36%
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-$2.0k$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,052

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$17,585

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,535

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,4953$1,4954$1,4955$1,540
$1,540
RENT COMPS ANALYSIS
  • 10114 Drew Court Huntersville, NC 5
    • 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.95
    •  
  • 10017 Caldwell Depot Road Cornelius, NC 1
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2005
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.98
    •  
  • 15412 Crossing Gate Drive Cornelius, NC 2
    • 3 beds 3 baths ∙ 1,546 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,546 Sqft ∙ Built 2004
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
  • 17322 Grand Central Way Cornelius, NC 3
    • 3 beds 3 baths ∙ 1,716 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,716 Sqft ∙ Built 2005
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.87
    •  
  • 10012 Caldwell Depot Road Cornelius, NC 4
    • 3 beds 3 baths ∙ 1,538 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,538 Sqft ∙ Built 2005
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
PROPERTY LISTING DETAILS
Kandi Lowe
1.704.502.1190
Re/max Executive
BESbswy