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10120 Sparkling Brook Court Charlotte, NC 28214

3 Beds 2 Baths 1,153 sqft Built 1996

$205,000

List Price

$1,120

$1K - $1.2K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $177.80
  • 5 Days on Market
  • MLS # : 3683550
  • Updated Date : 02/04/2021 at 13:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,153 sqft
  • Baths : 2 full
Listing Agent

Carolina Real Estate Experts The Dan Jones Group I

Listing Agent's Description

*Highest & Best due Friday at 8 pm. All offers reviewed Friday at 8 pm. No offer expirations being accepted.** Beautiful ranch home in Northwood At Coulwood Subdivision. Living room with gas fireplace, vaulted ceiling, engineered hardwood flooring and ceiling fan. Gorgeous kitchen with tumbled marble backsplash, grey cabinets, tile flooring and tons of storage and preparation space. Breakfast area with chair rail, exquisite chandelier and slider to back yard. Large master bedroom has a vaulted bedroom, ceiling fan and large walk in closet. Master bath with dual sink vanity, tile flooring and shower/tub combination. Two additional well appointed bedrooms and a large bathroom as well. Both baths are updated with low water usage toilets and new vanities. Community features included playground, outdoor pool, walking trails and club house. Home is conveniently located to many amenities in the community. Hurry, this one won't last long. *Sustained glass window at front door does not convey.*

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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: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $104k235k

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

Neighborhood: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350140014501500Rent in $7871518

* 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
River Oaks Academy Primary Regular 611 36 5
Coulwood Middle School Middle Regular 694 45 7
West Mecklenburg High School High Regular 2,040 108 1

River Oaks Academy

  • Education Level: Primary
  • # of students: 611
  • # of teachers: 36
5
GreatSchools Rating

Coulwood Middle School

  • Education Level: Middle
  • # of students: 694
  • # of teachers: 45
7
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$184,500$225,500$205,000

PURCHASE PRICE

$1,008$1,232$1,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,120
EXPENSES Loan Payment -$712
Property Tax -$179
Property Insurance -$49
HOA -$14
Property Management Fees -$119
CASH FLOW
$48

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.

$205,000

PROJECTED PRICE

$1,120

PROJECTED RENT

0.55%

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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$60,075

INVESTMENT

$60,075

Down Payment
$51,250
Rehab Estimate
$5,750
Closing Costs
$3,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$712

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $51,250
Loan Amount $153,750
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$14,641

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,120

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,118

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,120
1$1,1202$1,2503$1,2994$1,3955$1,395
$1,395
RENT COMPS ANALYSIS
  • 10120 Sparkling Brook Court Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,153 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,153 Sqft ∙ Built 1996
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,120
    • $0.97
    •  
  • 1708 Silverberry Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,259 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,259 Sqft ∙ Built 1996
    property image
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.99
    •  
  • 1613 Bear Brook Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,311 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,311 Sqft ∙ Built 1997
    property image
    LEASED 11/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.99
    •  
  • 3032 Christian Scott Lane Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 2001
    property image
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.94
    •  
  • 128 Woodlynn Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1959
    property image
    LEASED 12/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.96
    •  
PROPERTY LISTING DETAILS
Dan Jones
1.704.709.3838
Carolina Real Estate Experts The Dan Jones Group I
BESbswy