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1014 Covewood Court Charlotte, NC 28270

3 Beds 2 Baths 1,506 sqft Built 1982

$317,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $210.49
  • 3 Days on Market
  • MLS # : 3698073
  • Updated Date : 01/15/2021 at 09:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,506 sqft
  • Baths : 2 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

Welcome home to this 3 bedroom and 2 full baths home nestled in the heart of Sardis Woods subdivision that features a prime location with access to parks, schools, and shopping centers in less than 10 minutes. Upon entry, you'll be greeted with well-maintained walls and handsome flooring that leads you to the spacious living area. Nearby, enjoy your meals in the well-equipped kitchen and well-lit dining that opens up to the cozy sunroom. The primary suite awaits you after a long tiring day along with other bedrooms to cater to your guests. Don't forget to tour the lovely wooden deck perfect for outdoor gatherings.

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: Sardis Woods

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $110k318k

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

Neighborhood: Sardis Woods

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Greenway Park Elementary School Primary Regular 605 38 3
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Greenway Park Elementary School

  • Education Level: Primary
  • # of students: 605
  • # of teachers: 38
3
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$285,300$348,700$317,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$1,101
Property Tax -$276
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
-$72

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.

$317,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,755

INVESTMENT

$89,755

Down Payment
$79,250
Rehab Estimate
$5,750
Closing Costs
$4,755

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,101

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $79,250
Loan Amount $237,750
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$13,857

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,476

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4803$1,5004$1,6005$1,650
$1,650
RENT COMPS ANALYSIS
  • 1014 Covewood Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,506 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,506 Sqft ∙ Built 1982
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.98
    •  
  • 7812 Surreywood Place Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1980
    property image
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.97
    •  
  • 7609 Winterset Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1976
    property image
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.96
    •  
  • 707 Riverwood Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 1975
    property image
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.99
    •  
  • 8224 Rittenhouse Circle Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 1982
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.00
    •  
PROPERTY LISTING DETAILS
Trent Corbin
1.704.628.4066
Keller Williams South Park
BESbswy