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10230 Kelso Court Charlotte, NC 28278

5 Beds 3 Baths 2,950 sqft Built 2007

$400,000

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $135.59
  • 4 Days on Market
  • MLS # : 3717331
  • Updated Date : 03/13/2021 at 00:05
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,950 sqft
  • Baths : 3 full
Listing Agent

Helen Adams Realty

Listing Agent's Description

This 2-story Berewick beauty is ready for summertime! Built in 2007 by Shea Homes, this was the pinnacle home in Berewick at time of construction! From the moment you drive into the cul-de-sac you'll be wow'd by the stacked stone & brick facade. Enter into a 2-story foyer, notice the hand scraped prefinished hardwood floors (2014), a formal dining, hardwood stair treads & the entire main level has tall ceilings, is open & airy. The kitchen features an oversized island that is the center of activity for the house, SS appliances & offers seating for 5+! The great room is surrounded by walls of windows & crowned w/a coffered ceiling. Main floor guest room & full bath! Step out back onto the covered porch for morning coffee or afternoon BBQ's! The yard is fenced w/a custom shed & offers gate access to the smaller, more private pool. Owners' & secondary bedrms are up featuring tile, marble & generous closets w/huge bonus room (could be 5th bedroom)! HVAC (2016 & 2020), roof (2019)!

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: Berewick

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Berewick

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441914

* 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
Berewick Elementary School Primary Regular 601 38 6
Kennedy Middle School Middle Regular 722 43 4
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

Berewick Elementary School

  • Education Level: Primary
  • # of students: 601
  • # of teachers: 38
6
GreatSchools Rating

Kennedy Middle School

  • Education Level: Middle
  • # of students: 722
  • # of teachers: 43
4
GreatSchools Rating

Math, Engineering, Technology And Science At Olympic High School

  • Education Level: High
  • # of students: 607
  • # of teachers: 28
7
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,389
Property Tax -$349
Property Insurance -$83
HOA -$88
Property Management Fees -$119
CASH FLOW
$53

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.

$400,000

PROJECTED PRICE

$2,080

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.0%
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$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$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$27,844

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,058

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,9953$2,0804$2,1005$2,175
$2,175
RENT COMPS ANALYSIS
  • 10230 Kelso Court Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,950 Sqft ∙ Built 2007 5 beds 3 baths ∙ 2,950 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.71
    •  
  • 9341 Seamill Road Charlotte, NC 1
    • 5 beds 3 baths ∙ 3,014 Sqft ∙ Built 2007 5 beds 3 baths ∙ 3,014 Sqft ∙ Built 2007
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.58
    •  
  • 7133 Kinley Commons Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,782 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,782 Sqft ∙ Built 2011
    LEASED 02/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.72
    •  
  • 6124 Rock Island Road Charlotte, NC 4
    • 5 beds 3 baths ∙ 2,898 Sqft ∙ Built 2016 5 beds 3 baths ∙ 2,898 Sqft ∙ Built 2016
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.72
    •  
  • 10128 Halkirk Manor Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,917 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,917 Sqft ∙ Built 2008
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $0.75
    •  
PROPERTY LISTING DETAILS
Lawrence Mahool
1.704.277.1493
Helen Adams Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717331
Last Updated: 03/13/2021
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