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10243 Glenburn Lane Charlotte, NC 28278

4 Beds 3 Baths 2,813 sqft Built 2005

$375,000

List Price

$2,060

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $133.31
  • 6 Days on Market
  • MLS # : 3678906
  • Updated Date : 11/07/2020 at 11:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,813 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Additional Photos and Disclosures to be uploaded 11/06. Lovingly Maintained Home w/Master on Main, Lrg 2-sty Great Room w/ double sided FirePlace into the Kitchen/Keeping Room w/Large Island, Great Counter & Cabinet space. Kitchen offers access to the Lrg. Screen Porch w/Vaulted Ceiling & view of Large, Private -Fenced Backyard.A BIG Deck is located off Porch & Kit. Spacious Master & Elegant Bath w/Dual Vanities (Husband height) Soaking Tub, Separate Shower & Dual Closets. Formal Dining Rm & Office also on Main. 2 Spacious Bedrooms are up with Walk-in Closets + a Large Room which can be purposed as a Bonus or a Bedroom. ( Don't get lost in the Closet!) Basement area is GREAT! Plumbed for Full Bath & Framed out + Insulated on Exterior Walls. A Must SEE!!!

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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: 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
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,854$2,266$2,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,060
EXPENSES Loan Payment -$1,384
Property Tax -$356
Property Insurance -$80
HOA -$67
Property Management Fees -$185
CASH FLOW
-$12

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.

$375,000

PROJECTED PRICE

$2,060

PROJECTED RENT

0.55%

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$19,741

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,060

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,075

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$2,0603$2,0954$2,1755$2,195
$2,195
RENT COMPS ANALYSIS
  • 10243 Glenburn Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,813 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,813 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,060
    • $0.73
    •  
  • 7315 Agnew Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,747 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,747 Sqft ∙ Built 2016
    LEASED 09/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.67
    •  
  • 5908 Bonny Bridge Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,700 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,700 Sqft ∙ Built 2006
    LEASED 05/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.78
    •  
  • 10128 Halkirk Manor Lane Charlotte, NC 4
    • 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
    •  
  • 6115 Breckfield Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,932 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,932 Sqft ∙ Built 2006
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.75
    •  
PROPERTY LISTING DETAILS
Leila Schellenberg
1.704.578.1356
Re/max Executive
BESbswy