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1029 Garrison Road Charlotte, NC 28262

3 Beds 3 Baths 2,496 sqft Built 2003

$279,900

List Price

$1,570

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $112.14
  • 3 Days on Market
  • MLS # : 3699163
  • Updated Date : 01/15/2021 at 16:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,496 sqft
  • Baths : 2 full , 1 half
Listing Agent

Offerpad Brokerage Llc

Listing Agent's Description

VACANT! Enjoy open concept with this beautiful 3 bedroom two story home in great Charlotte location. Upon entry, living room is open to spacious eating area and updated kitchen with stainless steel appliances and granite countertops. Upstairs find all spacious bedrooms and open loft area. Take a tour today!

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: Mallard Creek - Withrow Downs

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Mallard Creek - Withrow Downs

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
Mallard Creek Elementary School Primary Regular 803 46 3
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

Mallard Creek Elementary School

  • Education Level: Primary
  • # of students: 803
  • # of teachers: 46
3
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,413$1,727$1,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,570
EXPENSES Loan Payment -$972
Property Tax -$244
Property Insurance -$74
HOA -$17
Property Management Fees -$119
CASH FLOW
$144

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.

$279,900

PROJECTED PRICE

$1,570

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.6%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$79,924

INVESTMENT

$79,924

Down Payment
$69,975
Rehab Estimate
$5,750
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$972

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$30,378

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,728

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,570
1$1,5702$1,6453$1,7004$1,7655$1,799
$1,799
RENT COMPS ANALYSIS
  • 1029 Garrison Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,496 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,496 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $0.63
    •  
  • 13810 Purple Bloom Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,687 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,687 Sqft ∙ Built 2005
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.61
    •  
  • 1927 Arbor Vista Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2007
    LEASED 08/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.71
    •  
  • 1926 Arbor Crest Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 2005
    LEASED 01/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,765
    • $0.73
    •  
  • 1934 Arbor Crest Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,508 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,508 Sqft ∙ Built 2005
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,799
    • $0.72
    •  
PROPERTY LISTING DETAILS
Derek Dickson
1.704.810.1576
Offerpad Brokerage Llc
BESbswy