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10318 Starwood Drive Charlotte, NC 28215

4 Beds 2 Baths 1,602 sqft Built 1973

INVESTimate

$204,500

List Price

$1,300

$1,170 - $1,430

Rent Est.

$219,940  ( +7.55%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1973
  • Price/Sqft : $127.65
  • 7 Days on Market
  • MLS # : 3653735
  • Updated Date : 08/25/2020 at 21:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,602 sqft
  • Baths : 1 full , 1 half
Listing Agent

Carolina Realty Professionals

Listing Agent's Description

USDA ELIGIBLE PER RATE PLUG!!!. THIS IS HARRISBURG TOWNSHIP! CHECK SCHOOL ASSIGNMENTS. THEY ARE PATRIOTS ELEMENTARY, HICKORY RIDGE MIDDLE, AND HICKORY RIDGE HIGH!! THESE HOMES MOVE QUICKLY. NO HOA. **THIS PROPERTY BEING SOLD “AS/WHERE IS”. NO KNOWLEDGE OF PAST OWNERS’ COMPLIANCE IN RECORDS, PERMITS, ETC. BY AGENT OR SELLERS. *** EVEN THO THERE IS A KITCHEN AC WINDOW UNIT, THE SELLER HAS CENTRAL AIR, AND PREFERS TO USE THE WINDOW UNIT WHEN HOME AND COOKING. CENTRAL AIR WORKS GREAT.

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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: Cabarrus Woods

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $84k318k

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

Neighborhood: Cabarrus Woods

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500160017001800Rent in $7461809

* 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
Patriots Elementary School Primary Regular 893 50 NA
Hickory Ridge Middle School Middle Regular 1,164 65 NA
Hickory Ridge High School High Regular 1,573 77 7

Patriots Elementary School

  • Education Level: Primary
  • # of students: 893
  • # of teachers: 50
NA
GreatSchools Rating

Hickory Ridge Middle School

  • Education Level: Middle
  • # of students: 1,164
  • # of teachers: 65
NA
GreatSchools Rating

Hickory Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 77
7
GreatSchools Rating
 

$184,050$224,950$204,500

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$755
Property Tax -$112
Property Insurance -$57
Property Management Fees -$117
CASH FLOW
$259

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.

$204,500

PROJECTED PRICE

$1,300

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.55%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$59,943

INVESTMENT

$59,943

Down Payment
$51,125
Rehab Estimate
$5,750
Closing Costs
$3,068

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$755

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $51,125
Loan Amount $153,375
See What Happens When You Reinvest Cash Flow

11.5

YEARS SAVED

$42,123

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,414

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3953$1,4494$1,4955$1,595
$1,595
RENT COMPS ANALYSIS
  • 10318 Starwood Drive Charlotte, NC 1
    • 4 beds 2 baths ∙ 1,602 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,602 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.81
    •  
  • 10414 Starwood Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,548 Sqft ∙ Built 1983 4 beds 3 baths ∙ 1,548 Sqft ∙ Built 1983
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.90
    •  
  • 5423 River Falls Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,629 Sqft ∙ Built 3 beds 2 baths ∙ 1,629 Sqft ∙ Built
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.89
    •  
  • 11142 Amberglades Lane Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,652 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,652 Sqft ∙ Built 2000
    LEASED 07/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.90
    •  
  • 7604 Nicolette Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,892 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,892 Sqft ∙ Built 1998
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.84
    •  
PROPERTY LISTING DETAILS
Chellie Bennett
1.704.516.5218
Carolina Realty Professionals
BESbswy