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10320 Crestwood Drive Charlotte, NC 28277

4 Beds 3 Baths 2,071 sqft Built 2001

$349,500

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $168.76
  • 4 Days on Market
  • MLS # : 3683108
  • Updated Date : 11/19/2020 at 06:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,071 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dickens Mitchener & Associates Inc

Listing Agent's Description

Unique opportunity to buy a custom built home with almost 3000 sq ft under roof in South Charlotte inside 485 for under $350K. Built in 2001. All brick one and half story located in the quaint neighborhood of Lake Providence Estates just a short walk to Promenade on Providence. Custom kitchen with tons of cabinets, huge center island, and granite tops. Two bedrooms with connecting bath on the main level. Upstairs has a flexible floor-plan that can be used as one bedroom with huge rec. room or two bedrooms with a connecting loft. Seller is also including lot to the left with the sell of the house. House was built in 2001 by developer / builder as a second home to stay when he was visiting family in Charlotte but has rarely been used. Almost 3000 sq ft finished under roof but builder never installed HVAC system on the second level. Wonderful opportunity to pick up where builder stopped and complete remaining few items for instant equity. Priced to sell.

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: Berkeley

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $116k501k

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

Neighborhood: Berkeley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $8442896

* 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
Providence Spring Elementary School Primary Regular 871 45 9
Jay M. Robinson Middle School Middle Regular 1,101 51 10
Providence High School High Regular 1,991 94 9

Providence Spring Elementary School

  • Education Level: Primary
  • # of students: 871
  • # of teachers: 45
9
GreatSchools Rating

Jay M. Robinson Middle School

  • Education Level: Middle
  • # of students: 1,101
  • # of teachers: 51
10
GreatSchools Rating

Providence High School

  • Education Level: High
  • # of students: 1,991
  • # of teachers: 94
9
GreatSchools Rating
 

$314,550$384,450$349,500

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,290
Property Tax -$377
Property Insurance -$66
Property Management Fees -$185
CASH FLOW
$133

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.

$349,500

PROJECTED PRICE

$2,050

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.0%
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$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,368

INVESTMENT

$98,368

Down Payment
$87,375
Rehab Estimate
$5,750
Closing Costs
$5,243

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,290

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,375
Loan Amount $262,125
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$33,016

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,999

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$2,0003$2,0504$2,1505$2,150
$2,150
RENT COMPS ANALYSIS
  • 10320 Crestwood Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,071 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,071 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.99
    •  
  • 10345 Alvarado Way Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,924 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,924 Sqft ∙ Built 2005
    property image
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.94
    •  
  • 6518 Del Rio Road Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,967 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,967 Sqft ∙ Built 2006
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.02
    •  
  • 10505 Serape Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,258 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,258 Sqft ∙ Built 2006
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.95
    •  
  • 10729 Serape Road Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,262 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,262 Sqft ∙ Built 2007
    property image
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.95
    •  
PROPERTY LISTING DETAILS
Wayne Honeycutt
1.704.576.2476
Dickens Mitchener & Associates Inc
BESbswy