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1035 Elliot Road ##4041 Charlotte, NC 28216

4 Beds 4 Baths 3,108 sqft Built 2021

$352,090

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
December 17, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $113.29
  • 4 Days on Market
  • MLS # : 3692236
  • Updated Date : 12/19/2020 at 11:01
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,108 sqft
  • Baths : 3 full , 1 half
Listing Agent

Dr Horton Inc

Listing Agent's Description

Final Phase in Sutton Farms! Conveniently located off HWY 16/Brookshire Blvd Exit 16 on I-485 near coming soon Riverbend Village Shopping Center, Uptown Charlotte, the Whitewater Center, airport, University area etc! This home is an incredible value with all the benefits of new construction and a 10 yr. Home Warranty!

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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: Oakdale South

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $90k235k

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

Neighborhood: Oakdale South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7831518

* 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
Mountain Island Lake Academy Primary Regular 727 47 3
West Mecklenburg High School High Regular 2,040 108 1

Mountain Island Lake Academy

  • Education Level: Primary
  • # of students: 727
  • # of teachers: 47
3
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$316,881$387,299$352,090

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$1,299
Property Tax -$332
Property Insurance -$86
HOA -$63
Property Management Fees -$119
CASH FLOW
-$8

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$352,090

PROJECTED PRICE

$1,890

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.0%
Maintenance Year (1-5) 3.00%
Vacancy 6.57%
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-$2.0k$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,304

INVESTMENT

$95,304

Down Payment
$88,023
Rehab Estimate
$2,000
Closing Costs
$5,281

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,299

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $88,023
Loan Amount $264,068
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$20,468

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $0.61

    LIST RENT PER SQFT
  • $1,875

    COMP ESTIMATED VALUE
  • $0.6

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,7353$1,8904$1,895
$1,895
RENT COMPS ANALYSIS
  • 1035 Elliot Road Charlotte, NC 3
    • 4 beds 4 baths ∙ 3,108 Sqft ∙ Built 2021 4 beds 4 baths ∙ 3,108 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.61
    •  
  • 3241 Bamburgh Court Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,910 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,910 Sqft ∙ Built 2007
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.59
    •  
  • 3312 Aldwych Way Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,846 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,846 Sqft ∙ Built 2008
    LEASED 07/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,735
    • $0.61
    •  
  • 1636 Swan Drive Charlotte, NC 4
    • 5 beds 2 baths ∙ 3,118 Sqft ∙ Built 2008 5 beds 2 baths ∙ 3,118 Sqft ∙ Built 2008
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.61
    •  
PROPERTY LISTING DETAILS
Grace Pfeiffer
1.713.314.6688
Dr Horton Inc
BESbswy