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10404 Four Mile Creek Road Charlotte, NC 28277

4 Beds 3 Baths 3,460 sqft Built 1982

$407,700

List Price

$2,320

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $117.83
  • 27 Days on Market
  • MLS # : 3697846
  • Updated Date : 02/06/2021 at 16:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,460 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

LOCATION LOCATION LOCATION. RAINTREE GEM IS A DIAMOND IN THE ROUGH WAITING FOR YOU. HOME HAS IT ALL!!DEN WITH GORGEOUS MASONRY FIRE PLACE & WET BAR, HUGE FORMALS AREA & BREAKFAST NOOK OVERLOOKS INVITING SUNROOM. FROM JUST ABOUT EVERY WINDOW IN THE HOME YOU CAN SEE THE WILDLIFE OR THE GOLF COURSE. OVERSIZED 2 CAR GARAGE. FULL BRICK. SHOWINGS ONLY ALLOWED DUE TO COVID SAT AND SUN 12-4.

SEE MORE

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: Raintree

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Raintree

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442064

* 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
Mcalpine Elementary School Primary Regular 503 33 7
Jay M. Robinson Middle School Middle Regular 1,101 51 10
Providence High School High Regular 1,991 94 9

Mcalpine Elementary School

  • Education Level: Primary
  • # of students: 503
  • # of teachers: 33
7
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
 

$366,930$448,470$407,700

PURCHASE PRICE

$2,088$2,552$2,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,320
EXPENSES Loan Payment -$1,416
Property Tax -$454
Property Insurance -$92
Property Management Fees -$119
CASH FLOW
$238

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.

$407,700

PROJECTED PRICE

$2,320

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.1%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$113,791

INVESTMENT

$113,791

Down Payment
$101,925
Rehab Estimate
$5,750
Closing Costs
$6,116

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,416

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $101,925
Loan Amount $305,775
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$46,301

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,320

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $2,483

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$2,295
1$2,2952$2,3003$2,3204$2,4955$3,200
$3,200
RENT COMPS ANALYSIS
  • 10404 Four Mile Creek Road Charlotte, NC 3
    • 4 beds 3 baths ∙ 3,460 Sqft ∙ Built 1982 4 beds 3 baths ∙ 3,460 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $2,320
    • $0.67
    •  
  • 11727 Brambleton Court Charlotte, NC 1
    • 5 beds 3 baths ∙ 3,329 Sqft ∙ Built 1999 5 beds 3 baths ∙ 3,329 Sqft ∙ Built 1999
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.69
    •  
  • 6938 Curlee Court Charlotte, NC 2
    • 5 beds 3 baths ∙ 3,326 Sqft ∙ Built 2000 5 beds 3 baths ∙ 3,326 Sqft ∙ Built 2000
    LEASED 11/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.69
    •  
  • 9717 Whitethorn Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 3,762 Sqft ∙ Built 1978 4 beds 3 baths ∙ 3,762 Sqft ∙ Built 1978
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.66
    •  
  • 8416 Brownes Pond Lane Charlotte, NC 5
    • 5 beds 4 baths ∙ 3,720 Sqft ∙ Built 1991 5 beds 4 baths ∙ 3,720 Sqft ∙ Built 1991
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $0.86
    •  
PROPERTY LISTING DETAILS
Lisa Archer
1.704.327.8386
Keller Williams Ballantyne Area
BESbswy