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10405 Solar Way Charlotte, NC 28278

5 Beds 5 Baths 3,345 sqft Built 2016

$450,000

List Price

$2,160

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $134.53
  • 4 Days on Market
  • MLS # : 3719901
  • Updated Date : 03/19/2021 at 17:45
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,345 sqft
  • Baths : 4 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

Built in 2016, this Charlotte two-story home offers granite countertops and a two-car garage.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Steele Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Steele Creek

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
Berewick Elementary School Primary Regular 601 38 6
Kennedy Middle School Middle Regular 722 43 4
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

Berewick Elementary School

  • Education Level: Primary
  • # of students: 601
  • # of teachers: 38
6
GreatSchools Rating

Kennedy Middle School

  • Education Level: Middle
  • # of students: 722
  • # of teachers: 43
4
GreatSchools Rating

Math, Engineering, Technology And Science At Olympic High School

  • Education Level: High
  • # of students: 607
  • # of teachers: 28
7
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$1,563
Property Tax -$392
Property Insurance -$90
HOA -$67
Property Management Fees -$119
CASH FLOW
-$71

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.

$450,000

PROJECTED PRICE

$2,160

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.0%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$20,682

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $2,107

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9953$2,0004$2,1605$2,200
$2,200
RENT COMPS ANALYSIS
  • 10405 Solar Way Charlotte, NC 4
    • 5 beds 5 baths ∙ 3,345 Sqft ∙ Built 2016 5 beds 5 baths ∙ 3,345 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $0.65
    •  
  • 10828 Elm Bend Drive Charlotte, NC 1
    • 5 beds 4 baths ∙ 3,048 Sqft ∙ Built 2005 5 beds 4 baths ∙ 3,048 Sqft ∙ Built 2005
    property image
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.62
    •  
  • 7111 Hermiston Street Charlotte, NC 2
    • 4 beds 3 baths ∙ 3,052 Sqft ∙ Built 2014 4 beds 3 baths ∙ 3,052 Sqft ∙ Built 2014
    property image
    LEASED 12/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.65
    •  
  • 10412 Glenburn Lane Charlotte, NC 3
    • 5 beds 3 baths ∙ 3,520 Sqft ∙ Built 2008 5 beds 3 baths ∙ 3,520 Sqft ∙ Built 2008
    property image
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.57
    •  
  • 8827 Sedgeburn Drive Charlotte, NC 5
    • 5 beds 4 baths ∙ 3,495 Sqft ∙ Built 2007 5 beds 4 baths ∙ 3,495 Sqft ∙ Built 2007
    property image
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.63
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719901
Last Updated: 03/19/2021
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