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10416 Atkins Ridge Drive Charlotte, NC 28213

3 Beds 3 Baths 1,974 sqft Built 2015

$265,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $134.25
  • 2 Days on Market
  • MLS # : 3708318
  • Updated Date : 02/13/2021 at 12:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,974 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Premier

Listing Agent's Description

Located in highly desirable University Commons, this stunning home perfectly blends functionality with design. The stone accent, covered front porch welcomes you into the home's cozy flex room perfect for greeting friends or your morning coffee. Fall in love with the wood flooring that flows into the family room and designer kitchen. You will love to cook with style and ease with amenities including kitchen island, granite counters, large pantry and stainless steel appliances. The main level also includes a drop zone and powder bath. Upstairs, the HUGE owner suite greets you with tray ceiling, large walk-in closet and ensuite bath with tiled shower, separate tub and dual vanity. Upstairs also features two secondary bedrooms, bathroom, laundry and a loft that can be used for play, work, you name it! The backyard is beautifully manicured, fully fenced with a fire pit and concrete patio. Conveniently located, minutes from the light rail, dining, shopping, etc. Do not miss out on this one!

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: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $108k235k

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

Neighborhood: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8261518

* 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
University Meadows Elementary School Primary Regular 657 45 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

University Meadows Elementary School

  • Education Level: Primary
  • # of students: 657
  • # of teachers: 45
4
GreatSchools Rating

James Martin Middle School

  • Education Level: Middle
  • # of students: 1,113
  • # of teachers: 54
3
GreatSchools Rating

Vance High School

  • Education Level: High
  • # of students: 1,714
  • # of teachers: 91
3
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$920
Property Tax -$237
Property Insurance -$64
HOA -$48
Property Management Fees -$119
CASH FLOW
$161

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$265,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
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

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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$920

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

8

YEARS SAVED

$27,338

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,574

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,4953$1,5504$1,6755$1,695
$1,695
RENT COMPS ANALYSIS
  • 10416 Atkins Ridge Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,974 Sqft ∙ Built 2015 3 beds 3 baths ∙ 1,974 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.79
    •  
  • 10103 Faires Farm Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,958 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,958 Sqft ∙ Built 2002
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.75
    •  
  • 2715 Hampton View Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,811 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,811 Sqft ∙ Built 1999
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.83
    •  
  • 9930 Portaferry Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,076 Sqft ∙ Built 4 beds 3 baths ∙ 2,076 Sqft ∙ Built
    LEASED 12/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.81
    •  
  • 11114 Amherst Glen Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,122 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,122 Sqft ∙ Built 2000
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.80
    •  
PROPERTY LISTING DETAILS
Jose Sanchez
1.980.285.8093
Keller Williams Premier
BESbswy