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10421 Solar Way #17 Charlotte, NC 28278

6 Beds 5 Baths 3,727 sqft Built 2016

$427,000

List Price

$2,310

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $114.57
  • 2 Days on Market
  • MLS # : 3697082
  • Updated Date : 01/09/2021 at 11:24
CONSTRUCTION
  • Beds : 6
  • Floor Size : 3,727 sqft
  • Baths : 4 full , 1 half
Listing Agent

Keller Williams Fort Mill

Listing Agent's Description

Gorgeous 6 bedroom, 4.5 bath home in the desirable Berewick Community. The main level features a mother in law suite and a gourmet kitchen with a large island, stainless steel appliances, granite countertops and lots of cabinet space. The family room has a gas fireplace and tons of natural light. The downstairs also features a large dining space and office. The 2nd floor has 4 bedrooms, laundry room, and 2 full baths. The master suite has a tray ceiling, double vanity in master bathroom, garden tub, separate shower, and walk-in closet. The 3rd floor has a full bedroom, bathroom and a bonus area perfect for a home theater or gym. Community amenities include swimming pool, volleyball courts, gas grills, and trails.

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: 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
 

$384,300$469,700$427,000

PURCHASE PRICE

$2,079$2,541$2,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,310
EXPENSES Loan Payment -$1,483
Property Tax -$372
Property Insurance -$97
HOA -$67
Property Management Fees -$119
CASH FLOW
$172

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.

$427,000

PROJECTED PRICE

$2,310

PROJECTED RENT

0.54%

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$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,905

INVESTMENT

$118,905

Down Payment
$106,750
Rehab Estimate
$5,750
Closing Costs
$6,405

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,483

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,750
Loan Amount $320,250
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$40,942

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,310

    LIST RENT
  • $0.62

    LIST RENT PER SQFT
  • $2,255

    COMP ESTIMATED VALUE
  • $0.61

    COMP AVG. RENT PER SQFT
Comps Range
$1,925
1$1,9252$2,0003$2,2004$2,3105$2,495
$2,495
RENT COMPS ANALYSIS
  • 10421 Solar Way Charlotte, NC 4
    • 6 beds 5 baths ∙ 3,727 Sqft ∙ Built 2016 6 beds 5 baths ∙ 3,727 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,310
    • $0.62
    •  
  • 7010 Evanton Loch Road Charlotte, NC 1
    • 5 beds 3 baths ∙ 3,530 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,530 Sqft ∙ Built 2006
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $0.55
    •  
  • 10412 Glenburn Lane Charlotte, NC 2
    • 5 beds 3 baths ∙ 3,520 Sqft ∙ Built 2008 5 beds 3 baths ∙ 3,520 Sqft ∙ Built 2008
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.57
    •  
  • 8827 Sedgeburn Drive Charlotte, NC 3
    • 5 beds 4 baths ∙ 3,495 Sqft ∙ Built 2007 5 beds 4 baths ∙ 3,495 Sqft ∙ Built 2007
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.63
    •  
  • 10401 Ebbets Road Charlotte, NC 5
    • 6 beds 6 baths ∙ 4,041 Sqft ∙ Built 2018 6 beds 6 baths ∙ 4,041 Sqft ∙ Built 2018
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.62
    •  
PROPERTY LISTING DETAILS
Tony Swainey
1.803.810.5267
Keller Williams Fort Mill
BESbswy