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10423 Alvarado Way Charlotte, NC 28277

3 Beds 3 Baths 2,080 sqft Built 2006

$380,000

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $182.69
  • 3 Days on Market
  • MLS # : 3709405
  • Updated Date : 02/19/2021 at 13:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,080 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

WELCOME HOME!!! This home has it all and has been taken care of VERY well! Just to name a few wonderful things: open concept, no carpet, brand new luxury vinyl plank flooring downstairs, with hardwoods on the stairs, laminate wood upstairs, walk-in closets, a large detached 2 car garage, full landscaping with tons of gorgeous perennials to enjoy every spring and summer, high ceilings, a jack & jill bathroom upstairs for the guest rooms, french drain was installed last year in the backyard, etc etc. This neighborhood is also close to EVERYTHING- Waverly and Providence, Stonecrest, 485, fantastic schools, walking trails, etc. This home is a MUST SEE and will not last long. Contact listing agent for any additional details. HOA covers lawn maintenance.

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: Stone Creek Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $116k425k

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

Neighborhood: Stone Creek Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900200021002200Rent in $8442254

* 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
Polo Ridge Elementary School Primary Regular 1,036 55 NA
Jay M. Robinson Middle School Middle Regular 1,101 51 10
Ardrey Kell High School High Regular 2,701 127 9

Polo Ridge Elementary School

  • Education Level: Primary
  • # of students: 1,036
  • # of teachers: 55
NA
GreatSchools Rating

Jay M. Robinson Middle School

  • Education Level: Middle
  • # of students: 1,101
  • # of teachers: 51
10
GreatSchools Rating

Ardrey Kell High School

  • Education Level: High
  • # of students: 2,701
  • # of teachers: 127
9
GreatSchools Rating
 

$342,000$418,000$380,000

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,320
Property Tax -$332
Property Insurance -$66
HOA -$126
Property Management Fees -$119
CASH FLOW
$157

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.

$380,000

PROJECTED PRICE

$2,120

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.7%
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

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$106,450

INVESTMENT

$106,450

Down Payment
$95,000
Rehab Estimate
$5,750
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,320

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $95,000
Loan Amount $285,000
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$36,190

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $2,111

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,1203$2,1504$2,1505$2,200
$2,200
RENT COMPS ANALYSIS
  • 10423 Alvarado Way Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,080 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,080 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $1.02
    •  
  • 6518 Del Rio Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,967 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,967 Sqft ∙ Built 2006
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.02
    •  
  • 10505 Serape Road Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,258 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,258 Sqft ∙ Built 2006
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.95
    •  
  • 10333 Alvarado Way Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,072 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,072 Sqft ∙ Built 2007
    LEASED 07/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.04
    •  
  • 8306 Ruby Valley Road Charlotte, NC 5
    • 3 beds 2 baths ∙ 2,088 Sqft ∙ Built 2008 3 beds 2 baths ∙ 2,088 Sqft ∙ Built 2008
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.05
    •  
PROPERTY LISTING DETAILS
Jessica Pegg
1.980.229.9798
Keller Williams Ballantyne Area
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3709405
Last Updated: 02/19/2021
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