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10423 Chelsea Bay Drive Charlotte, NC 28278

3 Beds 2 Baths 1,911 sqft Built 1996

$295,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $154.37
  • 3 Days on Market
  • MLS # : 3717069
  • Updated Date : 03/13/2021 at 08:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,911 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Steele Creek

Listing Agent's Description

Well maintained large ranch with split bedrooms plus large separate office/living room. New LVP flooring in living areas throughout and new neutral carpet in bedrooms. Primary bedroom has walk-in closet and tray ceiling. Primary bath has dual sinks, separate water closet, soaking tub and separate shower. 2 secondary bedrooms and hall bath with 2 sinks. White cabinets in the kitchen. Separate laundry room with closet pantry. Fresh neutral grey paint throughout. House has covered front porch, back deck with very private back yard. 2-10 warranty provided

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: Dixie - Berryhill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k283k

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

Neighborhood: Dixie - Berryhill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500Rent in $8421595

* 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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$1,025
Property Tax -$257
Property Insurance -$63
HOA -$50
Property Management Fees -$119
CASH FLOW
$126

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.

$295,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.6%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$25,656

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,739

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6003$1,6404$1,6955$1,795
$1,795
RENT COMPS ANALYSIS
  • 10423 Chelsea Bay Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,911 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,911 Sqft ∙ Built 1996
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.86
    •  
  • 11402 Chapeclane Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,669 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,669 Sqft ∙ Built 2004
    property image
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.96
    •  
  • 4800 Spruce Peak Road Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2005
    property image
    LEASED 02/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.89
    •  
  • 7236 Rock Island Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1998
    property image
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.92
    •  
  • 10433 Cullen Court Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,057 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,057 Sqft ∙ Built 2008
    property image
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.87
    •  
PROPERTY LISTING DETAILS
Kim Overman
1.704.805.9602
Allen Tate Steele Creek
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717069
Last Updated: 03/13/2021
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