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10514 Harbor Drive Charlotte, NC 28214

3 Beds 2 Baths 1,104 sqft Built 1981

$139,900

List Price

$1,130

$1K - $1.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1981
  • Price/Sqft : $126.72
  • 3 Days on Market
  • MLS # : 3679439
  • Updated Date : 11/06/2020 at 09:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,104 sqft
  • Baths : 2 full
Listing Agent

Stikeleather Realty

Listing Agent's Description

3 bedroom, 2 bath with living room. Needs work on inside. Tenants wanting to stay.

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: Harbor House

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Harbor House

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Berryhill School Primary Regular 664 49 2
Berryhill School Middle Regular 664 49 2
West Mecklenburg High School High Regular 2,040 108 1

Berryhill School

  • Education Level: Primary
  • # of students: 664
  • # of teachers: 49
2
GreatSchools Rating

Berryhill School

  • Education Level: Middle
  • # of students: 664
  • # of teachers: 49
2
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$125,910$153,890$139,900

PURCHASE PRICE

$1,017$1,243$1,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,130
EXPENSES Loan Payment -$516
Property Tax -$130
Property Insurance -$48
Property Management Fees -$102
CASH FLOW
$334

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.

$139,900

PROJECTED PRICE

$1,130

PROJECTED RENT

0.81%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$42,824

INVESTMENT

$42,824

Down Payment
$34,975
Rehab Estimate
$5,750
Closing Costs
$2,099

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$516

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $34,975
Loan Amount $104,925
See What Happens When You Reinvest Cash Flow

14.67

YEARS SAVED

$39,908

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,130

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $916

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,025
1$1,0252$1,1303$1,150
$1,150
RENT COMPS ANALYSIS
  • 10514 Harbor Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,104 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,104 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,130
    • $1.02
    •  
  • 12715 Moores Chapel Road Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,310 Sqft ∙ Built 1931 3 beds 1 baths ∙ 1,310 Sqft ∙ Built 1931
    LEASED 06/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,025
    • $0.78
    •  
  • 202 Margarette Avenue Belmont, NC 3
    • 3 beds 1 baths ∙ 1,308 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,308 Sqft ∙ Built 1955
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.88
    •  
PROPERTY LISTING DETAILS
Richard Stikeleather
1.704.537.3900
Stikeleather Realty
BESbswy