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106 Merwyn Avenue # 106 Charlotte, NC 28215

4 Beds 3 Baths 2,203 sqft Built 2020

INVESTimate

$280,990

List Price

$1,670

$1,503 - $1,837

Rent Est.

$303,722  ( +8.09%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Built In 2020
  • Price/Sqft : $127.55
  • 9 Days on Market
  • MLS # : 3653144
  • Updated Date : 08/21/2020 at 12:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,203 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nvr Homes, Inc./ryan Homes

Listing Agent's Description

This is the ideal open floor plan with the great room flowing into the kitchen, and dining area. The kitchen features all appliances and an oversized island. Upstairs are 4 spacious bedrooms with the option to add a 5th bedroom or include a loft. The Owner's bedroom includes an ensuite bath and two walk-in closets. A hall bath and separate laundry room provide the ultimate in convenience. Washer and dryer included. 3k towards closing cost with in house lender. To- Be- Built.

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: Silverwood

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $113k235k

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

Neighborhood: Silverwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
Joseph W. Grier Academy Primary Regular 789 50 3
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Joseph W. Grier Academy

  • Education Level: Primary
  • # of students: 789
  • # of teachers: 50
3
GreatSchools Rating

Northridge Middle School

  • Education Level: Middle
  • # of students: 779
  • # of teachers: 43
3
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$252,891$309,089$280,990

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

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$900k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,037
Property Tax -$262
Property Insurance -$69
Property Management Fees -$150
CASH FLOW
$152

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$280,990

PROJECTED PRICE

$1,670

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.09%
Maintenance Year (1-5) 3.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$76,462

INVESTMENT

$76,462

Down Payment
$70,248
Rehab Estimate
$2,000
Closing Costs
$4,215

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,037

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,248
Loan Amount $210,743
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$29,876

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,625

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4453$1,4754$1,6505$1,670
$1,670
RENT COMPS ANALYSIS
  • 106 Merwyn Avenue Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,203 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,203 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.76
    •  
  • 6808 Jerimoth Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,945 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,945 Sqft ∙ Built 2019
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.72
    •  
  • 9537 Weikert Road Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2018
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.74
    •  
  • 6112 Purbeck Way Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,913 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,913 Sqft ∙ Built 2018
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.77
    •  
  • 6329 Marquam Place Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,355 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,355 Sqft ∙ Built 2018
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.70
    •  
PROPERTY LISTING DETAILS
Jerry Smith
1.704.288.3770
Nvr Homes, Inc./ryan Homes
BESbswy