Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

10731 Derryrush Drive Charlotte, NC 28213

3 Beds 3 Baths 2,240 sqft Built 2015

$255,000

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $113.84
  • 3 Days on Market
  • MLS # : 3677469
  • Updated Date : 11/02/2020 at 20:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,240 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

Sit on the front porch and enjoy the Villages at Back Creek community. Enough space to socially distance while entertaining in the open floor plan where the living room and dining room flow into the kitchen. Stainless appliances, granite counters, island, soft close doors and drawers in kitchen. Wood floors on the first floor. Use the separate den with ceiling fan as the perfect place for entertaining, home office, and/or home based classroom. Mud room with built in storage, bench, and coat hooks. There are 3 spacious bedrooms upstairs. Bedroom 2 has a walk-in closet. The owner's suite has a walk in closet, tray ceiling, and space for a cozy sitting area. Owners bath has dual sinks and granite counters. Loft and separate laundry on the 2nd floor. Enjoy the fenced back yard. Easy access to major highways, shopping, restaurants and grocery stores.

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: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $108k235k

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

Neighborhood: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8261518

* 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
University Meadows Elementary School Primary Regular 657 45 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

University Meadows Elementary School

  • Education Level: Primary
  • # of students: 657
  • # of teachers: 45
4
GreatSchools Rating

James Martin Middle School

  • Education Level: Middle
  • # of students: 1,113
  • # of teachers: 54
3
GreatSchools Rating

Vance High School

  • Education Level: High
  • # of students: 1,714
  • # of teachers: 91
3
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$941
Property Tax -$222
Property Insurance -$66
HOA -$34
Property Management Fees -$127
CASH FLOW
$20

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.

$255,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.5%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

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

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$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$13,315

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,495

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3993$1,4104$1,4755$1,650
$1,650
RENT COMPS ANALYSIS
  • 10731 Derryrush Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.68
    •  
  • 9527 Hanberry Boulevard Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,100 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,100 Sqft ∙ Built 2016
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.64
    •  
  • 9720 Hanberry Boulevard Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,020 Sqft ∙ Built 2010 3 beds 3 baths ∙ 2,020 Sqft ∙ Built 2010
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.69
    •  
  • 10103 Faires Farm Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,958 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,958 Sqft ∙ Built 2002
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.75
    •  
  • 9704 Hanberry Boulevard Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,036 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,036 Sqft ∙ Built 2012
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.81
    •  
PROPERTY LISTING DETAILS
Karen King Kornegay
1.704.840.5170
Southern Homes Of The Carolinas
BESbswy