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10747 Derryrush Drive Charlotte, NC 28213

3 Beds 3 Baths 2,101 sqft Built 2012

INVESTimate

$239,900

List Price

$1,400

$1,260 - $1,540

Rent Est.

$257,821  ( +7.47%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2012
  • Price/Sqft : $114.18
  • 3 Days on Market
  • MLS # : 3655118
  • Updated Date : 08/25/2020 at 16:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,101 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams South Park

Listing Agent's Description

Welcome home to your beautiful 3 bedroom with bonus/loft area. Open and bright main floor features a very open & large great room. The Kitchen features granite counter tops, breakfast bar, SS appliances & wood floors. Separate flex space with double doors makes a great office, formal dining, or play area for any age! Upstairs opens to loft area. Large master with walk-in closet & en-suite bath. Secondary bedrooms with Jack-n-Jill bathroom. One-car garage. Fenced, flat yard and walking distance to pool. Close to restaurants, shopping, UNCC and 485

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: 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
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$885
Property Tax -$209
Property Insurance -$67
HOA -$34
Property Management Fees -$126
CASH FLOW
$79

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.

$239,900

PROJECTED PRICE

$1,400

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.47%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$885

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$17,861

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,413

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3993$1,4004$1,4005$1,400
$1,400
RENT COMPS ANALYSIS
  • 10747 Derryrush Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,101 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,101 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.67
    •  
  • 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
    •  
  • 10710 Derryrush Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2016
    LEASED 08/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.68
    •  
  • 9445 Hanberry Boulevard Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,070 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,070 Sqft ∙ Built 2017
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.68
    •  
PROPERTY LISTING DETAILS
Erika Pitman
1.704.576.1671
Keller Williams South Park
BESbswy