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10811 Fountaingrove Drive Charlotte, NC 28262

4 Beds 3 Baths 2,417 sqft Built 2004

$310,995

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $128.67
  • 3 Days on Market
  • MLS # : 3679654
  • Updated Date : 11/07/2020 at 22:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,417 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Wonderful open floor plan home with two story foyer located in the very convenient Arbor Hills community! The house backs onto wooded area making for a private and spacious backyard. The owner has put in new tiles, carpet and paint in 2017. This house has a large family room for gatherings as well a beautiful main floor office great for working from home. Beautiful kitchen off the family room with corain countertops, stainless steel appliances with tile floors and a breakfast area with a walk out to the backyard. Great for entertaining your family and friends. Upstairs the primary bedroom has a private bathrooms with double sink, and a bath and separate shower and a walk-in closet. An additional 3 bedrooms and 1 full bath. Close to shopping and amenities at the Concord Mills & University area. Very convenient to all major interstates and much more.

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: Mallard Creek - Withrow Downs

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Mallard Creek - Withrow Downs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Mallard Creek Elementary School Primary Regular 803 46 3
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

Mallard Creek Elementary School

  • Education Level: Primary
  • # of students: 803
  • # of teachers: 46
3
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$279,896$342,095$310,995

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,147
Property Tax -$271
Property Insurance -$73
HOA -$52
Property Management Fees -$167
CASH FLOW
$141

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.

$310,995

PROJECTED PRICE

$1,850

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$88,164

INVESTMENT

$88,164

Down Payment
$77,749
Rehab Estimate
$5,750
Closing Costs
$4,665

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,147

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,749
Loan Amount $233,246
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$31,667

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,849

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,675
1$1,6752$1,7993$1,8004$1,8505$1,850
$1,850
RENT COMPS ANALYSIS
  • 10811 Fountaingrove Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.77
    •  
  • 10540 Adlin Avenue Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 2004
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.72
    •  
  • 1934 Arbor Crest Court Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,508 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,508 Sqft ∙ Built 2005
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,799
    • $0.72
    •  
  • 1905 Arbor Crest Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,309 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,309 Sqft ∙ Built 2006
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.78
    •  
  • 10820 Fountaingrove Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,339 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,339 Sqft ∙ Built 2004
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.79
    •  
PROPERTY LISTING DETAILS
Priti Dadhaniya
1.704.699.9139
Exp Realty Llc
BESbswy