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11036 Chrudan Drive Charlotte, NC 28262

3 Beds 3 Baths 2,127 sqft Built 2005

INVESTimate

$250,000

List Price

$1,650

$1,485 - $1,815

Rent Est.

$264,050  ( +5.62%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Built In 2005
  • Price/Sqft : $117.54
  • 11 Days on Market
  • MLS # : 3652374
  • Updated Date : 08/25/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,127 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Welcome Home!! This lovely two-story cul-de-sac gem is located in the Mallard Creek area!! This 2100+ sf three bed/2.5 bath home with a loft has a lot to offer including a huge master bedroom with a walk-in closet and master bath with separate shower, relaxing garden tub, and dual vanities. The secondary bedrooms are a generous size, as well. In addition to a newly renovated kitchen (2019), this home also offers a fireplace, stainless steel appliances, and a two- car garage. The layout of this home makes it perfect for entertaining. The home is conveniently located near shops, restaurants, I-85, and I-485. Don’t Miss Out on This One!!

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: 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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$922
Property Tax -$218
Property Insurance -$67
HOA -$17
Property Management Fees -$149
CASH FLOW
$277

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.

$250,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.62%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$45,083

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,654

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6503$1,6954$1,6955$1,800
$1,800
RENT COMPS ANALYSIS
  • 11036 Chrudan Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,127 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,127 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.78
    •  
  • 1419 Ladora Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2003
    property image
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.77
    •  
  • 10919 Chrudan Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2003
    property image
    LEASED 09/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.79
    •  
  • 1102 Garrison Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,192 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,192 Sqft ∙ Built 2003
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.77
    •  
  • 1905 Arbor Crest Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,309 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,309 Sqft ∙ Built 2006
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.78
    •  
PROPERTY LISTING DETAILS
Angela Burgess
1.704.796.5788
Exp Realty Llc
BESbswy