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11047 Tradition View Drive Charlotte, NC 28269

4 Beds 4 Baths 2,573 sqft Built 2001

$475,000

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 31, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $184.61
  • 8 Days on Market
  • MLS # : 3703768
  • Updated Date : 02/05/2021 at 09:34
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,573 sqft
  • Baths : 3 full , 1 half
Listing Agent

Level Up Realty Llc

Listing Agent's Description

Charming Home with an All Brick Front Available now in Chatham Neighborhood in North Charlotte. Home features updates to yard, light fixtures and keyless remote entry system. Beautifully maintained & very accessible to Shopping, Grocery stores, Parks and Highways.

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: Prosperity Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Prosperity Church Road

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
 

$427,500$522,500$475,000

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,650
Property Tax -$414
Property Insurance -$76
HOA -$23
Property Management Fees -$119
CASH FLOW
-$172

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.

$475,000

PROJECTED PRICE

$2,110

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.4%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,650

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$15,477

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,891

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7503$1,7994$2,1005$2,110
$2,110
RENT COMPS ANALYSIS
  • 11047 Tradition View Drive Charlotte, NC 5
    • 4 beds 4 baths ∙ 2,573 Sqft ∙ Built 2001 4 beds 4 baths ∙ 2,573 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.82
    •  
  • 1926 Arbor Crest Court Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 2005
    property image
    LEASED 01/28/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.72
    •  
  • 3021 Azalea Hills Drive Charlotte, NC 2
    • 5 beds 3 baths ∙ 2,434 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,434 Sqft ∙ Built 2004
    property image
    LEASED 01/28/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.72
    •  
  • 1934 Arbor Crest Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,508 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,508 Sqft ∙ Built 2005
    property image
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,799
    • $0.72
    •  
  • 10761 Tradition View Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,678 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,678 Sqft ∙ Built 1999
    property image
    LEASED 12/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.78
    •  
PROPERTY LISTING DETAILS
Shana Neeley
1.704.778.8576
Level Up Realty Llc
BESbswy