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

1115 Brookhurst Drive Charlotte, NC 28205

3 Beds 3 Baths 1,595 sqft Built 1946

$298,000

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1946
  • Price/Sqft : $186.83
  • 9 Days on Market
  • MLS # : 3674564
  • Updated Date : 10/29/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,595 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Metro Realty

Listing Agent's Description

Choose your own adventure! Path 1: Rehab this hard to find 1.5 story 3 bedroom, 2 bathroom home in the desirable Oakhurst neighborhood. The downstairs still has most of the original hardwoods and beautiful vintage doors and trim. There is also an area with a half bath and a private entrance that would be well suited for conversion into a short term rental. HVAC for main level recently replaced. Path 2: Remove the existing home and build the home of your dreams just minutes from Uptown and around the corner from restaurant, shopping and the proposed new Lynx Silver Line light rail. At almost 1/3 acre, the lot is level and deep, and all utility hookups are already in place.

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: Oakhurst

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $93k247k

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

Neighborhood: Oakhurst

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7391518

* 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
Oakhurst Elementary School Primary Regular NA
Eastway Middle School Middle Regular 932 55 2
Garinger High School High Regular 1,748 106 NA

Oakhurst Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Eastway Middle School

  • Education Level: Middle
  • # of students: 932
  • # of teachers: 55
2
GreatSchools Rating

Garinger High School

  • Education Level: High
  • # of students: 1,748
  • # of teachers: 106
NA
GreatSchools Rating
 

$268,200$327,800$298,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$1,099
Property Tax -$260
Property Insurance -$57
Property Management Fees -$145
CASH FLOW
$49

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.

$298,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 10.0%
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$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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,720

INVESTMENT

$84,720

Down Payment
$74,500
Rehab Estimate
$5,750
Closing Costs
$4,470

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,099

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,500
Loan Amount $223,500
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$18,996

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,603

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5503$1,6004$1,6105$1,850
$1,850
RENT COMPS ANALYSIS
  • 1115 Brookhurst Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,595 Sqft ∙ Built 1946 3 beds 3 baths ∙ 1,595 Sqft ∙ Built 1946
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $1.01
    •  
  • 2064 Eaton Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1940
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.91
    •  
  • 1734 Seifert Circle Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1961
    LEASED 12/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.97
    •  
  • 1210 Norland Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,735 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,735 Sqft ∙ Built 1953
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.92
    •  
  • 4309 Tulane Street Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,557 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,557 Sqft ∙ Built 1941
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.19
    •  
PROPERTY LISTING DETAILS
Tom White
1.704.453.9459
Re/max Metro Realty
BESbswy