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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
- 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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Oakhurst
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$84,720
LOAN DETAILS
$1,099
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $74,500 |
| Loan Amount | $223,500 |
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
-
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
1.704.453.9459
Re/max Metro Realty
