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11208 Ridge Oak Drive Charlotte, NC 28273

4 Beds 3 Baths 2,727 sqft Built 1996

$349,900

List Price

$1,870

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $128.31
  • 5 Days on Market
  • MLS # : 3692994
  • Updated Date : 12/23/2020 at 13:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,727 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservices Carolinas Realty

Listing Agent's Description

Fantastic opportunity in one of Steele Creek's most desirable communities! Immaculate home with new hardwood floors throughout most of the main and upper floors, new paint in many areas as well as new roof in 2015 and completely replaced HVAC units in 2017 and 2018. The spacious kitchen with extra cabinet and counter space and bar area overlooks Breakfast Area and Family Room. The Master Suite is oversized with an additional area perfect for workout or small office use. The Master Bath features dual vanities and separate tub/shower. The secondary bedrooms are spacious with generous closet space. All of this just minutes from retail and restaurants (including Rivergate and Ayrsley) as well as 485. There is also a wonderful neighborhood pool and playground area perfect for entertaining the kids for hours!

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: Brown Road

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $100k235k

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

Neighborhood: Brown Road

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8421716

* 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
Lake Wylie Elementary School Primary Regular 632 39 6
Southwest Middle School Middle Regular 1,403 72 6
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

Lake Wylie Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 39
6
GreatSchools Rating

Southwest Middle School

  • Education Level: Middle
  • # of students: 1,403
  • # of teachers: 72
6
GreatSchools Rating

Math, Engineering, Technology And Science At Olympic High School

  • Education Level: High
  • # of students: 607
  • # of teachers: 28
7
GreatSchools Rating
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,683$2,057$1,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,870
EXPENSES Loan Payment -$1,291
Property Tax -$305
Property Insurance -$78
HOA -$35
Property Management Fees -$119
CASH FLOW
$42

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.

$349,900

PROJECTED PRICE

$1,870

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 6.9%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$25,690

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,870

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,875

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,8353$1,8704$1,9955$1,995
$1,995
RENT COMPS ANALYSIS
  • 11208 Ridge Oak Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,727 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,727 Sqft ∙ Built 1996
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,870
    • $0.69
    •  
  • 11200 Laurel View Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,607 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,607 Sqft ∙ Built 1993
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.65
    •  
  • 11328 Longhedge Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 1993
    property image
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,835
    • $0.71
    •  
  • 12713 Wither Steele Court Charlotte, NC 4
    • 5 beds 3 baths ∙ 2,848 Sqft ∙ Built 2014 5 beds 3 baths ∙ 2,848 Sqft ∙ Built 2014
    property image
    LEASED 10/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.70
    •  
  • 15107 Callow Forest Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,878 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,878 Sqft ∙ Built 2005
    property image
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.69
    •  
PROPERTY LISTING DETAILS
Jason Culbreth
1.704.661.7780
Berkshire Hathaway Homeservices Carolinas Realty
BESbswy