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114 Willetta Drive Charlotte, NC 28217

3 Beds 1 Baths 1,443 sqft Built 1950

$150,000

List Price

$1,320

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1950
  • Price/Sqft : $103.95
  • 2 Days on Market
  • MLS # : 3678423
  • Updated Date : 11/02/2020 at 10:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,443 sqft
  • Baths : 1 full
Listing Agent

Costello Real Estate And Investments

Listing Agent's Description

Investor special with tons of potential! Brick ranch in up-and-coming area of Charlotte. Easy access to Uptown, Charlotte Douglas International Airport, and plenty of retail options. Needs TLC. Home includes deck and outdoor storage shed.

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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: Yorkmount

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $71k235k

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

Neighborhood: Yorkmount

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6171518

* 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
Pinewood Elementary School Primary Regular 557 38 4
Sedgefield Middle School Middle Regular 745 45 1
Harding University High School High Magnet 1,747 97 2

Pinewood Elementary School

  • Education Level: Primary
  • # of students: 557
  • # of teachers: 38
4
GreatSchools Rating

Sedgefield Middle School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 45
1
GreatSchools Rating

Harding University High School

  • Education Level: High
  • # of students: 1,747
  • # of teachers: 97
2
GreatSchools Rating
 

$135,000$165,000$150,000

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$553
Property Tax -$131
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$463

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.

$150,000

PROJECTED PRICE

$1,320

PROJECTED RENT

0.88%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$45,500

INVESTMENT

$45,500

Down Payment
$37,500
Rehab Estimate
$5,750
Closing Costs
$2,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$553

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $37,500
Loan Amount $112,500
See What Happens When You Reinvest Cash Flow

16.58

YEARS SAVED

$48,852

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,360

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,320
1$1,3202$1,3253$1,4004$1,5005$1,675
$1,675
RENT COMPS ANALYSIS
  • 114 Willetta Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,443 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,443 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.91
    •  
  • 4118 Stacy Boulevard Charlotte, NC 2
    • 4 beds 2 baths ∙ 1,440 Sqft ∙ Built 1947 4 beds 2 baths ∙ 1,440 Sqft ∙ Built 1947
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.92
    •  
  • 6126 Cherrycrest Lane Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1968
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.93
    •  
  • 1703 Tyvola Road Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,548 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,548 Sqft ∙ Built 1957
    property image
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.97
    •  
  • 533 Inwood Drive Charlotte, NC 5
    • 4 beds 2 baths ∙ 1,776 Sqft ∙ Built 1952 4 beds 2 baths ∙ 1,776 Sqft ∙ Built 1952
    property image
    LEASED 08/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.94
    •  
PROPERTY LISTING DETAILS
Jake Meinberg
1.704.413.3723
Costello Real Estate And Investments
BESbswy