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11400 Painted Tree Road Charlotte, NC 28226

3 Beds 2 Baths 2,032 sqft Built 1977

$299,900

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $147.59
  • 28 Days on Market
  • MLS # : 3694975
  • Updated Date : 01/27/2021 at 09:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,032 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Huntersville

Listing Agent's Description

Location is KEY! 5 minutes from everything in this adorable neighborhood. This is a ranch situated on a large lot with trees lining the perimeter. Inside: Eat in Kitchen, Masonry Fireplace, Unfinished porch across the entire rear of the home. There is a side door for easy access to the driveway for carrying groceries etc....3 good sized bedrooms, pull down stairs and more. Rehab includes - Replace roof, paint interior, new carpet, new black dishwasher and smooth top electric range, repaint kitchen cabinets and secondary bathroom cabinets, new luxury vinyl plank in kitchen, bathroom 2 and bonus room, and a new water heater. Rehab estimated completion date is 2/11/20.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: McAlpine

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $94k318k

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

Neighborhood: McAlpine

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
Endhaven Elementary School Primary Regular 713 41 6
Quail Hollow Middle School Middle Regular 946 51 3
South Mecklenburg High School High Regular 2,913 147 7

Endhaven Elementary School

  • Education Level: Primary
  • # of students: 713
  • # of teachers: 41
6
GreatSchools Rating

Quail Hollow Middle School

  • Education Level: Middle
  • # of students: 946
  • # of teachers: 51
3
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,042
Property Tax -$277
Property Insurance -$65
HOA -$27
Property Management Fees -$119
CASH FLOW
$120

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.

$299,900

PROJECTED PRICE

$1,650

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.8%
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

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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$28,922

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,885

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6753$1,8504$1,8505$1,950
$1,950
RENT COMPS ANALYSIS
  • 11400 Painted Tree Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 1977 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.81
    •  
  • 7312 Rustic Ridge Court Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,902 Sqft ∙ Built 1978 4 beds 3 baths ∙ 1,902 Sqft ∙ Built 1978
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.88
    •  
  • 6609 Porterfield Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1983 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1983
    LEASED 12/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.93
    •  
  • 11208 Harrowfield Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,016 Sqft ∙ Built 1980 4 beds 3 baths ∙ 2,016 Sqft ∙ Built 1980
    LEASED 01/20/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.92
    •  
  • 12106 Painted Tree Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1980 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1980
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.99
    •  
PROPERTY LISTING DETAILS
Jenna Lucas
1.704.877.5300
Keller Williams Huntersville
BESbswy