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11406 Red Hickory Lane # 25 Charlotte, NC 28273

3 Beds 3 Baths 1,580 sqft Built 1988

INVESTimate

$249,900

List Price

$1,410

$1,269 - $1,551

Rent Est.

$268,717  ( +7.53%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $158.16
  • 6 Days on Market
  • MLS # : 3651987
  • Updated Date : 08/21/2020 at 12:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,580 sqft
  • Baths : 2 full , 1 half
Listing Agent

Carolinas Cornerstone Real Estate

Listing Agent's Description

This Cottage style 2 story home is close to all the amenities that Charlotte has to offer! Located in the Subdivision of Steele Oaks, this property is close to I-485 and the Charlotte Premium outlet stores, for easy access to shopping, restaurants, and downtown Charlotte. This charming home offers an open floor plan, laminate wood and tile floors throughout, Corian countertops in the kitchen, garden tub in the master bedroom, 3 nice size bedrooms with lots of closet space, covered porch on the front, and nice open deck in the back with a big back yard! All appliances stay with the house. HVAC new 2018. Hot water heater new Aug. 2020! This is the one you've been waiting for! Make an appointment to see it today!

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: Griers Fork

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Griers Fork

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Berewick Elementary School Primary Regular 601 38 6
Kennedy Middle School Middle Regular 722 43 4
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

Berewick Elementary School

  • Education Level: Primary
  • # of students: 601
  • # of teachers: 38
6
GreatSchools Rating

Kennedy Middle School

  • Education Level: Middle
  • # of students: 722
  • # of teachers: 43
4
GreatSchools Rating

Math, Engineering, Technology And Science At Olympic High School

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

$224,910$274,890$249,900

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$922
Property Tax -$218
Property Insurance -$57
HOA -$13
Property Management Fees -$127
CASH FLOW
$74

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.

$249,900

PROJECTED PRICE

$1,410

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.53%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$19,068

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,477

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4103$1,4954$1,5505$1,595
$1,595
RENT COMPS ANALYSIS
  • 11406 Red Hickory Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,580 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,580 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.89
    •  
  • 13911 Gauley Circle Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,490 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,490 Sqft ∙ Built 1998
    LEASED 03/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.92
    •  
  • 11413 Larix Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,608 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,608 Sqft ∙ Built 2000
    LEASED 10/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
  • 10527 Queensmead Circle Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1990
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.97
    •  
  • 10617 Candlestick Court Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,736 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,736 Sqft ∙ Built 2009
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.92
    •  
PROPERTY LISTING DETAILS
Diane Mccleery Grever
1.803.810.3523
Carolinas Cornerstone Real Estate
BESbswy