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11506 Split Pine Court Charlotte, NC 28273

5 Beds 2 Baths 2,371 sqft Built 1988

$295,000

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $124.42
  • 4 Days on Market
  • MLS # : 3694230
  • Updated Date : 01/21/2021 at 12:38
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,371 sqft
  • Baths : 2 full
Listing Agent

Austin Banks Real Estate Company Llc

Listing Agent's Description

Come see this gorgeous Steel Oaks home ASAP! Fresh Cosmetic renovation on this home makes it move-in ready for you! This home is a rare find, a larger home in the area and FIVE full bedrooms on the upper level, WOW!! Perfect for large families, roommate situations, Home office uses and more! The Master suite sets up extremely well with vaulted ceilings and en-suite 5-piece bathroom with double vanity, walk-in shower, garden tub and Walk-in Closet. Expansive kitchen has large island and bartop with sink between the Family room and eat-in kitchen - simply perfect for entertaining family and friends. All of this and a beautiful rear deck with an absolutely enormous attached garage. Do not miss this one! Come see this one before it's too late!

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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$1,025
Property Tax -$257
Property Insurance -$72
HOA -$13
Property Management Fees -$119
CASH FLOW
$205

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.

$295,000

PROJECTED PRICE

$1,690

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.5%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$34,680

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,648

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,6503$1,6604$1,6905$1,750
$1,750
RENT COMPS ANALYSIS
  • 11506 Split Pine Court Charlotte, NC 4
    • 5 beds 2 baths ∙ 2,371 Sqft ∙ Built 1988 5 beds 2 baths ∙ 2,371 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.71
    •  
  • 8815 High Chase Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,351 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,351 Sqft ∙ Built 1998
    LEASED 01/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.67
    •  
  • 4415 Mariannes Ridge Road Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 2001
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.73
    •  
  • 11138 Anna Rose Road Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,392 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,392 Sqft ∙ Built 2006
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.69
    •  
  • 11250 Walland Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,540 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,540 Sqft ∙ Built 2003
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.69
    •  
PROPERTY LISTING DETAILS
Joe Barlek
1.717.825.5361
Austin Banks Real Estate Company Llc
BESbswy