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1218 Rising Oak Drive Charlotte, NC 28206

3 Beds 3 Baths 1,674 sqft Built 2005

$265,000

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $158.30
  • 2 Days on Market
  • MLS # : 3686438
  • Updated Date : 11/28/2020 at 15:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,674 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Amazing location!!! Minutes from Uptown, Camp North End & the Boiler Room. Cute home with plenty of potential. Good floor plan needing cosmetic work. Upstairs, nicely sized master bedroom and secondary bedrooms with Jack and Jill bath. Downstairs, galley style kitchen with breakfast area open to living room. Flex space with french doors can be used as formal dining or office/flex space. Big patio for entertaining, and long extended driveway for plenty of parking. Pull down ladder attic access leading to attic with storage space, and additional storage space attached to rear of home. HVAC 2016/2018, energy efficient water heater 2016. Original roof. Selling as-is, priced accordingly, see disclosures.

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: Double Oaks

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300k320kPrice in $74k326k

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

Neighborhood: Double Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300140015001600Rent in $6771604

* 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
Walter G Byers School Primary Regular 493 41 2
Walter G Byers School Middle Regular 493 41 2
West Charlotte High School High Regular 1,777 109 3

Walter G Byers School

  • Education Level: Primary
  • # of students: 493
  • # of teachers: 41
2
GreatSchools Rating

Walter G Byers School

  • Education Level: Middle
  • # of students: 493
  • # of teachers: 41
2
GreatSchools Rating

West Charlotte High School

  • Education Level: High
  • # of students: 1,777
  • # of teachers: 109
3
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$978
Property Tax -$293
Property Insurance -$59
HOA -$8
Property Management Fees -$132
CASH FLOW
$0

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.

$265,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.9%
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-$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$12,230

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,461

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,3503$1,4704$1,5005$1,750
$1,750
RENT COMPS ANALYSIS
  • 1218 Rising Oak Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,674 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,674 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.88
    •  
  • 2300 Olando Street Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,345 Sqft ∙ Built 3 beds 2 baths ∙ 1,345 Sqft ∙ Built
    property image
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.86
    •  
  • 1425 Moretz Avenue Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,625 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,625 Sqft ∙ Built 1950
    property image
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.83
    •  
  • 902 Druid Circle Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1950
    property image
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.83
    •  
  • 1921 Stroud Park Court Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,858 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,858 Sqft ∙ Built 2005
    property image
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.94
    •  
PROPERTY LISTING DETAILS
Kim Hanushek
1.704.618.6081
Exp Realty
BESbswy