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12232 Creek Turn Drive Charlotte, NC 28278

3 Beds 2 Baths 1,167 sqft Built 2001

$235,000

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $201.37
  • 4 Days on Market
  • MLS # : 3695943
  • Updated Date : 01/07/2021 at 20:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,167 sqft
  • Baths : 2 full
Listing Agent

Shearer Realty Inc.

Listing Agent's Description

Wonderfully updated Ranch home ready for new owner! This recently refreshed home features modern Luxury Vinyl flooring, updated counters, new bathroom vanities and modern neutral colors. Spacious living room with fireplace, dine-in kitchen with pantry. Great size master bedroom with walk in closet and private full bath. Laundry room and 2 car garage. The home sits on a nice size lot just a couple doors down from the community pool and playground. Brand New Roof! Located in Planters Walk neighborhood in the Steele Creek area of Charlotte. Convenient to I-485 and I-77. Minutes from Uptown, Charlotte Airport or Fort Mill. Don't miss this opportunity of a move-in ready home!

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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: Steele Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Steele Creek

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
Winget Park Elementary School Primary Regular 451 28 4
Southwest Middle School Middle Regular 1,403 72 6
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

Winget Park Elementary School

  • Education Level: Primary
  • # of students: 451
  • # of teachers: 28
4
GreatSchools Rating

Southwest Middle School

  • Education Level: Middle
  • # of students: 1,403
  • # of teachers: 72
6
GreatSchools Rating

Math, Engineering, Technology And Science At Olympic High School

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

$211,500$258,500$235,000

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$816
Property Tax -$205
Property Insurance -$49
HOA -$36
Property Management Fees -$119
CASH FLOW
$135

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.

$235,000

PROJECTED PRICE

$1,360

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.0%
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$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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$26,809

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $1,357

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3603$1,3954$1,4005$1,495
$1,495
RENT COMPS ANALYSIS
  • 12232 Creek Turn Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,167 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,167 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $1.17
    •  
  • 12804 Planters Row Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2001
    property image
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.08
    •  
  • 10511 Glory Meadow Court Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,186 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,186 Sqft ∙ Built 2001
    property image
    LEASED 09/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.18
    •  
  • 12927 Planters Row Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 2001
    property image
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.16
    •  
  • 10031 Orchard Grass Court Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,211 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,211 Sqft ∙ Built 2001
    property image
    LEASED 01/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.23
    •  
PROPERTY LISTING DETAILS
Andrew Shearer
1.704.968.5788
Shearer Realty Inc.
BESbswy