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1224 Woodlawn Road Charlotte, NC 28209

4 Beds 3 Baths 1,081 sqft Built 1957

$399,990

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

February 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $370.02
  • 6 Days on Market
  • MLS # : 3704296
  • Updated Date : 02/02/2021 at 00:02
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,081 sqft
  • Baths : 2 full , 1 half
Listing Agent

Tt Realty & Investment Group

Listing Agent's Description

Tenant occupied, do not disturb tenants. Location, location, location! Let your imagination go wild. It can be a great rehab for someone who wants to make it a home. It has good bone and square footage and a good size lot in the city! Walking distance to many places around Park Rd Shopping Center.

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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: Madison Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $102k336k

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

Neighborhood: Madison Park

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
Pinewood Elementary School Primary Regular 557 38 4
Sedgefield Middle School Middle Regular 745 45 1
Myers Park High School High Regular 2,762 145 8

Pinewood Elementary School

  • Education Level: Primary
  • # of students: 557
  • # of teachers: 38
4
GreatSchools Rating

Sedgefield Middle School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 45
1
GreatSchools Rating

Myers Park High School

  • Education Level: High
  • # of students: 2,762
  • # of teachers: 145
8
GreatSchools Rating
 

$359,991$439,989$399,990

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,389
Property Tax -$349
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
-$185

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.

$399,990

PROJECTED PRICE

$1,720

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 9.8%
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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,747

INVESTMENT

$111,747

Down Payment
$99,998
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,998
Loan Amount $299,993
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$11,121

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $1.59

    LIST RENT PER SQFT
  • $1,440

    COMP ESTIMATED VALUE
  • $1.33

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5503$1,6004$1,6255$1,720
$1,720
RENT COMPS ANALYSIS
  • 1224 Woodlawn Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,081 Sqft ∙ Built 1957 4 beds 3 baths ∙ 1,081 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $1.59
    •  
  • 725 Rome Court Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1977
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.28
    •  
  • 1450 Cortland Road Charlotte, NC 2
    • 3 beds 1 baths ∙ 1,148 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,148 Sqft ∙ Built 1951
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.35
    •  
  • 715 Penway Court Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1976
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.40
    •  
  • 1417 Montford Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1954
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $1.30
    •  
PROPERTY LISTING DETAILS
Thomas Tran
1.704.451.8526
Tt Realty & Investment Group
BESbswy