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1277 Restoration Drive Marvin, NC 28173

3 Beds 3 Baths 2,150 sqft Built 2016

$375,000

List Price

$2,150

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $174.42
  • 3 Days on Market
  • MLS # : 3691534
  • Updated Date : 01/08/2021 at 14:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,150 sqft
  • Baths : 3 full
Listing Agent

Helen Adams Realty

Listing Agent's Description

Luxurious Palazzo floorplan sparked by tasteful skylights providing the perfect amount of natural light to showcase the gorgeous details. Main floor Owners suite includes a walk-in spa shower, large walk in closet and trey ceiling. Entertain in your open chef's kitchen, fitted w stainless gas range and huge island. Host your guests in the second floor bonus suite, which includes a kitchenette, wet bar and full bath. This boutique Active Adult community provides Resort style amenities, outdoor pool, social clubhouse and private courtyard with low maintenance living that Epcon Builders is known for.

SEE MORE

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

Zip Code: 28173

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $118k729k

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

Zip Code: 28173

ZipNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600280030003200Rent in $8443351

* 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
Sandy Ridge Elementary School Primary Regular 660 40 10
Marvin Ridge Middle School Middle Regular 1,264 68 9
Marvin Ridge High School High Regular 1,573 78 10

Sandy Ridge Elementary School

  • Education Level: Primary
  • # of students: 660
  • # of teachers: 40
10
GreatSchools Rating

Marvin Ridge Middle School

  • Education Level: Middle
  • # of students: 1,264
  • # of teachers: 68
9
GreatSchools Rating

Marvin Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 78
10
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,935$2,365$2,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,150
EXPENSES Loan Payment -$1,303
Property Tax -$306
Property Insurance -$68
HOA -$215
Property Management Fees -$119
CASH FLOW
$140

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.

$375,000

PROJECTED PRICE

$2,150

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.0%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,303

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$33,330

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,150

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,881

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8453$1,8754$2,1455$2,150
$2,150
RENT COMPS ANALYSIS
  • 1277 Restoration Drive Marvin, NC 5
    • 3 beds 3 baths ∙ 2,150 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,150 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.00
    •  
  • 2404 Coltsgate Road Waxhaw, NC 1
    • 4 beds 3 baths ∙ 2,150 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,150 Sqft ∙ Built 2005
    property image
    LEASED 07/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.84
    •  
  • 2204 Coltsgate Road Waxhaw, NC 2
    • 4 beds 3 baths ∙ 2,143 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,143 Sqft ∙ Built 2005
    property image
    LEASED 08/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.86
    •  
  • 2420 Logan Field Drive Waxhaw, NC 3
    • 4 beds 3 baths ∙ 2,073 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,073 Sqft ∙ Built 2006
    property image
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.90
    •  
  • 8304 Cornerbrook Place Waxhaw, NC 4
    • 4 beds 3 baths ∙ 2,373 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,373 Sqft ∙ Built 2005
    property image
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $0.90
    •  
PROPERTY LISTING DETAILS
Keith Hensel
1.704.231.7272
Helen Adams Realty
BESbswy