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12908 Deaton Hill Drive #193 Charlotte, NC 28269

3 Beds 2 Baths 1,580 sqft Built 2002

$225,000

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
December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $142.41
  • 3 Days on Market
  • MLS # : 3682637
  • Updated Date : 12/04/2020 at 15:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,580 sqft
  • Baths : 2 full
Listing Agent

Lyrubec Properties Llc

Listing Agent's Description

Cozy 3 Bedroom/2 Bath home located in the desirable Highland Park community. Home sits on a lot with a wooded backyard. This home features an open floorplan and a bonus room over the garage. Owner's suite bathroom has beautiful tile upgrades.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Harburn Forest

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Harburn Forest

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
Parkside Elementary School Primary Regular NA
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

Parkside Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$202,500$247,500$225,000

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 -$830
Property Tax -$196
Property Insurance -$57
HOA -$18
Property Management Fees -$119
CASH FLOW
$139

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.

$225,000

PROJECTED PRICE

$1,360

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.1%
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$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

9

YEARS SAVED

$31,814

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
  • $0.86

    LIST RENT PER SQFT
  • $1,406

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,360
1$1,3602$1,3753$1,4504$1,7255$1,725
$1,725
RENT COMPS ANALYSIS
  • 12908 Deaton Hill Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.86
    •  
  • 12915 Deaton Hill Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,555 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,555 Sqft ∙ Built 2002
    LEASED 12/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.88
    •  
  • 3521 Stoney Garden Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,678 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,678 Sqft ∙ Built 2001
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.86
    •  
  • 6432 Tunston Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,903 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,903 Sqft ∙ Built 1997
    LEASED 06/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.91
    •  
  • 7636 Lady Bank Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,890 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,890 Sqft ∙ Built 1995
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.91
    •  
PROPERTY LISTING DETAILS
Hattie Allmon Wheeler
1.704.659.6615
Lyrubec Properties Llc
BESbswy