Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

13022 David Jennings Avenue Charlotte, NC 28213

5 Beds 3 Baths 2,611 sqft Built 2016

$314,900

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $120.61
  • 3 Days on Market
  • MLS # : 3682204
  • Updated Date : 11/14/2020 at 00:05
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,611 sqft
  • Baths : 3 full
Listing Agent

Ethics Realty Inc

Listing Agent's Description

LOVELY OPEN FLEETWOOD (MODEL) FLOOR PLAN, THE MOST POPULAR FLOOR PLAN IN THIS COMMUNITY WITH LOTS OF STYLE AND CHARACTER, INVITING KITCHEN WITH STAGGERED COUNTERS, 2 STORY FOYER, CROWN MOLDING THROUGHOUT MAIN FLOOR, BEAUTIFUL HARDWOODS AND GRANITE COUNTERTOPS IN KITCHEN/BATH, TILE IN BATHROOMS, FRENCH DOORS OPEN TO MASTER BED/BATH AND SECONDARY BED/BONUS ROOM, HUGE FLAT YARD, BEAUTIFUL COMMUNITY POOL, PLAYGROUNDS, SIDEWALKS.

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: Back Creek Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Back Creek Church Road

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
Reedy Creek Elementary School Primary Regular 730 44 6
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Reedy Creek Elementary School

  • Education Level: Primary
  • # of students: 730
  • # of teachers: 44
6
GreatSchools Rating

Northridge Middle School

  • Education Level: Middle
  • # of students: 779
  • # of teachers: 43
3
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$283,410$346,390$314,900

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,162
Property Tax -$277
Property Insurance -$76
HOA -$54
Property Management Fees -$157
CASH FLOW
$14

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.

$314,900

PROJECTED PRICE

$1,740

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.4%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$89,199

INVESTMENT

$89,199

Down Payment
$78,725
Rehab Estimate
$5,750
Closing Costs
$4,724

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,162

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $78,725
Loan Amount $236,175
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$18,751

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,749

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,7003$1,7404$1,7505$1,800
$1,800
RENT COMPS ANALYSIS
  • 13022 David Jennings Avenue Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,611 Sqft ∙ Built 2016 5 beds 3 baths ∙ 2,611 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.67
    •  
  • 11341 Erwin Ridge Avenue Charlotte, NC 1
    • 5 beds 3 baths ∙ 2,462 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,462 Sqft ∙ Built 2003
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.65
    •  
  • 5207 Hawkins Meadow Court Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,712 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,712 Sqft ∙ Built 2013
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.63
    •  
  • 4751 Abendego Road Charlotte, NC 4
    • 5 beds 3 baths ∙ 2,616 Sqft ∙ Built 2018 5 beds 3 baths ∙ 2,616 Sqft ∙ Built 2018
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.67
    •  
  • 9820 Jeanette Circle Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 2004
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.73
    •  
PROPERTY LISTING DETAILS
Sami Bianouni
1.704.519.8745
Ethics Realty Inc
BESbswy