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13901 Kings Carriage Lane Charlotte, NC 28278

3 Beds 3 Baths 2,018 sqft Built 1996

$250,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $123.89
  • 3 Days on Market
  • MLS # : 3696622
  • Updated Date : 01/08/2021 at 15:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,018 sqft
  • Baths : 2 full , 1 half
Listing Agent

Helen Adams Realty

Listing Agent's Description

Great fixer up opportunity in Harbor Club on Lake Wylie. Open floor plan with Formal Living and Dining. Kitchen open to 2 story Great Room. Upstairs overlook to below. Master up with recessed tray, garden tub, and large walk-in closet. Two roomy secondary bedrooms, one with window seat and limited lake view. Large Laundry Room up with closet. Washer and Dryer to stay. Stairs, landing, and Master have recent carpet, and foyer with recent laminate. 2015 gas hot water heater. 2 car garage. Deck. Wooded back yard privacy. Community has day dock for residents but currently closed for replacement. Estate property Sold As Is.

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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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$868
Property Tax -$256
Property Insurance -$65
HOA -$57
Property Management Fees -$119
CASH FLOW
$314

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.

$250,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.67%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

11.67

YEARS SAVED

$44,989

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,700

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,5953$1,6804$1,6955$1,850
$1,850
RENT COMPS ANALYSIS
  • 13901 Kings Carriage Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,018 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,018 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.83
    •  
  • 11630 Village Pond Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2006
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.82
    •  
  • 15236 Edgewater Forest Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,072 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,072 Sqft ∙ Built 2005
    LEASED 09/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
  • 14514 Lake Crossing Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,875 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,875 Sqft ∙ Built 2006
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.90
    •  
  • 13221 Winslow Hills Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 2,066 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,066 Sqft ∙ Built 2005
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.90
    •  
PROPERTY LISTING DETAILS
Jolene Butterworth
1.704.267.3643
Helen Adams Realty
BESbswy