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14232 Drake Watch Lane Charlotte, NC 28262

3 Beds 3 Baths 2,037 sqft Built 2013

$255,000

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $125.18
  • 5 Days on Market
  • MLS # : 3698351
  • Updated Date : 01/13/2021 at 14:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,037 sqft
  • Baths : 2 full , 1 half
Listing Agent

Prism Properties & Development

Listing Agent's Description

Beautiful home with bright and open floor plan on a corner lot. Great fully equipped kitchen with back appliances, large pantry, and a breakfast bar with views of dining area with door to back patio and the large living room. Master suite has vaulted ceiling and private deluxe bathroom with dual sinks, garden tub and walk in closet. Spacious secondary bedrooms. Large loft area with endless possibilities. Water, Sewer, Trash, Pond, Walking Trails, & Pool all included in the HOA. Home is currently occupied and photos are prior to current occupant. Some walls have been painted a grey color.

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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: Mallard Creek - Withrow Downs

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Mallard Creek - Withrow Downs

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
Stoney Creek Elementary School Primary Regular 853 50 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

Stoney Creek Elementary School

  • Education Level: Primary
  • # of students: 853
  • # of teachers: 50
4
GreatSchools Rating

James Martin Middle School

  • Education Level: Middle
  • # of students: 1,113
  • # of teachers: 54
3
GreatSchools Rating

Vance High School

  • Education Level: High
  • # of students: 1,714
  • # of teachers: 91
3
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$886
Property Tax -$238
Property Insurance -$66
HOA -$110
Property Management Fees -$119
CASH FLOW
$142

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.

$255,000

PROJECTED PRICE

$1,560

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.6%
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$900k

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$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$886

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$27,079

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,711

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5003$1,5604$1,7955$1,825
$1,825
RENT COMPS ANALYSIS
  • 14232 Drake Watch Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,037 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,037 Sqft ∙ Built 2013
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.77
    •  
  • 11005 Greenhead View Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2012 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2012
    property image
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.83
    •  
  • 740 Reigate Road Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,808 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,808 Sqft ∙ Built 2003
    property image
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.83
    •  
  • 10810 Greenhead View Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,132 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,132 Sqft ∙ Built 2010
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.84
    •  
  • 15427 Chowning Tavern Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,121 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,121 Sqft ∙ Built 2005
    property image
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.86
    •  
PROPERTY LISTING DETAILS
Michael Calabrese
1.704.231.7750
Prism Properties & Development
BESbswy