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1424 Briar Creek Road Charlotte, NC 28205

3 Beds 1 Baths 1,285 sqft Built 1949

$329,900

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1949
  • Price/Sqft : $256.73
  • 31 Days on Market
  • MLS # : 3690796
  • Updated Date : 01/04/2021 at 23:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,285 sqft
  • Baths : 1 full
Listing Agent

Dickens Mitchener & Associates Inc

Listing Agent's Description

Charming updated Commonwealth bungalow on over 1/2 acre of wooded serenity, just minutes from Midwood & NoDa! Bursting with character & charm, this home boasts original hardwoods, 2 fireplaces & an architectural archway. Oversized renovated kitchen in 2008 features granite counters, tile backsplash, custom tile floor, lots of cabinet space, custom cabinetry, pantry & breakfast bar (refrigerator, washer & dryer included). Large bonus/bedroom with fireplace, built-in bookshelves & separate entrance has a wide range of possibilities. New roof 2016, new HVAC Dec 2019, exterior painted 2017, water heater 2011, new water/sewer line Nov 2019 & new outflow pipes 2015. Excellent attic storage with ample room to finish off/expand up. Don’t miss out on this rare gem!

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

Neighborhood: Briarcreek - Woodland

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $74k269k

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

Neighborhood: Briarcreek - Woodland

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Merry Oaks International Academy Elementary School Primary Regular 700 48 6
Eastway Middle School Middle Regular 932 55 2
Garinger High School High Regular 1,748 106 NA

Merry Oaks International Academy Elementary School

  • Education Level: Primary
  • # of students: 700
  • # of teachers: 48
6
GreatSchools Rating

Eastway Middle School

  • Education Level: Middle
  • # of students: 932
  • # of teachers: 55
2
GreatSchools Rating

Garinger High School

  • Education Level: High
  • # of students: 1,748
  • # of teachers: 106
NA
GreatSchools Rating
 

$296,910$362,890$329,900

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$1,146
Property Tax -$288
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
-$114

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.

$329,900

PROJECTED PRICE

$1,490

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 10.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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-$4.0k-$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$93,174

INVESTMENT

$93,174

Down Payment
$82,475
Rehab Estimate
$5,750
Closing Costs
$4,949

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,146

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,475
Loan Amount $247,425
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$9,990

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $1,555

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4903$1,6504$1,6505$1,900
$1,900
RENT COMPS ANALYSIS
  • 1424 Briar Creek Road Charlotte, NC 2
    • 3 beds 1 baths ∙ 1,285 Sqft ∙ Built 1949 3 beds 1 baths ∙ 1,285 Sqft ∙ Built 1949
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $1.16
    •  
  • 4173 Sheridan Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1951
    LEASED 06/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.20
    •  
  • 3929 Langhorne Avenue Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1950
    LEASED 07/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.13
    •  
  • 1724 Logie Avenue Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1955
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.41
    •  
  • 1637 Morningside Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1940
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.19
    •  
PROPERTY LISTING DETAILS
Michael Nester
1.704.408.3468
Dickens Mitchener & Associates Inc
BESbswy