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1427 Dean Street Charlotte, NC 28216

3 Beds 2 Baths 1,312 sqft Built 1958

$185,000

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $141.01
  • 4 Days on Market
  • MLS # : 3700972
  • Updated Date : 01/23/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,312 sqft
  • Baths : 1 full , 1 half
Listing Agent

Kinard Realty

Listing Agent's Description

Great Neighborhood home located in Oaklawn Park. 3 Bedrooms, 1 1/2 bath. Living Room, Large Kitchen and Large Den. Minutes from Uptown and to almost everywhere in Charlotte.

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: Oaklawn

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $50k235k

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

Neighborhood: Oaklawn

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6031518

* 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
Bruns Academy Primary Regular 765 51 2
Ranson Middle School Middle Regular 1,138 57 3
West Charlotte High School High Regular 1,777 109 3

Bruns Academy

  • Education Level: Primary
  • # of students: 765
  • # of teachers: 51
2
GreatSchools Rating

Ranson Middle School

  • Education Level: Middle
  • # of students: 1,138
  • # of teachers: 57
3
GreatSchools Rating

West Charlotte High School

  • Education Level: High
  • # of students: 1,777
  • # of teachers: 109
3
GreatSchools Rating
 

$166,500$203,500$185,000

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$643
Property Tax -$161
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
$245

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.

$185,000

PROJECTED PRICE

$1,220

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.7%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$54,775

INVESTMENT

$54,775

Down Payment
$46,250
Rehab Estimate
$5,750
Closing Costs
$2,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$643

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $46,250
Loan Amount $138,750
See What Happens When You Reinvest Cash Flow

11.67

YEARS SAVED

$33,762

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,207

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,1503$1,2004$1,2205$1,350
$1,350
RENT COMPS ANALYSIS
  • 1427 Dean Street Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.93
    •  
  • 2300 Olando Street Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,345 Sqft ∙ Built 3 beds 2 baths ∙ 1,345 Sqft ∙ Built
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.86
    •  
  • 1922 Erie Street Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1990
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.96
    •  
  • 2609 Montreat Street Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1951
    LEASED 08/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.00
    •  
  • 1425 Moretz Avenue Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,625 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,625 Sqft ∙ Built 1950
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.83
    •  
PROPERTY LISTING DETAILS
Steven Kinard
1.704.502.4076
Kinard Realty
BESbswy