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14643 Eastgrove Drive Pineville, NC 28134

3 Beds 2 Baths 2,032 sqft Built 2000

$330,000

List Price

$1,950

$1.8K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $162.40
  • 3 Days on Market
  • MLS # : 3717543
  • Updated Date : 03/13/2021 at 22:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,032 sqft
  • Baths : 2 full
Listing Agent

Champa Patel Realty

Listing Agent's Description

LOCATION... LOCATION... LOCATION, located by Ballantyne area, in well known Bridlestone! MUST see home, WELL KEPT, open floor plan. lots of storage, and very bright home. 5 min. from 485, 10 min from 77. This spacious 4 bedroom home, 3 bdrm on main, and 4th bdrm/bonus room on 2nd floor. Kitchen has granite counter top, stove and microwave replaced, Flooring and carpet has been replaced. Backyard has trees, and nicely finished fence by the patio. Only two people have lived in this home, and home has been WELL taken care!

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: Ballantyne West

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $108k318k

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

Neighborhood: Ballantyne West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442026

* 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
Pineville Elementary School Primary Regular 811 45 7
Quail Hollow Middle School Middle Regular 946 51 3
South Mecklenburg High School High Regular 2,913 147 7

Pineville Elementary School

  • Education Level: Primary
  • # of students: 811
  • # of teachers: 45
7
GreatSchools Rating

Quail Hollow Middle School

  • Education Level: Middle
  • # of students: 946
  • # of teachers: 51
3
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$297,000$363,000$330,000

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,146
Property Tax -$253
Property Insurance -$65
HOA -$28
Property Management Fees -$119
CASH FLOW
$339

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.

$330,000

PROJECTED PRICE

$1,950

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.3%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$93,200

INVESTMENT

$93,200

Down Payment
$82,500
Rehab Estimate
$5,750
Closing Costs
$4,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% 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 $82,500
Loan Amount $247,500
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$54,718

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,966

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7503$1,9504$2,0005$2,000
$2,000
RENT COMPS ANALYSIS
  • 14643 Eastgrove Drive Pineville, NC 3
    • 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.96
    •  
  • 11812 Hawick Valley Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,930 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,930 Sqft ∙ Built 1998
    property image
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.91
    •  
  • 11823 Golspie Court Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,008 Sqft ∙ Built 1999 3 beds 3 baths ∙ 2,008 Sqft ∙ Built 1999
    property image
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.87
    •  
  • 11923 Scourie Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,976 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,976 Sqft ∙ Built 1998
    property image
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.01
    •  
  • 13929 Daltrey Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,011 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,011 Sqft ∙ Built 2005
    property image
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.99
    •  
PROPERTY LISTING DETAILS
Champa Patel
1.704.562.7710
Champa Patel Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717543
Last Updated: 03/13/2021
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