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1512 Parkwood Avenue #13 Charlotte, NC 28205

3 Beds 2 Baths 1,232 sqft Built 2005

$330,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $267.86
  • 7 Days on Market
  • MLS # : 3715984
  • Updated Date : 03/13/2021 at 00:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,232 sqft
  • Baths : 2 full
Listing Agent

Wanda Akers Realty

Listing Agent's Description

Enjoy watching the cars go by on the rocking chair front porch! The exterior has low maintenance vinyl exterior. The ranch style house has 3 bedrooms and 2 full bathrooms. Living room/den area adjoins the dining area. The Kitchen is off the dining area. Large laundry room. Partially fenced back yard. Outside storage shed.

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: Plaza Midwood

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $116k441k

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

Neighborhood: Plaza Midwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900200021002200Rent in $8442238

* 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
Shamrock Gardens Elementary School Primary Regular 446 33 6
Eastway Middle School Middle Regular 932 55 2
Garinger High School High Unknown NA

Shamrock Gardens Elementary School

  • Education Level: Primary
  • # of students: 446
  • # of teachers: 33
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:
  • # of teachers:
NA
GreatSchools Rating
 

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

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,146
Property Tax -$299
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$5

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

$1,620

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.5%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

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 45% 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

5.67

YEARS SAVED

$20,742

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $1.31

    LIST RENT PER SQFT
  • $1,605

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3953$1,3954$1,4955$1,620
$1,620
RENT COMPS ANALYSIS
  • 1512 Parkwood Avenue Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $1.31
    •  
  • 1228 Pegram Street Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,054 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,054 Sqft ∙ Built 1992
    LEASED 11/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.23
    •  
  • 1313 Harrill Street Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,054 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,054 Sqft ∙ Built 1993
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.32
    •  
  • 518 Parkwood Avenue Charlotte, NC 3
    • 3 beds 1 baths ∙ 1,056 Sqft ∙ Built 1987 3 beds 1 baths ∙ 1,056 Sqft ∙ Built 1987
    LEASED 12/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.32
    •  
  • 1517 Pegram Street Charlotte, NC 4
    • 3 beds 1 baths ∙ 1,118 Sqft ∙ Built 1926 3 beds 1 baths ∙ 1,118 Sqft ∙ Built 1926
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.34
    •  
PROPERTY LISTING DETAILS
Wanda Akers
Wanda Akers Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3715984
Last Updated: 03/13/2021
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