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1523 Newfound Hollow Drive Charlotte, NC 28214

3 Beds 3 Baths 1,477 sqft Built 1993

$245,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $165.88
  • 7 Days on Market
  • MLS # : 3697469
  • Updated Date : 01/11/2021 at 11:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,477 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Charlotte two-story home offers a two-car garage. This home is vacant and cleaned regularly.

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: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $104k235k

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

Neighborhood: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350140014501500Rent in $7871518

* 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
River Oaks Academy Primary Regular 611 36 5
Coulwood Middle School Middle Regular 694 45 7
West Mecklenburg High School High Regular 2,040 108 1

River Oaks Academy

  • Education Level: Primary
  • # of students: 611
  • # of teachers: 36
5
GreatSchools Rating

Coulwood Middle School

  • Education Level: Middle
  • # of students: 694
  • # of teachers: 45
7
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$851
Property Tax -$214
Property Insurance -$55
HOA -$14
Property Management Fees -$119
CASH FLOW
$128

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$245,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$23,882

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,377

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3803$1,4324$1,4455$1,450
$1,450
RENT COMPS ANALYSIS
  • 1523 Newfound Hollow Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,477 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,477 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.93
    •  
  • 11407 Northwoods Forest Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,440 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,440 Sqft ∙ Built 2000
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.92
    •  
  • 9337 Turning Wheel Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,612 Sqft ∙ Built 2012 3 beds 3 baths ∙ 1,612 Sqft ∙ Built 2012
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,432
    • $0.89
    •  
  • 1219 Ballina Way Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,552 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,552 Sqft ∙ Built 2003
    property image
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.93
    •  
  • 9539 Bird Watch Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,484 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,484 Sqft ∙ Built 2000
    property image
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.98
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy