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1524 Gordon Walters Drive Charlotte, NC 28213

4 Beds 3 Baths 2,426 sqft Built 1995

$250,000

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $103.05
  • 6 Days on Market
  • MLS # : 3700911
  • Updated Date : 01/28/2021 at 10:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,426 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Adorable 4 bedroom home in established neighborhood convenient to all UNCC, shopping, Ikea, I-85, 485 and I-77. Large family room, living room and dining room. The garage has been converted into a recreation room! Fenced backyard with an oversized deck great for kids and entertaining! Newer HVAC and roof.

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: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $108k235k

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

Neighborhood: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8261518

* 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
University Meadows Elementary School Primary Regular 657 45 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

University Meadows Elementary School

  • Education Level: Primary
  • # of students: 657
  • # of teachers: 45
4
GreatSchools Rating

James Martin Middle School

  • Education Level: Middle
  • # of students: 1,113
  • # of teachers: 54
3
GreatSchools Rating

Vance High School

  • Education Level: High
  • # of students: 1,714
  • # of teachers: 91
3
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$868
Property Tax -$222
Property Insurance -$73
HOA -$19
Property Management Fees -$119
CASH FLOW
$230

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.

$250,000

PROJECTED PRICE

$1,530

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.5%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$34,332

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,601

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4003$1,5304$1,5505$1,795
$1,795
RENT COMPS ANALYSIS
  • 1524 Gordon Walters Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,426 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,426 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.63
    •  
  • 9527 Hanberry Boulevard Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,100 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,100 Sqft ∙ Built 2016
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.64
    •  
  • 9501 Pondside Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,235 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,235 Sqft ∙ Built 1987
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.63
    •  
  • 2622 Billings Park Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,249 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,249 Sqft ∙ Built 1997
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.69
    •  
  • 10221 Snowbell Court Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,622 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,622 Sqft ∙ Built 2015
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.68
    •  
PROPERTY LISTING DETAILS
Thomas Elrod
1.704.228.6900
Keller Williams Ballantyne Area
BESbswy