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1609 Silverberry Court Charlotte, NC 28214

4 Beds 3 Baths 1,906 sqft Built 1996

$269,000

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $141.13
  • 2 Days on Market
  • MLS # : 3714634
  • Updated Date : 03/06/2021 at 19:21
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,906 sqft
  • Baths : 2 full , 1 half
Listing Agent

Barlowe & Associates, Llc

Listing Agent's Description

Located in one of Charlotte's quietest neighborhoods, this beautiful home is ready for you to move in. Snuggle by the living room fireplace on cold evenings and enjoy the spacious terrace out back when the weather is nice. Plenty of room for kids and fur babies to play in the fenced yard area and space to store all the garden tools in the storage building. Roast marshmallows at the fire pit and use the raised beds to grow your own veggies. Granite kitchen countertops, all appliances included. Dining room, living room and den offer plenty of space for entertaining or separating. Master bedroom has spacious en suite with large garden tub, shower, walk-in closet and plenty of natural light. Two bedrooms share a jack-and-jill bath and the bonus room offers ample possibilities as a bedroom, entertainment room or spacious home office. Quick closing and move in ready!

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: 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
 

$242,100$295,900$269,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$934
Property Tax -$235
Property Insurance -$71
HOA -$27
Property Management Fees -$119
CASH FLOW
$64

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.

$269,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.54%

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$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$77,035

INVESTMENT

$77,035

Down Payment
$67,250
Rehab Estimate
$5,750
Closing Costs
$4,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$934

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,250
Loan Amount $201,750
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$18,893

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,487

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,399
1$1,3992$1,4253$1,4494$1,4505$1,499
$1,499
RENT COMPS ANALYSIS
  • 1609 Silverberry Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,906 Sqft ∙ Built 1996 4 beds 3 baths ∙ 1,906 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.76
    •  
  • 9426 Isaac Hunter Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,858 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,858 Sqft ∙ Built 2003
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.75
    •  
  • 1623 Long Paw Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,787 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,787 Sqft ∙ Built 2006
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.80
    •  
  • 2819 Brittni Dayle Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2004
    LEASED 03/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.76
    •  
  • 9914 Northwoods Forest Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,843 Sqft ∙ Built 4 beds 3 baths ∙ 1,843 Sqft ∙ Built
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.81
    •  
PROPERTY LISTING DETAILS
Richard Barlowe
1.828.302.0900
Barlowe & Associates, Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3714634
Last Updated: 03/06/2021
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