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16205 Hayfield Road Charlotte, NC 28213

3 Beds 2 Baths 2,026 sqft Built 2005

$250,000

List Price

$1,570

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $123.40
  • 3 Days on Market
  • MLS # : 3702534
  • Updated Date : 01/30/2021 at 14:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,026 sqft
  • Baths : 2 full
Listing Agent

Puma & Associates Realty, Inc.

Listing Agent's Description

Must see home in Farmington Ridge! Sought after open floor plan! Welcoming entry way leads to formal dining room which is perfect for hosting gatherings. Great room w/ gas log fireplace & tons of natural light. Kitchen w/ breakfast bar, pantry & tons of cabinet and counter space. Sunny breakfast area overlooks the backyard! Owner's retreat w/ walk in closet. En-suite bath w/ shower & separate soaking tub. Spacious secondary bedrooms, bathroom & laundry complete the main floor! Spacious bonus room on second floor! Private backyard w/ mature trees. Deck is perfect for grilling & entertaining! Great Charlotte location, w/ Cabarrus County taxes, close to schools, parks, restaurants & shopping! Easy access to I-485!

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: Farmington Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $101k318k

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

Neighborhood: Farmington Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Harrisburg Elementary School Primary Regular 912 53 8
Hickory Ridge Middle School Middle Regular 1,164 65 NA
Hickory Ridge High School High Regular 1,573 77 7

Harrisburg Elementary School

  • Education Level: Primary
  • # of students: 912
  • # of teachers: 53
8
GreatSchools Rating

Hickory Ridge Middle School

  • Education Level: Middle
  • # of students: 1,164
  • # of teachers: 65
NA
GreatSchools Rating

Hickory Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 77
7
GreatSchools Rating
 

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

PURCHASE PRICE

$1,413$1,727$1,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,570
EXPENSES Loan Payment -$868
Property Tax -$195
Property Insurance -$65
HOA -$67
Property Management Fees -$119
CASH FLOW
$255

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.

$250,000

PROJECTED PRICE

$1,570

PROJECTED RENT

0.63%

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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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 30% 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

10.67

YEARS SAVED

$39,978

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,606

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5503$1,5704$1,5955$1,695
$1,695
RENT COMPS ANALYSIS
  • 16205 Hayfield Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 2,026 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,026 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $0.77
    •  
  • 4010 Woolcott Avenue Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,829 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,829 Sqft ∙ Built 2001
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.79
    •  
  • 5939 Aldersgate Avenue Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,961 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,961 Sqft ∙ Built 2005
    LEASED 02/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.79
    •  
  • 4928 Abendego Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,952 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,952 Sqft ∙ Built 2018
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.82
    •  
  • 16201 Hayfield Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2004
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.77
    •  
PROPERTY LISTING DETAILS
Phil Puma
1.704.290.4612
Puma & Associates Realty, Inc.
BESbswy