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1628 Redcoat Drive Charlotte, NC 28211

3 Beds 2 Baths 1,777 sqft Built 1969

$360,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $202.59
  • 3 Days on Market
  • MLS # : 3702984
  • Updated Date : 02/19/2021 at 08:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,777 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Southpark

Listing Agent's Description

The waterfall in the backyard beside the brick paver patio is an oasis in the city. Surrounded by established trees and shrubs, it is an escape from the busy world to the natural. The brick home has hardwood floors, insulated windows, and a traditional ranch floor plan. The location is convenient to uptown, SouthPark, and Matthews. The greenway and parks are nearby.

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: Stonehaven

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $116k361k

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

Neighborhood: Stonehaven

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
Rama Road Elementary School Primary Regular 591 41 4
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Rama Road Elementary School

  • Education Level: Primary
  • # of students: 591
  • # of teachers: 41
4
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$324,000$396,000$360,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,250
Property Tax -$314
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$56

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.

$360,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.2%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$101,150

INVESTMENT

$101,150

Down Payment
$90,000
Rehab Estimate
$5,750
Closing Costs
$5,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,250

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $90,000
Loan Amount $270,000
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$27,173

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,901

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8003$1,8004$1,9005$1,995
$1,995
RENT COMPS ANALYSIS
  • 1628 Redcoat Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,777 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,777 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.01
    •  
  • 5829 Donegal Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,598 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,598 Sqft ∙ Built 1972
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.12
    •  
  • 1036 Pineborough Road Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1975
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.97
    •  
  • 1412 Woodberry Road Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,779 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,779 Sqft ∙ Built 1971
    LEASED 01/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.07
    •  
  • 1319 Lynbrook Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1959
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.12
    •  
PROPERTY LISTING DETAILS
Catherine Metze
1.704.907.4460
Allen Tate Southpark
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3702984
Last Updated: 02/19/2021
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