Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

16429 Spruell Street Huntersville, NC 28078

4 Beds 4 Baths 2,532 sqft Built 2006

$395,000

List Price

$2,220

$2K - $2.4K

Rent Est.

PROPERTY INFO

December 29, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $156.00
  • 6 Days on Market
  • MLS # : 3693650
  • Updated Date : 01/02/2021 at 10:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,532 sqft
  • Baths : 3 full , 1 half
Listing Agent

Seller's Resource Group

Listing Agent's Description

Beautiful home in Monteith Park, Huntersville! Charleston style front porch with afternoon sun all year around and gorgeous hardwood floors throughout main level along with a finished garage with tons of extra storage space. Stainless steel appliances including brand new dishwasher. Large bedrooms all upstairs including master suite with jetted tub. Separate office space and formal dining room downstairs.

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: Monteith Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Monteith Park

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
Huntersville Elementary School Primary Regular 729 42 8
Bailey Middle School Middle Regular 1,616 77 9
William Amos Hough High School High Regular 2,453 120 8

Huntersville Elementary School

  • Education Level: Primary
  • # of students: 729
  • # of teachers: 42
8
GreatSchools Rating

Bailey Middle School

  • Education Level: Middle
  • # of students: 1,616
  • # of teachers: 77
9
GreatSchools Rating

William Amos Hough High School

  • Education Level: High
  • # of students: 2,453
  • # of teachers: 120
8
GreatSchools Rating
 

$355,500$434,500$395,000

PURCHASE PRICE

$1,998$2,442$2,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,220
EXPENSES Loan Payment -$1,457
Property Tax -$324
Property Insurance -$75
HOA -$85
Property Management Fees -$119
CASH FLOW
$160

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.

$395,000

PROJECTED PRICE

$2,220

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
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$20k

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$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,457

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$45,800

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,220

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,203

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,9003$2,1004$2,2005$2,220
$2,220
RENT COMPS ANALYSIS
  • 16429 Spruell Street Huntersville, NC 5
    • 4 beds 4 baths ∙ 2,532 Sqft ∙ Built 2006 4 beds 4 baths ∙ 2,532 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $0.88
    •  
  • 15825 Taviston Street Huntersville, NC 1
    • 4 beds 3 baths ∙ 2,191 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,191 Sqft ∙ Built 2003
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.82
    •  
  • 10304 Friarsgate Road Huntersville, NC 2
    • 4 beds 3 baths ∙ 2,337 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,337 Sqft ∙ Built 1998
    property image
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.81
    •  
  • 14623 Holly Springs Drive Huntersville, NC 3
    • 4 beds 4 baths ∙ 2,401 Sqft ∙ Built 2006 4 beds 4 baths ∙ 2,401 Sqft ∙ Built 2006
    property image
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.87
    •  
  • 16224 Spruell Street Huntersville, NC 4
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2011
    property image
    LEASED 07/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.92
    •  
PROPERTY LISTING DETAILS
Denice Niethammer
1.828.505.0960
Seller's Resource Group
BESbswy