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16627 Buchannon Corner Drive Charlotte, NC 28213

6 Beds 3 Baths 3,426 sqft Built 2004

INVESTimate

$360,000

List Price

$1,980

$1,782 - $2,178

Rent Est.

$386,712  ( +7.42%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $105.08
  • 4 Days on Market
  • MLS # : 3654711
  • Updated Date : 08/23/2020 at 15:24
CONSTRUCTION
  • Beds : 6
  • Floor Size : 3,426 sqft
  • Baths : 3 full
Listing Agent

Paola Alban, Realtors

Listing Agent's Description

Come look at this beautiful house in the Old Stone Community. This Splendid and Comfortable home has 6 Bedrooms and 3 Bathrooms. As you walk inside this house you first notice the marvelous hardwood flooring and the cathedral ceiling, formal dining room/Living room. This home also offers a vast kitchen with large Island that makes anyone want to spend their time cooking. The main floor includes the Master bedroom, with tray ceilings along with size-able laundry room, full bath and Extra Closets throughout Home. The second floor has the rest of the bedrooms along with a bonus room with a closet which can be used for an additional room. When you look at the backyard it’s very spacious and private with a fascinating brick layout. Irrigation System included. Neighborhood Amenities Pool, Tennis Court, Playground and More.

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: Back Creek Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Back Creek Church Road

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
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
 

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

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,328
Property Tax -$314
Property Insurance -$92
HOA -$38
Property Management Fees -$178
CASH FLOW
$30

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

$1,980

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.42%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

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 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,328

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $90,000
Loan Amount $270,000
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$23,243

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.58

    LIST RENT PER SQFT
  • $2,073

    COMP ESTIMATED VALUE
  • $0.61

    COMP AVG. RENT PER SQFT
Comps Range
$1,980
1$1,9802$1,9953$2,200
$2,200
RENT COMPS ANALYSIS
  • 16627 Buchannon Corner Drive Charlotte, NC 1
    • 6 beds 3 baths ∙ 3,426 Sqft ∙ Built 2004 6 beds 3 baths ∙ 3,426 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.58
    •  
  • 3014 Oconee Lane Charlotte, NC 2
    • 5 beds 3 baths ∙ 3,310 Sqft ∙ Built 2002 5 beds 3 baths ∙ 3,310 Sqft ∙ Built 2002
    property image
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.60
    •  
  • 10818 Dapple Grey Lane Charlotte, NC 3
    • 5 beds 4 baths ∙ 3,606 Sqft ∙ Built 2007 5 beds 4 baths ∙ 3,606 Sqft ∙ Built 2007
    property image
    LEASED 08/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.61
    •  
PROPERTY LISTING DETAILS
Georgette Otero
1.980.333.8667
Paola Alban, Realtors
BESbswy