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167 Downhaul Drive #167 Charlotte, NC 28269

5 Beds 3 Baths 2,134 sqft Built 2020

$298,485

List Price

$1,810

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $139.87
  • 7 Days on Market
  • MLS # : 3677084
  • Updated Date : 10/28/2020 at 09:08
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,134 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nvr Homes, Inc./ryan Homes

Listing Agent's Description

An open-concept main level, with a kitchen that can have an eat-at island to easily seat 3 which flows into a dinette and large great room. Upstairs you’ll find 5 bedrooms, linen closet, and laundry room. The owner’s bedroom has an en-suite bath and 2 walk in closets All appliances included! Serene community with 2 lakes, while still convenient to I-85 and I-77. Seller will contribute $5,000 towards closing costs with the use of our preferred lender. To be built.

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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: Hamilton Circle

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Hamilton Circle

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Statesville Road Elementary School Primary Regular 561 39 4
Ranson Middle School Middle Regular 1,138 57 3
West Charlotte High School High Regular 1,777 109 3

Statesville Road Elementary School

  • Education Level: Primary
  • # of students: 561
  • # of teachers: 39
4
GreatSchools Rating

Ranson Middle School

  • Education Level: Middle
  • # of students: 1,138
  • # of teachers: 57
3
GreatSchools Rating

West Charlotte High School

  • Education Level: High
  • # of students: 1,777
  • # of teachers: 109
3
GreatSchools Rating
 

$268,637$328,334$298,485

PURCHASE PRICE

$1,629$1,991$1,810

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$1,101
Property Tax -$276
Property Insurance -$67
HOA -$29
Property Management Fees -$163
CASH FLOW
$174

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$298,485

PROJECTED PRICE

$1,810

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.2%
Maintenance Year (1-5) 3.00%
Vacancy 6.02%
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

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$81,099

INVESTMENT

$81,099

Down Payment
$74,621
Rehab Estimate
$2,000
Closing Costs
$4,477

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,101

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,621
Loan Amount $223,864
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$34,196

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,810

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,757

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4953$1,8104$2,000
$2,000
RENT COMPS ANALYSIS
  • 167 Downhaul Drive Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,134 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,134 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.85
    •  
  • 2034 Gilbert Street Charlotte, NC 1
    • 4 beds 4 baths ∙ 2,000 Sqft ∙ Built 1980 4 beds 4 baths ∙ 2,000 Sqft ∙ Built 1980
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.70
    •  
  • 3632 Ribbonwalk Trail Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,824 Sqft ∙ Built 2007 4 beds 3 baths ∙ 1,824 Sqft ∙ Built 2007
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.82
    •  
  • 3013 Auten Avenue Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2018
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.95
    •  
PROPERTY LISTING DETAILS
Jerry Smith
1.704.610.5282
Nvr Homes, Inc./ryan Homes
BESbswy