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1821 Masonic Drive #22 Charlotte, NC 28205

5 Beds 2 Baths 1,920 sqft Built 1991

$380,000

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1991
  • Price/Sqft : $197.92
  • 23 Days on Market
  • MLS # : 3671961
  • Updated Date : 10/29/2020 at 20:19
CONSTRUCTION
  • Beds : 5
  • Floor Size : 1,920 sqft
  • Baths : 2 full
Listing Agent

Reino Company, Llc

Listing Agent's Description

Great opportunity for investors or homeowners looking for properties in one of the most desired areas of Charlotte. The property needs work and it is for sales in “as is” conditions.

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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: Plaza Midwood

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $116k441k

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

Neighborhood: Plaza Midwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900200021002200Rent in $8442238

* 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
Shamrock Gardens Elementary School Primary Regular 446 33 6
Eastway Middle School Middle Regular 932 55 2
Garinger High School High Regular 1,748 106 NA

Shamrock Gardens Elementary School

  • Education Level: Primary
  • # of students: 446
  • # of teachers: 33
6
GreatSchools Rating

Eastway Middle School

  • Education Level: Middle
  • # of students: 932
  • # of teachers: 55
2
GreatSchools Rating

Garinger High School

  • Education Level: High
  • # of students: 1,748
  • # of teachers: 106
NA
GreatSchools Rating
 

$342,000$418,000$380,000

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,402
Property Tax -$331
Property Insurance -$63
Property Management Fees -$167
CASH FLOW
-$104

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.

$380,000

PROJECTED PRICE

$1,860

PROJECTED RENT

0.49%

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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,450

INVESTMENT

$106,450

Down Payment
$95,000
Rehab Estimate
$5,750
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,402

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $95,000
Loan Amount $285,000
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$14,131

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $2,160

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8603$1,9954$2,3995$2,499
$2,499
RENT COMPS ANALYSIS
  • 1821 Masonic Drive Charlotte, NC 2
    • 5 beds 2 baths ∙ 1,920 Sqft ∙ Built 1991 5 beds 2 baths ∙ 1,920 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.97
    •  
  • 2951 Temple Lane Charlotte, NC 1
    • 4 beds 2 baths ∙ 1,714 Sqft ∙ Built 1947 4 beds 2 baths ∙ 1,714 Sqft ∙ Built 1947
    LEASED 12/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.02
    •  
  • 2919 Springway Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 1,763 Sqft ∙ Built 1954 4 beds 3 baths ∙ 1,763 Sqft ∙ Built 1954
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.13
    •  
  • 1120 Leigh Avenue Charlotte, NC 4
    • 4 beds 2 baths ∙ 1,882 Sqft ∙ Built 1947 4 beds 2 baths ∙ 1,882 Sqft ∙ Built 1947
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,399
    • $1.27
    •  
  • 3133 Maywood Drive Charlotte, NC 5
    • 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 2006
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,499
    • $1.14
    •  
PROPERTY LISTING DETAILS
Eliseo Pascual
1.704.713.9346
Reino Company, Llc
BESbswy