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1823 Damascus Street Charlotte, NC 28213

4 Beds 2 Baths 1,952 sqft Built 2014

$279,900

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $143.39
  • 5 Days on Market
  • MLS # : 3668162
  • Updated Date : 11/20/2020 at 15:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,952 sqft
  • Baths : 2 full
Listing Agent

Choquette Properties Inc

Listing Agent's Description

Love at First Sight! This immaculate 3 or 4 bed, 2 bath Ranch home will impress you the minute you walk through the door. Immediately upon entering, you will find a great study or BR with french doors-A MUST HAVE right now especially w/ COVID if you are working from home. It could also make a great dining, craft or play room. The kitchen, family and dining/breakfast is all open, perfect for entertaining! The kitchen boasts stainless appliances, granite, recessed lighting & an ample sized flat kitchen island! The spacious master is just off the family room and offers a separate tub and shower & delightful walk-in closet. The other two bedrooms are privately located near the front of the home and share a hall bathroom. Backyard is fully fenced & has a very nice large concrete patio, great for entertaining & BBQ's. You do not want to miss this home! Close to light rail too! Homes in this community always go super fast so call your agent today to set an appointment. EnergyStar Rated Home.

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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: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $108k235k

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

Neighborhood: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8261518

* 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
Newell Elementary School Primary Regular 818 47 4
Martin Luther King Jr Middle School Middle Regular 1,102 57 2
Vance High School High Regular 1,714 91 3

Newell Elementary School

  • Education Level: Primary
  • # of students: 818
  • # of teachers: 47
4
GreatSchools Rating

Martin Luther King Jr Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 57
2
GreatSchools Rating

Vance High School

  • Education Level: High
  • # of students: 1,714
  • # of teachers: 91
3
GreatSchools Rating
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$1,033
Property Tax -$245
Property Insurance -$64
HOA -$44
Property Management Fees -$133
CASH FLOW
-$39

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$279,900

PROJECTED PRICE

$1,480

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,924

INVESTMENT

$79,924

Down Payment
$69,975
Rehab Estimate
$5,750
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$9,991

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,503

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,449
1$1,4492$1,4803$1,4954$1,4995$1,595
$1,595
RENT COMPS ANALYSIS
  • 1823 Damascus Street Charlotte, NC 2
    • 4 beds 2 baths ∙ 1,952 Sqft ∙ Built 2014 4 beds 2 baths ∙ 1,952 Sqft ∙ Built 2014
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.76
    •  
  • 1345 Torrence Grove Church Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 2018
    property image
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.78
    •  
  • 2507 Lassen Bay Place Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,044 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,044 Sqft ∙ Built 1999
    property image
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.73
    •  
  • 1123 Rankin Oaks Street Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 2018
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.80
    •  
  • 8219 Romana Red Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,022 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,022 Sqft ∙ Built 2014
    property image
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.79
    •  
PROPERTY LISTING DETAILS
Wendy Stout Choquette
1.980.721.2670
Choquette Properties Inc
BESbswy