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2012 Bangor Road Charlotte, NC 28217

3 Beds 2 Baths 1,676 sqft Built 1978

$250,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $149.16
  • 4 Days on Market
  • MLS # : 3714831
  • Updated Date : 03/04/2021 at 19:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,676 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Spectacular Split Level Tucked away in Desirable Steele Creek Area. Open Concept for Entertaining Yet Compartmentalized for the Perfect amount of Privacy. Completely Renovated Kitchen, Full and half Bathrooms and Den. Roof Replaced in 2016 AC Replaced in 2012. Fully wrapped Privacy Fence around the Flat Backyard. Walking distance from Whitehall and Publix. Minutes to the Tangler Outlets and 485. Come View this Jewel before its swept off the market.

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: Yorkmount

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $71k235k

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

Neighborhood: Yorkmount

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6171518

* 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
Steele Creek Elementary School Primary Regular 737 43 6
Kennedy Middle School Middle Regular 722 43 4
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

Steele Creek Elementary School

  • Education Level: Primary
  • # of students: 737
  • # of teachers: 43
6
GreatSchools Rating

Kennedy Middle School

  • Education Level: Middle
  • # of students: 722
  • # of teachers: 43
4
GreatSchools Rating

Math, Engineering, Technology And Science At Olympic High School

  • Education Level: High
  • # of students: 607
  • # of teachers: 28
7
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$868
Property Tax -$218
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$126

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.

$250,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.4%
Maintenance Year (1-5) 8.00%
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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$24,762

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,559

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,390
1$1,3902$1,4003$1,5004$1,6005$1,650
$1,650
RENT COMPS ANALYSIS
  • 2012 Bangor Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,676 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,676 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.83
    •  
  • 7130 Lanark Court Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 1994
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.92
    •  
  • 7131 Haines Mill Road Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2007
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.94
    •  
  • 1215 Mcdowell Farms Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,648 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,648 Sqft ∙ Built 1990
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
  • 6401 Mounting Rock Road Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,859 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,859 Sqft ∙ Built 1992
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.89
    •  
PROPERTY LISTING DETAILS
Key Ardrey
1.704.352.3632
Keller Williams Ballantyne Area
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3714831
Last Updated: 03/04/2021
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