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2022 Brookdale Avenue Charlotte, NC 28210

3 Beds 2 Baths 1,118 sqft Built 1962

$300,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $268.34
  • 3 Days on Market
  • MLS # : 3712361
  • Updated Date : 02/27/2021 at 14:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,118 sqft
  • Baths : 1 full , 1 half
Listing Agent

Allen Tate Southpark

Listing Agent's Description

Great curb appeal for this classic ranch in the ever popular Starmount neighborhood. .30 acre lot with fenced backyard. Great location, minutes to Southpark and a quick drive to trendy South End.This charming home features classic wood floors, updated kitchen with Stainless appliances, painted cabinets and breakfast bar. Kitchen opens to dining area and living room. Hvac new in March 2020. These owners are sad to leave but opportunity is calling them to another city.Please follow CDC guidelines . Multiple offers received on this home. Please submit highest and best offer along with lender letter or proof of funds by 6 pm on Feb.28,2021

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Starmount

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $101k311k

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

Neighborhood: Starmount

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421520

* 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
Starmount Academy Of Excellence Primary Regular NA
Carmel Middle School Middle Regular 1,050 58 7
South Mecklenburg High School High Regular 2,913 147 7

Starmount Academy Of Excellence

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Carmel Middle School

  • Education Level: Middle
  • # of students: 1,050
  • # of teachers: 58
7
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$270,000$330,000$300,000

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 -$1,042
Property Tax -$274
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
-$3

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.

$300,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.8%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$15,577

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
  • $1.32

    LIST RENT PER SQFT
  • $1,484

    COMP ESTIMATED VALUE
  • $1.33

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4753$1,4804$1,4955$1,595
$1,595
RENT COMPS ANALYSIS
  • 2022 Brookdale Avenue Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,118 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,118 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $1.32
    •  
  • 7024 Thorncliff Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,030 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,030 Sqft ∙ Built 1963
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.41
    •  
  • 7101 Thorncliff Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1963
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.26
    •  
  • 1332 Edgewater Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.28
    •  
  • 7008 Woodstream Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,175 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,175 Sqft ∙ Built 1961
    LEASED 10/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.36
    •  
PROPERTY LISTING DETAILS
Gail Craven
1.704.907.3178
Allen Tate Southpark
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3712361
Last Updated: 02/27/2021
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