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2027 Rothmullan Drive Charlotte, NC 28262

4 Beds 3 Baths 1,907 sqft Built 1986

$255,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $133.72
  • 2 Days on Market
  • MLS # : 3687511
  • Updated Date : 12/05/2020 at 11:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,907 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Spacious four bedroom home located on large corner lot in Wexford is ready for buyer. Fenced yard and potting shed at back. New heating and cooling system installed in 2020. Owners are leaving the refrigerator, washer and dryer. Home has low maintenance vinyl windows. Kitchen area and baths have ceramic tile floors, laminate in other areas of main level, and carpet in bedrooms upstairs. You'll enjoy relaxing with your morning coffee on the back deck. Community is located in the University City area of north-east Charlotte with easy access to I-485 and shopping. There is no homeowners association.

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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: Harris - Houston

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $111k235k

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

Neighborhood: Harris - Houston

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7331518

* 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
Stoney Creek Elementary School Primary Regular 853 50 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

Stoney Creek Elementary School

  • Education Level: Primary
  • # of students: 853
  • # of teachers: 50
4
GreatSchools Rating

James Martin Middle School

  • Education Level: Middle
  • # of students: 1,113
  • # of teachers: 54
3
GreatSchools Rating

Vance High School

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

$229,500$280,500$255,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$941
Property Tax -$222
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
$55

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.

$255,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.2%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$21,662

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,468

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4503$1,4954$1,5255$1,680
$1,680
RENT COMPS ANALYSIS
  • 2027 Rothmullan Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,907 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,907 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.73
    •  
  • 11034 Mallard Crossing Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,890 Sqft ∙ Built 1991 4 beds 3 baths ∙ 1,890 Sqft ∙ Built 1991
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.77
    •  
  • 11043 Shandon Way Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,073 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,073 Sqft ∙ Built 1987
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.72
    •  
  • 3320 Mortemer Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,980 Sqft ∙ Built 2012 4 beds 3 baths ∙ 1,980 Sqft ∙ Built 2012
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.77
    •  
  • 1956 Dembrigh Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1985
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.80
    •  
PROPERTY LISTING DETAILS
Susan Fox Zongker
1.704.579.1655
Wilkinson Era Real Estate
BESbswy