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2028 Navarro Road Charlotte, NC 28214

4 Beds 3 Baths 1,995 sqft Built 2021

$308,320

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $154.55
  • 2 Days on Market
  • MLS # : 3699336
  • Updated Date : 01/16/2021 at 11:58
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,995 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dr Horton Inc

Listing Agent's Description

Belmeade Crossing is a new community located off Moores Chapel Rd Exit 12 on I-485 near the Whitewater Center, airport, Riverbend Village Shopping Center, Uptown Charlotte, University area etc. This home is an incredible value with all the benefits of new construction and a 10 yr. Home Warranty! As you walk into the Concord there is a spacious family room w/ gas fireplace, separate dining room. The Kitchen features 36" cabinets w/ molding, granite countertops and subway tile backsplash. The first floor has 9' ceilings and laminate flooring throughout. Home Is Connected? includes programmable thermostat, Z-Wave door lock and wireless switch, touchscreen control device, automation platform, video doorbell, and Amazon Echo and Echo Dot. All home features are subject to change without notice. Internet service not included.

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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: Moores Chapel

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Moores Chapel

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Whitewater Academy Primary Unknown 756 45 NA
Whitewater Middle School Middle Regular 924 53 5
West Mecklenburg High School High Regular 2,040 108 1

Whitewater Academy

  • Education Level: Primary
  • # of students: 756
  • # of teachers: 45
NA
GreatSchools Rating

Whitewater Middle School

  • Education Level: Middle
  • # of students: 924
  • # of teachers: 53
5
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$277,488$339,152$308,320

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$1,071
Property Tax -$286
Property Insurance -$65
HOA -$42
Property Management Fees -$119
CASH FLOW
$17

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$308,320

PROJECTED PRICE

$1,600

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 3.00%
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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,705

INVESTMENT

$83,705

Down Payment
$77,080
Rehab Estimate
$2,000
Closing Costs
$4,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,071

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $77,080
Loan Amount $231,240
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$17,318

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,551

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4003$1,5254$1,5505$1,600
$1,600
RENT COMPS ANALYSIS
  • 2028 Navarro Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,995 Sqft ∙ Built 2021 4 beds 3 baths ∙ 1,995 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.80
    •  
  • 2805 Belmeade Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,696 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,696 Sqft ∙ Built 1963
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.80
    •  
  • 749 Lumber Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,730 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,730 Sqft ∙ Built 2007
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.81
    •  
  • 532 Knothole Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 1,982 Sqft ∙ Built 2007 4 beds 3 baths ∙ 1,982 Sqft ∙ Built 2007
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.77
    •  
  • 10708 Ridge Acres Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,240 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,240 Sqft ∙ Built 1997
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.69
    •  
PROPERTY LISTING DETAILS
Meka Martin
1.704.706.4227
Dr Horton Inc
BESbswy