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2031 Primm Road Charlotte, NC 28216

3 Beds 3 Baths 2,231 sqft Built 2015

$269,900

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $120.98
  • 5 Days on Market
  • MLS # : 3686545
  • Updated Date : 11/28/2020 at 12:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,231 sqft
  • Baths : 2 full , 1 half
Listing Agent

Americas Elite Real Estate

Listing Agent's Description

MOVE IN READY!!! Come take a look at this well taken care of, ready to move in home, with 3 bedrooms, 2.5 bathrooms, upstairs loft and an open concept living room. Fresh paint and clean carpets, with a nice size back yard fully fenced!

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: Mountain Island

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $113k241k

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

Neighborhood: Mountain Island

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8421617

* 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
Long Creek Elementary School Primary Regular 455 31 6
Francis Bradley Middle School Middle Regular 1,140 59 6
Hopewell High School High Regular 1,653 87 3

Long Creek Elementary School

  • Education Level: Primary
  • # of students: 455
  • # of teachers: 31
6
GreatSchools Rating

Francis Bradley Middle School

  • Education Level: Middle
  • # of students: 1,140
  • # of teachers: 59
6
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating
 

$242,910$296,890$269,900

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 -$996
Property Tax -$235
Property Insurance -$69
HOA -$38
Property Management Fees -$133
CASH FLOW
$9

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.

$269,900

PROJECTED PRICE

$1,480

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 3.7%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$13,149

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
  • $0.66

    LIST RENT PER SQFT
  • $1,673

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,480
1$1,4802$1,5503$1,5754$1,5955$1,950
$1,950
RENT COMPS ANALYSIS
  • 2031 Primm Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,231 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,231 Sqft ∙ Built 2015
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.66
    •  
  • 4724 Keeneland Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,256 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,256 Sqft ∙ Built 2005
    property image
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.69
    •  
  • 7003 Advocator Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,104 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,104 Sqft ∙ Built 2006
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.75
    •  
  • 7917 Bushy Creek Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,216 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,216 Sqft ∙ Built 2006
    property image
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.72
    •  
  • 3026 Phillips Fairway Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,373 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,373 Sqft ∙ Built 2019
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.82
    •  
PROPERTY LISTING DETAILS
Neto Neto
1.704.807.8771
Americas Elite Real Estate
BESbswy