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2035 David Earl Drive Charlotte, NC 28213

3 Beds 2 Baths 1,515 sqft Built 1990

$213,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $140.59
  • 12 Days on Market
  • MLS # : 3686442
  • Updated Date : 12/05/2020 at 12:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,515 sqft
  • Baths : 2 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

Don't miss out on this one!! Charming one story home with three bedrooms & two full baths. GREAT location!! Very well maintained by seller. Dining room offers French doors with transom window that lead to fenced yard. Kitchen has tile backsplash & breakfast area with three large windows for lots of natural light. Master bedroom has a tray ceiling, large walk-in closet & spa like en suite bathroom with soaking tub & separate glassed shower. NEW 2019 HVAC system!! Large backyard has mature trees, storage shed and over-sized workshop with overhead storage & power. Property backs up to wooded area- all the privacy you could want!

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: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $108k235k

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

Neighborhood: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8261518

* 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
University Meadows Elementary School Primary Regular 657 45 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

University Meadows Elementary School

  • Education Level: Primary
  • # of students: 657
  • # of teachers: 45
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
 

$191,700$234,300$213,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$786
Property Tax -$186
Property Insurance -$56
HOA -$10
Property Management Fees -$119
CASH FLOW
$143

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.

$213,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.5%
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$800k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,195

INVESTMENT

$62,195

Down Payment
$53,250
Rehab Estimate
$5,750
Closing Costs
$3,195

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$786

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,250
Loan Amount $159,750
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$28,200

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,310

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3253$1,3454$1,3505$1,400
$1,400
RENT COMPS ANALYSIS
  • 2035 David Earl Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.86
    •  
  • 9228 Ligon Court Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,568 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,568 Sqft ∙ Built 1994
    LEASED 02/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.85
    •  
  • 9645 Melanie Thompson Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,548 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,548 Sqft ∙ Built 1995
    LEASED 12/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.87
    •  
  • 9026 Oren Thompson Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1990
    LEASED 07/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
  • 2219 David Earl Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1989
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.84
    •  
PROPERTY LISTING DETAILS
Chris Zoghby
1.704.488.5122
Keller Williams South Park
BESbswy