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2066 Pippen Avenue Charlotte, NC 28215

3 Beds 3 Baths 2,196 sqft Built 2020

$296,990

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $135.24
  • 4 Days on Market
  • MLS # : 3680003
  • Updated Date : 11/06/2020 at 10:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,196 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dr Horton Inc

Listing Agent's Description

House Charlotte Eligible: Flexible floor plan features spacious kitchen. Gray kitchen cabinets compliment the granite counter tops. Stainless steel smooth top range, microwave and dishwasher are included. Upstairs is the laundry room, hall bath with duel sinks and 2 bedrooms. Completing the upstairs is the owner's suite with vaulted ceiling, bath with duel sinks and 5 ft. walk in shower ! Exceptional floor plan in brand new community. 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. Community will include pool cabana and tot lot.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Bradfield Farms

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $113k235k

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

Neighborhood: Bradfield Farms

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
J.h. Gunn Elementary School Primary Regular 695 42 2
Albemarle Road Middle School Middle Regular 1,198 64 2
Rocky River High School High Regular 1,710 90 3

J.h. Gunn Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 42
2
GreatSchools Rating

Albemarle Road Middle School

  • Education Level: Middle
  • # of students: 1,198
  • # of teachers: 64
2
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$267,291$326,689$296,990

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$1,096
Property Tax -$278
Property Insurance -$69
HOA -$63
Property Management Fees -$153
CASH FLOW
$42

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$296,990

PROJECTED PRICE

$1,700

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.9%
Maintenance Year (1-5) 3.00%
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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$80,702

INVESTMENT

$80,702

Down Payment
$74,248
Rehab Estimate
$2,000
Closing Costs
$4,455

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,096

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,248
Loan Amount $222,743
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$16,742

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,746

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,6953$1,7004$1,7655$1,765
$1,765
RENT COMPS ANALYSIS
  • 2066 Pippen Avenue Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,196 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,196 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.77
    •  
  • 9324 Sloan Forest Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019
    property image
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.78
    •  
  • 9524 Blue Knoll Court Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019
    property image
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.80
    •  
  • 9507 Blue Knoll Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020
    property image
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,765
    • $0.81
    •  
  • 9556 Blue Knoll Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,765
    • $0.81
    •  
PROPERTY LISTING DETAILS
Tonya Mangum
1.336.504.1247
Dr Horton Inc
BESbswy