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210 Wesleyan Drive Mcadenville, NC 28101

3 Beds 3 Baths 1,755 sqft Built 2007

$329,900

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $187.98
  • 2 Days on Market
  • MLS # : 3706067
  • Updated Date : 02/06/2021 at 21:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,755 sqft
  • Baths : 2 full , 1 half
Listing Agent

L&e Properties

Listing Agent's Description

Don't miss the chance to live right in the heart of Christmastown USA! This 3 bedroom home is full of charm and ready for its next owner! Beautiful hardwoods downstairs and fresh, neutral paint throughout the entire home. Spacious kitchen features granite countertops, stainless appliances, and an island with bar. Sit and relax after a long day (or to enjoy the lovely view at Christmas time!) on the balcony upstairs. Walk to the local dining and shopping McAdenville has to offer. This home truly has it all, and is located in the sweetest location! Also located in the much sought after Stuart Cramer school district! Come see this gem before it's too late!

SEE MORE

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

Zip Code: 28101

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k308k

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

Zip Code: 28101

ZipNIR Market*Market2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8421375

* 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
Mcadenville Elementary School Primary Regular 166 13 6
Holbrook Middle School Middle Regular 731 40 6
Stuart W. Cramer High School High Regular 782 45 NA

Mcadenville Elementary School

  • Education Level: Primary
  • # of students: 166
  • # of teachers: 13
6
GreatSchools Rating

Holbrook Middle School

  • Education Level: Middle
  • # of students: 731
  • # of teachers: 40
6
GreatSchools Rating

Stuart W. Cramer High School

  • Education Level: High
  • # of students: 782
  • # of teachers: 45
NA
GreatSchools Rating
 

$296,910$362,890$329,900

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,146
Property Tax -$256
Property Insurance -$60
HOA -$25
Property Management Fees -$119
CASH FLOW
$64

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.

$329,900

PROJECTED PRICE

$1,670

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 6.3%
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$14k$16k

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$93,174

INVESTMENT

$93,174

Down Payment
$82,475
Rehab Estimate
$5,750
Closing Costs
$4,949

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,146

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,475
Loan Amount $247,425
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$22,735

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,369

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,345
1$1,3452$1,4353$1,670
$1,670
RENT COMPS ANALYSIS
  • 210 Wesleyan Drive Mcadenville, NC 3
    • 3 beds 3 baths ∙ 1,755 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,755 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.95
    •  
  • 607 Overlook Road Lowell, NC 1
    • 3 beds 3 baths ∙ 1,803 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,803 Sqft ∙ Built 2002
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.75
    •  
  • 814 River Trail Road Lowell, NC 2
    • 3 beds 3 baths ∙ 1,782 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,782 Sqft ∙ Built 2003
    LEASED 09/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,435
    • $0.81
    •  
PROPERTY LISTING DETAILS
Carolyn Helms Sears
1.704.995.7462
L&e Properties
BESbswy