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2106 Starbrook Drive Charlotte, NC 28210

4 Beds 3 Baths 2,249 sqft Built 1963

$399,900

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $177.81
  • 89 Days on Market
  • MLS # : 3672939
  • Updated Date : 10/14/2020 at 16:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,249 sqft
  • Baths : 3 full
Listing Agent

The Brokerage House

Listing Agent's Description

BEAUTIFUL Tri-Level home in one of Charlotte's most desirable neighborhoods; Starmount. Enjoy your privacy as this is one of the largest lot's in Starmount, has a fence and private backyard and sits on a cul-de-sac. Upgraded kitchen and new cabinets. Stainless steel appliances. All bathrooms have been updated. Basement features a second kitchen! Roof is around 5 years old, water heater and HVAC both around 4 years old. Close to the light rail station. Location, Location, Location. This won't last, schedule a showing today!

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

Neighborhood: Starmount Forest

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $62k235k

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

Neighborhood: Starmount Forest

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
Starmount Academy Of Excellence Primary Regular NA
Carmel Middle School Middle Regular 1,050 58 7
South Mecklenburg High School High Regular 2,913 147 7

Starmount Academy Of Excellence

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

Carmel Middle School

  • Education Level: Middle
  • # of students: 1,050
  • # of teachers: 58
7
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$359,910$439,890$399,900

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,389
Property Tax -$362
Property Insurance -$70
Property Management Fees -$119
CASH FLOW
-$39

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$399,900

PROJECTED PRICE

$1,900

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.7%
Maintenance Year (1-5) 8.00%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,724

INVESTMENT

$111,724

Down Payment
$99,975
Rehab Estimate
$5,750
Closing Costs
$5,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,975
Loan Amount $299,925
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$18,395

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,120

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,9003$1,9504$2,0005$2,600
$2,600
RENT COMPS ANALYSIS
  • 2106 Starbrook Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,249 Sqft ∙ Built 1963 4 beds 3 baths ∙ 2,249 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.84
    •  
  • 7115 Thornrose Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,139 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,139 Sqft ∙ Built 2019
    LEASED 11/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.84
    •  
  • 7107 Thornrose Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 2019
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.81
    •  
  • 2510 Red Barn Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,229 Sqft ∙ Built 1967 4 beds 3 baths ∙ 2,229 Sqft ∙ Built 1967
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.90
    •  
  • 2409 Huntingtowne Farms Lane Charlotte, NC 5
    • 3 beds 2 baths ∙ 2,135 Sqft ∙ Built 1964 3 beds 2 baths ∙ 2,135 Sqft ∙ Built 1964
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.22
    •  
PROPERTY LISTING DETAILS
Bryan Chamberlin
1.704.558.6166
The Brokerage House
BESbswy