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2120 Turtle Point Road Charlotte, NC 28262

4 Beds 3 Baths 1,984 sqft Built 2008

$250,000

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2008
  • Price/Sqft : $126.01
  • 12 Days on Market
  • MLS # : 3674730
  • Updated Date : 11/07/2020 at 12:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,984 sqft
  • Baths : 2 full , 1 half
Listing Agent

Carolina Real Estate Experts The Dan Jones Group I

Listing Agent's Description

Spectacular home The Village at Brierfield Subdivision. Home has been freshly painted through out and ready for you to move in! Foyer with soaring ceiling brings in tons of natural light. Dining room with beautiful chandelier and tons of space for entertaining. Living room has open floor plan, new flooring and gas fireplace. Kitchen with quartz countertops, painted cabinets, large pantry backsplash, new dishwasher, breakfast bar and eat in dining. Main floor also features half bathroom and laundry. Master bedroom with an abundance of natural lighting, ceiling fan a large walk in closet. Master bathroom with dual sink vanity, shower/tub combination and lots of storage. The upstairs features three additional bedrooms with a large bathroom to complete this space. Spacious back yard has a storage shed, wood deck and green area.

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: Harris - Houston

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $111k235k

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

Neighborhood: Harris - Houston

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7331518

* 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
Stoney Creek Elementary School Primary Regular 853 50 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

Stoney Creek Elementary School

  • Education Level: Primary
  • # of students: 853
  • # of teachers: 50
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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$922
Property Tax -$218
Property Insurance -$65
HOA -$18
Property Management Fees -$130
CASH FLOW
$87

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.

$250,000

PROJECTED PRICE

$1,440

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.2%
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

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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$19,574

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,538

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,440
1$1,4402$1,4503$1,4954$1,5755$1,680
$1,680
RENT COMPS ANALYSIS
  • 2120 Turtle Point Road Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,984 Sqft ∙ Built 2008 4 beds 3 baths ∙ 1,984 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $0.73
    •  
  • 11034 Mallard Crossing Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,890 Sqft ∙ Built 1991 4 beds 3 baths ∙ 1,890 Sqft ∙ Built 1991
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.77
    •  
  • 11043 Shandon Way Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,073 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,073 Sqft ∙ Built 1987
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.72
    •  
  • 2128 Turtle Point Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,992 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,992 Sqft ∙ Built 2008
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.79
    •  
  • 1956 Dembrigh Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1985
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.80
    •  
PROPERTY LISTING DETAILS
Dan Jones
1.704.709.3838
Carolina Real Estate Experts The Dan Jones Group I
BESbswy