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213 Centre Street Charlotte, NC 28216

3 Beds 3 Baths 1,788 sqft Built 2018

$199,900

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $111.80
  • 2 Days on Market
  • MLS # : 3701419
  • Updated Date : 01/23/2021 at 10:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,788 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

This 3 bedroom, 2 and a half bath home was built in 2018. Tenant occupied paying $1,420 per month. Great investment opportunity. Flat back yard and 1 car garage this home is in a great location close to everything!

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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: Oakview Terrace

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $51k235k

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

Neighborhood: Oakview Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2600700800900100011001200130014001500Rent in $5921518

* 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
Thomasboro Academy Primary Regular 729 49 1
Thomasboro Academy Middle Regular 729 49 1
West Charlotte High School High Regular 1,777 109 3

Thomasboro Academy

  • Education Level: Primary
  • # of students: 729
  • # of teachers: 49
1
GreatSchools Rating

Thomasboro Academy

  • Education Level: Middle
  • # of students: 729
  • # of teachers: 49
1
GreatSchools Rating

West Charlotte High School

  • Education Level: High
  • # of students: 1,777
  • # of teachers: 109
3
GreatSchools Rating
 

$179,910$219,890$199,900

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$694
Property Tax -$188
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$427

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.

$199,900

PROJECTED PRICE

$1,490

PROJECTED RENT

0.75%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$58,724

INVESTMENT

$58,724

Down Payment
$49,975
Rehab Estimate
$5,750
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$694

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

14.58

YEARS SAVED

$48,247

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,368

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$995
1$9952$1,1753$1,2504$1,2505$1,490
$1,490
RENT COMPS ANALYSIS
  • 213 Centre Street Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,788 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,788 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.83
    •  
  • 224 Woodman Avenue Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,504 Sqft ∙ Built 1933 3 beds 1 baths ∙ 1,504 Sqft ∙ Built 1933
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $0.66
    •  
  • 3001 Depaul Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1962
    property image
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.78
    •  
  • 3112 Boyd Street Charlotte, NC 3
    • 4 beds 3 baths ∙ 1,570 Sqft ∙ Built 2004 4 beds 3 baths ∙ 1,570 Sqft ∙ Built 2004
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.80
    •  
  • 2227 Ludlow Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1961
    property image
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.82
    •  
PROPERTY LISTING DETAILS
Mark Mcclaskey
1.704.604.5952
Wilkinson Era Real Estate
BESbswy