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2134 Allen Jay Drive Charlotte, NC 28216

4 Beds 3 Baths 1,607 sqft Built 2003

$230,000

List Price

$1,310

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2003
  • Price/Sqft : $143.12
  • 9 Days on Market
  • MLS # : 3675908
  • Updated Date : 11/07/2020 at 13:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,607 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Leading Edge

Listing Agent's Description

We have received multiple offers. Please submit highest and best by 6:00pm on Sunday November 8th! This 2 story 4 bedroom 2.5 bath home features the master on the main level. New flooring through out the main level. Gas log fireplace accents the family room. Large, fenced back yard and ample parking for family and friends. Many of the furnishings are for sale or will convey with acceptable offer.

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: Oakdale North

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $97k235k

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

Neighborhood: Oakdale North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350140014501500Rent in $7901518

* 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
Oakdale Elementary School Primary Regular 646 38 2
Ranson Middle School Middle Regular 1,138 57 3
West Charlotte High School High Regular 1,777 109 3

Oakdale Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 38
2
GreatSchools Rating

Ranson Middle School

  • Education Level: Middle
  • # of students: 1,138
  • # of teachers: 57
3
GreatSchools Rating

West Charlotte High School

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

$207,000$253,000$230,000

PURCHASE PRICE

$1,179$1,441$1,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,310
EXPENSES Loan Payment -$849
Property Tax -$201
Property Insurance -$57
Property Management Fees -$118
CASH FLOW
$86

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.

$230,000

PROJECTED PRICE

$1,310

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.0%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$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$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$849

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$18,806

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,310

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,410

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,249
1$1,2492$1,2753$1,3104$1,4255$1,650
$1,650
RENT COMPS ANALYSIS
  • 2134 Allen Jay Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 1,607 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,607 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,310
    • $0.82
    •  
  • 2045 Sunset Village Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,568 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,568 Sqft ∙ Built 2001
    property image
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.80
    •  
  • 2430 Summer Meadow Court Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,425 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,425 Sqft ∙ Built 2002
    property image
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.89
    •  
  • 5509 Southminster Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1990
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.88
    •  
  • 2331 Waters Trail Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,899 Sqft ∙ Built 2002 4 beds 3 baths ∙ 1,899 Sqft ∙ Built 2002
    property image
    LEASED 05/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.87
    •  
PROPERTY LISTING DETAILS
Kandie Lambert
1.704.904.4680
Re/max Leading Edge
BESbswy