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2221 Merimac Drive Charlotte, NC 28273

4 Beds 3 Baths 1,788 sqft Built 1980

$250,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $139.82
  • 3 Days on Market
  • MLS # : 3690855
  • Updated Date : 12/13/2020 at 00:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,788 sqft
  • Baths : 2 full , 1 half
Listing Agent

Zevallos Real Estate Group Llc

Listing Agent's Description

AMAZING SIZE AND FLAT LOT, IN WELL ESTABLISHED NEIGHBORHOOD, LOCATION LOCATION !!!!! NEW GRANITE COUNTERS, MASTER BEDROOM WITH A FULL BATH, DOWNSTAIRS YOU WILL FIND THREE GOOD SIZE BEDROOMS, NICE APPLIANCES, REFRIGERATOR STAYS !!!! PREFERED CLOSING ATTORNEY " THE SPERRY LAW FIRM "

SEE MORE

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: Griers Fork

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Griers Fork

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
Lake Wylie Elementary School Primary Regular 632 39 6
Kennedy Middle School Middle Regular 722 43 4
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

Lake Wylie Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 39
6
GreatSchools Rating

Kennedy Middle School

  • Education Level: Middle
  • # of students: 722
  • # of teachers: 43
4
GreatSchools Rating

Math, Engineering, Technology And Science At Olympic High School

  • Education Level: High
  • # of students: 607
  • # of teachers: 28
7
GreatSchools Rating
 

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

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$922
Property Tax -$218
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$160

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.

$250,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.5%
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

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 35% 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

8.5

YEARS SAVED

$33,361

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,542

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4803$1,4954$1,5505$1,586
$1,586
RENT COMPS ANALYSIS
  • 2221 Merimac Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,788 Sqft ∙ Built 1980 4 beds 3 baths ∙ 1,788 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.83
    •  
  • 11413 Larix Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,608 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,608 Sqft ∙ Built 2000
    property image
    LEASED 11/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.90
    •  
  • 11730 Musket Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 1,813 Sqft ∙ Built 1979 4 beds 3 baths ∙ 1,813 Sqft ∙ Built 1979
    property image
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.82
    •  
  • 11632 Larix Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,829 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,829 Sqft ∙ Built 1999
    property image
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.85
    •  
  • 11410 Larix Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,859 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,859 Sqft ∙ Built 2000
    property image
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,586
    • $0.85
    •  
PROPERTY LISTING DETAILS
Juan Zevallos
1.980.777.0769
Zevallos Real Estate Group Llc
BESbswy