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224 Clover Drive Fletcher, NC 28732

3 Beds 2 Baths 1,310 sqft Built 1995

$300,000

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $229.01
  • 2 Days on Market
  • MLS # : CAR3760770
  • Updated Date : 07/12/2021 at 14:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,310 sqft
  • Baths : 2 full
Listing Agent

Beverly-hanks, South

Listing Agent's Description

Quaint Fletcher home embracing all of the amenities of Fletcher and nearby South Asheville. This home is near to dining, shopping, groceries and interstate access. Relax with your morning coffee on your back deck or unwind by your cozy living room fire after a long day. You'll enjoy your main level living with functional ease, including a spacious two-car garage. The two storage sheds convey, perfect for workshop area, lawn equipment and storage space. The back yard is completely fenced, perfect for fur-babies and fun. This home has a two-hour showing notice and the sellers are offering a $2500 flooring expense credit with acceptable offer to ensure buyers may choose the flooring of their choice, post closing. This lovely home is ready for it's new owner(s).

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Hoopers Valley Estates

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $79k283k

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

Neighborhood: Hoopers Valley Estates

NeighborhoodNIR Market*CityMarket2015Year2011 Q42019 Q2900100011001200130014001500Rent in $8251565

* 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
Edneyville Elementary School Primary Regular 509 35 9
Apple Valley Middle School Middle Regular 904 57 5
North Henderson High School High Regular 1,089 67 8

Edneyville Elementary School

  • Education Level: Primary
  • # of students: 509
  • # of teachers: 35
9
GreatSchools Rating

Apple Valley Middle School

  • Education Level: Middle
  • # of students: 904
  • # of teachers: 57
5
GreatSchools Rating

North Henderson High School

  • Education Level: High
  • # of students: 1,089
  • # of teachers: 67
8
GreatSchools Rating
 

$270,000$330,000$300,000

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 -$1,042
Property Tax -$98
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$129

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$300,000

PROJECTED PRICE

$1,440

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.20%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

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$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$29,546

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $1,428

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,500
$1,500
RENT COMPS ANALYSIS
  • 224 Clover Drive Fletcher, NC 1
    • 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 55 Thea Lane Fletcher, NC 2
    • 3 beds 3 baths ∙ 1,370 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,370 Sqft ∙ Built 2007
    property image
    LEASED 01/31/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.09
    •  
PROPERTY LISTING DETAILS
Brandie D. Huffman
1.828.545.3096
Beverly-hanks, South
BESbswy