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2402 Dewey Creek Lane Charlotte, NC 28216

4 Beds 3 Baths 2,259 sqft Built 2017

INVESTimate

$275,000

List Price

$1,580

$1,422 - $1,738

Rent Est.

$296,917  ( +7.97%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 2017
  • Price/Sqft : $121.74
  • 4 Days on Market
  • MLS # : 3651072
  • Updated Date : 08/23/2020 at 13:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,259 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Charming 4 bed/2.5 ba two story w/rocking chair front porch. Meticulously maintained and shows like a model home. An inviting entryway welcomes you into the open floorpan with custom paint and laminate flooring throughout dining room and kitchen. Tons of windows give natural lighting throughout the day. The kitchen features upgraded castled cabinets, tile backsplash, stainless appliances and a large island great for morning coffee and snacks. The living room includes a gas fireplace and looks into the private backyard. Large master bedroom with vaulted ceiling, walk in closet and upgraded master bath with separate shower/garden tub. Nice sized secondary bedrooms with walk in closets. Ecobee thermostat sensors in every bedroom. Fenced backyard perfect for entertaining and BBQs. Don't forget the 16 solar panels! This home not only looks good but it's economical too! Imagine what you could buy with the money you save on power bills every month!

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: Oakdale South

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $90k235k

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

Neighborhood: Oakdale South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7831518

* 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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,015
Property Tax -$240
Property Insurance -$70
HOA -$38
Property Management Fees -$142
CASH FLOW
$76

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.

$275,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.97%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,015

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$19,382

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,553

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4493$1,4504$1,5805$1,595
$1,595
RENT COMPS ANALYSIS
  • 2402 Dewey Creek Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,259 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,259 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.70
    •  
  • 6226 Foster Brook Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,089 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,089 Sqft ∙ Built 2006
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.67
    •  
  • 2414 Dewey Creek Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,092 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,092 Sqft ∙ Built 2017
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.69
    •  
  • 712 Harrier Road Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2007
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.68
    •  
  • 417 Rook Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,256 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,256 Sqft ∙ Built 2012
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.71
    •  
PROPERTY LISTING DETAILS
Tracey Henson
1.704.400.7324
Exp Realty Llc
BESbswy