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2607 Harris Houston Road Charlotte, NC 28262

3 Beds 2 Baths 1,168 sqft Built 1990

$235,000

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $201.20
  • 5 Days on Market
  • MLS # : 3681537
  • Updated Date : 11/14/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,168 sqft
  • Baths : 2 full
Listing Agent

Real Broker Llc

Listing Agent's Description

Hard to find Renovated Ranch close to the University Area and 485. Open floor plan with large fenced lot. 3 bedroom/2 bath, granite countertops, new cabinets, new AC unit, newer roof. Must see. Will sell fast

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: Harris - Houston

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $111k235k

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

Neighborhood: Harris - Houston

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7331518

* 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
Stoney Creek Elementary School Primary Regular 853 50 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

Stoney Creek Elementary School

  • Education Level: Primary
  • # of students: 853
  • # of teachers: 50
4
GreatSchools Rating

James Martin Middle School

  • Education Level: Middle
  • # of students: 1,113
  • # of teachers: 54
3
GreatSchools Rating

Vance High School

  • Education Level: High
  • # of students: 1,714
  • # of teachers: 91
3
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$867
Property Tax -$205
Property Insurance -$49
Property Management Fees -$110
CASH FLOW
-$11

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.

$235,000

PROJECTED PRICE

$1,220

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.2%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$10,507

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $1,037

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,220
1$1,2202$1,2493$1,2804$1,2955$1,300
$1,300
RENT COMPS ANALYSIS
  • 2607 Harris Houston Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $1.04
    •  
  • 10700 Hunters Trace Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1991
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.86
    •  
  • 10544 Katie Creek Court Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 2001
    LEASED 06/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.90
    •  
  • 4831 Abercromby Street Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,433 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,433 Sqft ∙ Built 2007
    LEASED 08/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.90
    •  
  • 9409 Hanberry Boulevard Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 2016
    LEASED 05/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.89
    •  
PROPERTY LISTING DETAILS
Allison Watkins
1.828.674.7582
Real Broker Llc
BESbswy