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2631 Winding River Drive Charlotte, NC 28214

4 Beds 3 Baths 1,996 sqft Built 2003

$295,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $147.80
  • 3 Days on Market
  • MLS # : 3717811
  • Updated Date : 03/12/2021 at 17:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,996 sqft
  • Baths : 2 full , 1 half
Listing Agent

Maultsby Realty Group

Listing Agent's Description

Beautiful RIVERBEND 4 BEDROOM home on large lot. This home features newer kitchen renovation with NEW FLOORING on the main, new light fixtures, painted cabinetry, newer appliances, GAS RANGE, and GRANITE countertops. NEW ROOF, new DECK, newer FENCE and new outbuilding. The breakfast room overlooks large FENCED in backyard and has a BREAKFAST BAR for lots of seating. The family room has new carpet with a custom craftsman style accent wall. The main floor also features a den or formal dining room. The master bedroom has VAULTED ceilings, NEW TILE in the master bathroom, and a HUGE CLOSET. This home is conveniently located near the pool and short walk to the park.

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: Harwood Lane

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $107k235k

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

Neighborhood: Harwood Lane

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8351518

* 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
Mountain Island Lake Academy Primary Regular 727 47 3
Hopewell High School High Regular 1,653 87 3
Mountain Island Lake Academy Primary Unknown NA

Mountain Island Lake Academy

  • Education Level: Primary
  • # of students: 727
  • # of teachers: 47
3
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating

Mountain Island Lake Academy

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,025
Property Tax -$257
Property Insurance -$65
HOA -$50
Property Management Fees -$119
CASH FLOW
$154

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.

$295,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.4%
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$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$28,271

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,761

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6703$1,7004$1,7205$1,750
$1,750
RENT COMPS ANALYSIS
  • 2631 Winding River Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,996 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,996 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.84
    •  
  • 10627 Secret Garden Lane Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,768 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,768 Sqft ∙ Built 2001
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.88
    •  
  • 2222 Dave Thomas Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 2014
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.93
    •  
  • 1915 Sugarbush Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,887 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,887 Sqft ∙ Built 2005
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.91
    •  
  • 1903 Sugarbush Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,166 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,166 Sqft ∙ Built 2005
    LEASED 03/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.81
    •  
PROPERTY LISTING DETAILS
Laura Maultsby
1.704.241.8727
Maultsby Realty Group
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717811
Last Updated: 03/12/2021
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