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2718 Cochrane Drive Charlotte, NC 28269

3 Beds 3 Baths 1,675 sqft Built 2005

$275,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $164.18
  • MLS # : CAR3760849
  • Updated Date : 07/12/2021 at 17:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,675 sqft
  • Baths : 2 full , 1 half
Listing Agent

Better Homes And Gardens Real Estate Paracle

Listing Agent's Description

Move in Ready home awaits you! This home has been fully renovated October 2020 with new vinyl plank floors, fresh paint, new light fixtures, full kitchen renovation with granite countertops, new cabinets, and new backsplash. Owner's Suite on the main floor with upgraded bathroom including new tile shower and floors, and granite countertops! Upstairs you'll find a large loft, great for entertaining or home office space, and two spacious bedrooms. Conveniently located close to uptown and Camp North End with plenty of restaurants and nightlife to choose from! Showings begin Thursday!

SEE MORE

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: Hamilton Circle

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Hamilton Circle

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
Statesville Road Elementary School Primary Regular 561 39 4
Ranson Middle School Middle Regular 1,138 57 3
West Charlotte High School High Regular 1,777 109 3

Statesville Road Elementary School

  • Education Level: Primary
  • # of students: 561
  • # of teachers: 39
4
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

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$955
Property Tax -$240
Property Insurance -$59
HOA -$23
Property Management Fees -$119
CASH FLOW
$5

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.

$275,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.2%
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$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$200k$400k$600k$800k

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$15,094

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,436

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4003$1,4004$1,4755$1,495
$1,495
RENT COMPS ANALYSIS
  • 2718 Cochrane Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,675 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,675 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.84
    •  
  • 4526 Esmeralda Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2013
    property image
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.79
    •  
  • 2730 Cochrane Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,612 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,612 Sqft ∙ Built 2005
    property image
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.87
    •  
  • 3107 Meadow Knoll Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,586 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,586 Sqft ∙ Built 2007
    property image
    LEASED 05/17/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.93
    •  
  • 1417 Griers Grove Road Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,776 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,776 Sqft ∙ Built 2002
    property image
    LEASED 05/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.84
    •  
PROPERTY LISTING DETAILS
Tevita Stephens
1.336.558.4165
Better Homes And Gardens Real Estate Paracle
BESbswy