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2800 Old Ironside Drive Charlotte, NC 28213

4 Beds 3 Baths 2,038 sqft Built 2001

$260,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $127.58
  • 3 Days on Market
  • MLS # : 3698542
  • Updated Date : 01/16/2021 at 08:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,038 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Don't miss this opportunity to buy in sought after Newell Crossing! This home is nestled on a lot featuring great views of nature right outside the front door and great separation from neighbors! Open and airy family room/kitchen simply waiting to host the next big gathering. Hardwoods featured in the entry area, kitchen and breakfast area. Dedicated office and powder room off the family room. Upstairs you will find a spacious master suite, bath featuring separate garden tub and shower, his/her sinks and a generously appointed walk-in closet. 3 additional beds and a walk in laundry close off the second floor. Easy commute to highways, light rail and minutes from shopping and dining. Do not let this wonderful opportunity pass you by!!!

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: College Downs

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: College Downs

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
Newell Elementary School Primary Regular 818 47 4
Martin Luther King Jr Middle School Middle Regular 1,102 57 2
Vance High School High Regular 1,714 91 3

Newell Elementary School

  • Education Level: Primary
  • # of students: 818
  • # of teachers: 47
4
GreatSchools Rating

Martin Luther King Jr Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 57
2
GreatSchools Rating

Vance High School

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

$234,000$286,000$260,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$903
Property Tax -$227
Property Insurance -$66
HOA -$27
Property Management Fees -$119
CASH FLOW
$159

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.

$260,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.4%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$28,023

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,620

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,449
1$1,4492$1,4993$1,5004$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 2800 Old Ironside Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,038 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,038 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.74
    •  
  • 1345 Torrence Grove Church Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 2018
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.78
    •  
  • 1123 Rankin Oaks Street Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 2018
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.80
    •  
  • 8219 Romana Red Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,022 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,022 Sqft ∙ Built 2014
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.79
    •  
  • 8819 Challenger Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,933 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,933 Sqft ∙ Built 2001
    LEASED 01/06/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.83
    •  
PROPERTY LISTING DETAILS
Sheree Conner
1.919.906.9170
Keller Williams Ballantyne Area
BESbswy