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2803 Glen Summit Drive Charlotte, NC 28270

4 Beds 3 Baths 2,126 sqft Built 2005

$334,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2005
  • Price/Sqft : $157.10
  • 63 Days on Market
  • MLS # : 3657880
  • Updated Date : 11/02/2020 at 16:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,126 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Providence @485

Listing Agent's Description

Here's the one that will make your heart throb! This partially bricked beauty is eye catching from the street all the way through. NEW flooring, NEW HVAC, New Dishwasher, NEW paint, NEW Pella windows! Charming Front Porch. 2 story Foyer with black balustrades and a view to upper. Large Kitchen with island, tile back splash and granite counter tops. Spacious Master with garden tub and shower. Great Features: New Pella Windows throughout that include a transferable Lifetime Warranty to new owner, extra Eshield insulation throughout the attic and crawlspace, upgraded master closet, custom cabinets in full Laundry Room, and walk in crawl space for yard work equipment storage. The deck overlooks a lovely tree lined back. Set on a quiet cul-de-sac street yet in the heart of Charlotte; offering shops, restaurants and great schools! Walking distance to local parks and gym. Put this one to the TOP of your list!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Providence Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $116k585k

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

Neighborhood: Providence Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $8442955

* 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
Mckee Road Elementary School Primary Regular 493 30 9
Jay M. Robinson Middle School Middle Regular 1,101 51 10
Providence High School High Regular 1,991 94 9

Mckee Road Elementary School

  • Education Level: Primary
  • # of students: 493
  • # of teachers: 30
9
GreatSchools Rating

Jay M. Robinson Middle School

  • Education Level: Middle
  • # of students: 1,101
  • # of teachers: 51
10
GreatSchools Rating

Providence High School

  • Education Level: High
  • # of students: 1,991
  • # of teachers: 94
9
GreatSchools Rating
 

$300,600$367,400$334,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$1,232
Property Tax -$300
Property Insurance -$67
Property Management Fees -$148
CASH FLOW
-$107

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.

$334,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 3.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.36%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$94,260

INVESTMENT

$94,260

Down Payment
$83,500
Rehab Estimate
$5,750
Closing Costs
$5,010

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,232

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $83,500
Loan Amount $250,500
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$12,052

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,796

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,640
1$1,6402$1,6453$1,7504$1,7505$1,795
$1,795
RENT COMPS ANALYSIS
  • 2803 Glen Summit Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,126 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,126 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.77
    •  
  • 1808 Chinchester Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,044 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,044 Sqft ∙ Built 1999
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.80
    •  
  • 3236 Glen Summit Drive Charlotte, NC 3
    • 4 beds 2 baths ∙ 2,180 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,180 Sqft ∙ Built 2001
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.80
    •  
  • 3651 Canfield Hill Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,144 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,144 Sqft ∙ Built 1999
    LEASED 10/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.82
    •  
  • 2834 Glen Summit Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,044 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,044 Sqft ∙ Built 1998
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.88
    •  
PROPERTY LISTING DETAILS
Brent "andy" Bovender
1.704.625.6127
Allen Tate Providence @485
BESbswy