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2822 Burbank Drive Charlotte, NC 28216

3 Beds 1 Baths 1,104 sqft Built 1959

$169,900

List Price

$880

$792 - $968

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1959
  • Price/Sqft : $153.89
  • 2 Days on Market
  • MLS # : 3678629
  • Updated Date : 11/02/2020 at 14:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,104 sqft
  • Baths : 1 full
Listing Agent

Stikeleather Realty

Listing Agent's Description

Property tenant occupied. Do not disturb. Call Owner/Broker. See agent remarks for showing. Show good. Like new carpet, roof. Owner/Broker has other property tenant occupied. See agent remarks

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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: University Park

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $42k235k

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

Neighborhood: University Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2600700800900100011001200130014001500Rent in $5561518

* 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
University Park Creative Arts Primary Magnet 404 28 4
University Park Creative Arts Middle Magnet 404 28 4
West Charlotte High School High Regular 1,777 109 3

University Park Creative Arts

  • Education Level: Primary
  • # of students: 404
  • # of teachers: 28
4
GreatSchools Rating

University Park Creative Arts

  • Education Level: Middle
  • # of students: 404
  • # of teachers: 28
4
GreatSchools Rating

West Charlotte High School

  • Education Level: High
  • # of students: 1,777
  • # of teachers: 109
3
GreatSchools Rating
 

$152,910$186,890$169,900

PURCHASE PRICE

$792$968$880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $880
EXPENSES Loan Payment -$627
Property Tax -$148
Property Insurance -$48
Property Management Fees -$79
CASH FLOW
-$22

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.

$169,900

PROJECTED PRICE

$880

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.7%
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$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k-$1.0k$0.0$1.0k$2.0k$3.0k$4.0k$5.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,774

INVESTMENT

$50,774

Down Payment
$42,475
Rehab Estimate
$5,750
Closing Costs
$2,549

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$627

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $42,475
Loan Amount $127,425
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$6,330

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $880

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $963

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$850
1$8502$8803$9254$9755$1,100
$1,100
RENT COMPS ANALYSIS
  • 2822 Burbank Drive Charlotte, NC 2
    • 3 beds 1 baths ∙ 1,104 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,104 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $880
    • $0.80
    •  
  • 2945 Southwest Boulevard Charlotte, NC 1
    • 3 beds 1 baths ∙ 975 Sqft ∙ Built 1960 3 beds 1 baths ∙ 975 Sqft ∙ Built 1960
    LEASED 05/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.87
    •  
  • 2827 Burbank Drive Charlotte, NC 3
    • 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1959
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.93
    •  
  • 2854 Burbank Drive Charlotte, NC 4
    • 3 beds 1 baths ∙ 1,144 Sqft ∙ Built 1960 3 beds 1 baths ∙ 1,144 Sqft ∙ Built 1960
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $0.85
    •  
  • 2908 Bellaire Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 1957
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.85
    •  
PROPERTY LISTING DETAILS
Richard Stikeleather
1.704.537.3900
Stikeleather Realty
BESbswy