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2902 Fairglen Road Charlotte, NC 28269

3 Beds 2 Baths 1,161 sqft Built 1999

$209,900

List Price

$1,050

$945 - $1.2K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $180.79
  • 2 Days on Market
  • MLS # : 3705033
  • Updated Date : 02/06/2021 at 15:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,161 sqft
  • Baths : 2 full
Listing Agent

Dockery & Associates Realty Group Llc

Listing Agent's Description

DONT MISS THIS!! WILL NOT LAST LONG!! 3 BEDROOM RANCH HOME WITH 1 CAR GARAGE... MOVE IN READY!! VIEW AND OFFER TODAY!!

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: Derita - Statesville

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Derita - Statesville

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
Governors' Village Stem Academy Lower Campus Primary Regular 815 53 4
Vance High School High Regular 1,714 91 3
Governors' Village Stem Academy Lower Campus Primary Unknown NA

Governors' Village Stem Academy Lower Campus

  • Education Level: Primary
  • # of students: 815
  • # of teachers: 53
4
GreatSchools Rating

Vance High School

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

Governors' Village Stem Academy Lower Campus

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

$188,910$230,890$209,900

PURCHASE PRICE

$945$1,155$1,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,050
EXPENSES Loan Payment -$729
Property Tax -$183
Property Insurance -$49
Property Management Fees -$119
CASH FLOW
-$30

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.

$209,900

PROJECTED PRICE

$1,050

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.8%
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$700k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,374

INVESTMENT

$61,374

Down Payment
$52,475
Rehab Estimate
$5,750
Closing Costs
$3,149

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$729

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $52,475
Loan Amount $157,425
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$9,389

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,050

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,042

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,1453$1,2254$1,2955$1,349
$1,349
RENT COMPS ANALYSIS
  • 2902 Fairglen Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,161 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,161 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.90
    •  
  • 5752 Fairchase Avenue Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 2001
    property image
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,145
    • $0.94
    •  
  • 5209 Wales Street Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,418 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,418 Sqft ∙ Built 1951
    property image
    LEASED 08/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.86
    •  
  • 5132 Elizabeth Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 2002
    property image
    LEASED 10/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.88
    •  
  • 6225 Spanish Moss Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,475 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,475 Sqft ∙ Built 1997
    property image
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.91
    •  
PROPERTY LISTING DETAILS
Andre Dockery
1.704.909.2850
Dockery & Associates Realty Group Llc
BESbswy