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2906 Oakdale Road Charlotte, NC 28216

4 Beds 3 Baths 2,472 sqft Built 2019

$298,900

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $120.91
  • 4 Days on Market
  • MLS # : 3694584
  • Updated Date : 01/02/2021 at 14:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,472 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

MULTIPLE OFFERS RECEIVED!!! SUBMIT BEST OFFERS BY SUNDAY JANUARY 3RD 12:OO PM. Incredible 1 year old residence with 4 bedrooms and an office downstairs for the remote workers!!! HUGE LOT with amazing privacy and wooded common area in the back side. This home still has its 10 year structural warranty and mechanical warranty on HVAC. Buy LIKE-NEW without paying the high premiums of new construction in another less private subdivision, move right in and don't lift a finger! The open floor plan will welcome you right in to a spacious entry hall leading you to the designer made kitchen to entertain your guests. The master boasts another HUGE main master closet and two additional closets in the master bath as well, you will not lack any space! The washer and dryer also convey with an acceptable offer. CALL THE LISTING AGENT WITH ANY QUESTIONS!!!

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: Oakdale North

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $97k235k

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

Neighborhood: Oakdale North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350140014501500Rent in $7901518

* 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
Oakdale Elementary School Primary Regular 646 38 2
Ranson Middle School Middle Regular 1,138 57 3
West Charlotte High School High Regular 1,777 109 3

Oakdale Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 38
2
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
 

$269,010$328,790$298,900

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$1,103
Property Tax -$261
Property Insurance -$74
HOA -$17
Property Management Fees -$119
CASH FLOW
-$83

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$298,900

PROJECTED PRICE

$1,490

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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-$4.0k-$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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,959

INVESTMENT

$84,959

Down Payment
$74,725
Rehab Estimate
$5,750
Closing Costs
$4,484

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,103

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,725
Loan Amount $224,175
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$12,186

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.6

    LIST RENT PER SQFT
  • $1,656

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,445
1$1,4452$1,4903$1,5504$1,6505$1,675
$1,675
RENT COMPS ANALYSIS
  • 2906 Oakdale Road Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,472 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,472 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.60
    •  
  • 2419 Sunset Oaks Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,339 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,339 Sqft ∙ Built 2006
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.62
    •  
  • 6307 Elliott Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,339 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,339 Sqft ∙ Built 2006
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.66
    •  
  • 2320 Waters Trail Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,273 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,273 Sqft ∙ Built 2001
    LEASED 07/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.73
    •  
  • 1716 Swan Drive Charlotte, NC 5
    • 5 beds 3 baths ∙ 2,495 Sqft ∙ Built 2014 5 beds 3 baths ∙ 2,495 Sqft ∙ Built 2014
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.67
    •  
PROPERTY LISTING DETAILS
Paul Gomez
1.704.779.9243
Re/max Executive
BESbswy