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2931 Drakes Crossing Drive Charlotte, NC 28262

3 Beds 2 Baths 1,288 sqft Built 1987

$205,500

List Price

$1,180

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $159.55
  • 5 Days on Market
  • MLS # : 3717078
  • Updated Date : 03/12/2021 at 09:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,288 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Rock Hill

Listing Agent's Description

This adorable ranch sits in a cul-de-sac, nestled in a countryside neighborhood but convenient to everything. Sit on your screened deck and enjoy the large yard. Ranch home featuring a vaulted family room with a wood-burning fireplace. Nice and cozy to enjoy during all seasons. Easy access to 85/485. Just minutes to the Pavilion and University Campus. Make this your home today!

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: Harris - Houston

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $111k235k

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

Neighborhood: Harris - Houston

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7331518

* 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
Stoney Creek Elementary School Primary Regular 853 50 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

Stoney Creek Elementary School

  • Education Level: Primary
  • # of students: 853
  • # of teachers: 50
4
GreatSchools Rating

James Martin Middle School

  • Education Level: Middle
  • # of students: 1,113
  • # of teachers: 54
3
GreatSchools Rating

Vance High School

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

$184,950$226,050$205,500

PURCHASE PRICE

$1,062$1,298$1,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,180
EXPENSES Loan Payment -$714
Property Tax -$179
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$117

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.

$205,500

PROJECTED PRICE

$1,180

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.2%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$60,208

INVESTMENT

$60,208

Down Payment
$51,375
Rehab Estimate
$5,750
Closing Costs
$3,083

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$714

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $51,375
Loan Amount $154,125
See What Happens When You Reinvest Cash Flow

8

YEARS SAVED

$21,047

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,180

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,098

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,180
1$1,1802$1,2493$1,3454$1,3505$1,450
$1,450
RENT COMPS ANALYSIS
  • 2931 Drakes Crossing Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,288 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,288 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $1,180
    • $0.92
    •  
  • 10700 Hunters Trace Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1991
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.86
    •  
  • 4924 Abercromby Street Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,558 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,558 Sqft ∙ Built 2013
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.86
    •  
  • 10800 Whittersham Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1987
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.84
    •  
  • 1947 Forest Side Lane Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,579 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,579 Sqft ∙ Built 1999
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
PROPERTY LISTING DETAILS
Alvina Jefferies
1.803.517.6183
Allen Tate Rock Hill
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717078
Last Updated: 03/12/2021
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