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3041 Old Ironside Drive Charlotte, NC 28213

4 Beds 3 Baths 2,070 sqft Built 2003

$245,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 22, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $118.36
  • 2 Days on Market
  • MLS # : 3685580
  • Updated Date : 11/21/2020 at 19:47
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,070 sqft
  • Baths : 2 full , 1 half
Listing Agent

The Blackmon Group, Llc

Listing Agent's Description

Check out this gorgeous 4 bed 2.5 bath home in the University area with spacious 2 car garage! Seller has installed new carpet on stairs, fresh paint, and new laminate flooring upstairs for the buyer needing a move-in ready home! Upstairs you will find the generous master suite has vaulted ceilings and large bathroom with dual sinks, walk-in closet, and additional 3 bedrooms with a full bath. All appliances including refrigerator will convey. Backs into a wooded area so privacy is a plus. Close to all the shops, dining and entertainment. Easy commute to highways and light rail.

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: College Downs

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: College Downs

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
Newell Elementary School Primary Regular 818 47 4
Martin Luther King Jr Middle School Middle Regular 1,102 57 2
Vance High School High Regular 1,714 91 3

Newell Elementary School

  • Education Level: Primary
  • # of students: 818
  • # of teachers: 47
4
GreatSchools Rating

Martin Luther King Jr Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 57
2
GreatSchools Rating

Vance High School

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

$220,500$269,500$245,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$904
Property Tax -$214
Property Insurance -$66
HOA -$41
Property Management Fees -$149
CASH FLOW
$277

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.

$245,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.4%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

9.92

YEARS SAVED

$41,618

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,749

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6253$1,6504$1,7455$1,800
$1,800
RENT COMPS ANALYSIS
  • 3041 Old Ironside Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.80
    •  
  • 8219 Romana Red Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,022 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,022 Sqft ∙ Built 2014
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.79
    •  
  • 8819 Challenger Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,933 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,933 Sqft ∙ Built 2001
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.84
    •  
  • 6554 Dougherty Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,110 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,110 Sqft ∙ Built 1986
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.83
    •  
  • 430 Carolyn Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,960 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,960 Sqft ∙ Built 2019
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.92
    •  
PROPERTY LISTING DETAILS
Akenna Blackmon
1.704.287.3356
The Blackmon Group, Llc
BESbswy