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3327 Frostmoor Place Charlotte, NC 28269

3 Beds 2 Baths 1,307 sqft Built 1993

$250,000

List Price

$1,330

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $191.28
  • 2 Days on Market
  • MLS # : 3701151
  • Updated Date : 01/23/2021 at 12:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,307 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Charlotte one-story home offers a one-car garage. This home is vacant and cleaned regularly.

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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: Rockwell Park - Hemphill Heights

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Rockwell Park - Hemphill Heights

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
David Cox Road Elementary School Primary Regular 784 46 4
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

David Cox Road Elementary School

  • Education Level: Primary
  • # of students: 784
  • # of teachers: 46
4
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,197$1,463$1,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,330
EXPENSES Loan Payment -$868
Property Tax -$218
Property Insurance -$52
HOA -$8
Property Management Fees -$119
CASH FLOW
$65

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.

$250,000

PROJECTED PRICE

$1,330

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.3%
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$800k$900k

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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$19,043

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,330

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,183

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,330
1$1,3302$1,3503$1,3954$1,3995$1,425
$1,425
RENT COMPS ANALYSIS
  • 3327 Frostmoor Place Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,307 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,307 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $1.02
    •  
  • 6844 Brachnell View Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,482 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,482 Sqft ∙ Built 1998
    property image
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.91
    •  
  • 6605 Mallard Park Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1999
    property image
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.91
    •  
  • 4824 Lynn Lee Circle Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 2015
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.93
    •  
  • 5324 Chinemist Court Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,572 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,572 Sqft ∙ Built 1995
    property image
    LEASED 11/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.91
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy