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3458 Manchester Drive Charlotte, NC 28217

3 Beds 2 Baths 1,304 sqft Built 1959

INVESTimate

$190,000

List Price

$1,170

$1,053 - $1,287

Rent Est.

$56,100

Investment Est.

$204,630 ( +7.70%) 1 YR EST. FORECAST

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AVAILABLE

1 YEAR
Gross Yield	7.39%
NOI	$8,168

15 YEAR
Yield	7.78%
Appreciation	4.20%
TOTAL RETURN	25.67%

PROPERTY INFO

August 25, 2020 RECENTLY ADDED

FACTS

Built In 1959
Price/Sqft : $145.71
2 Days on Market
MLS # : 3655469
Updated Date : 08/25/2020 at 13:09

CONSTRUCTION

Beds : 3
Floor Size : 1,304 sqft
Baths : 1 full , 1 half

Listing Agent

Exp Realty Llc

Listing Agent's Description

This adorable 3 bedroom, 1.5 bath home is ready for your imagination and touch to make it a perfect home. Located in beautiful Clanton Park, just minutes from uptown, Southend, Freedom Park, and Southpark. The home is being sold 'As is"; the seller doesn't want to make any repairs. This is a great opportunity for you to craft the perfect home for yourself!

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3458 Manchester Dr

Charlotte, North Carolina

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MARKET HIGHLIGHTS

Charlotte Market Report

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)

Neighborhood: Clanton Park - Roseland

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

Neighborhood: Clanton Park - Roseland

* 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
Reid Park Academy	Primary	Regular	855	51	2
Reid Park Academy	Middle	Regular	855	51	2
Harding University High School	High	Magnet	1,747	97	2

Reid Park Academy

Education Level: Primary
# of students: 855
# of teachers: 51

GreatSchools Rating

Reid Park Academy

Education Level: Middle
# of students: 855
# of teachers: 51

GreatSchools Rating

Harding University High School

Education Level: High
# of students: 1,747
# of teachers: 97

GreatSchools Rating

FINANCIALS

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$171,000$209,00000$190,000

PURCHASE PRICE

$1,053$1,28700$1,170

RENT

DOWN PAYMENT

FINANCING

OFF ON

Acquisition Concierge

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PROPERTY

Expense Inflation	%
Vacancy	%
Length of Stay
Expense Inflation	%
Vacancy	%
Length of Stay

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (6+)

Appreciation	%
Rental Growth	%
Maintenance	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

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PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

Cash Flow
Appreciation
Principal

PROJECTED ANNUAL CASH FLOW

Tenant Turnover

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

Appreciation
Principal
Loan Balance

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME	Rent	$1,170
EXPENSES	Loan Payment	-$701
	Property Tax	-$166
	Property Insurance	-$52
	Property Management Fees	-$105




CASH FLOW $146

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.

$190,000

PROJECTED PRICE

$1,170

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS
Expense Inflation	2.50%
Rental Growth Year (1-5)	2.94%
Appreciation Year (1-5)	7.70%
Maintenance Year (1-5)	8.00%
Vacancy	6.02%
Length of Stay Years	2

TOTAL CASH OUT OF POCKET

INVESTMENT

$56,100

Down Payment	$47,500
Rehab Estimate	$5,750
Closing Costs	$2,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$701

MONTHLY LOAN PAYMENT

30 yr

4.25%

25.00%

Down Payment

Term	30 Years
Interest	4.25%
Down Payment	$47,500
Loan Amount	$142,500

See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$24,136

INTEREST SAVED

CASH FLOW REINVESTMENT

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

$1,170
LIST RENT
$0.9
LIST RENT PER SQFT

$1,216
COMP ESTIMATED VALUE
$0.93
COMP AVG. RENT PER SQFT

Comps Range

$1,095

1$1,0952$1,1003$1,1704$1,2755$1,300

$1,300

RENT COMPS ANALYSIS

1,304
PROPERTY SQFT
$0.93
AVG RENT PER SQFT
$1,216
ESTIMATED VALUE
$1,170
LIST RENT

3458 Manchester Drive Charlotte, NC 5

3 beds 2 baths ∙ 1,304 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,304 Sqft ∙ Built 1959
Price

Price Per SQFT

$190,000

$145.71
2648 Old Steele Creek Road Charlotte, NC 1

3 beds 1 baths ∙ 1,035 Sqft ∙ Built 1943 3 beds 1 baths ∙ 1,035 Sqft ∙ Built 1943
SOLD 06/23/20
Price

Price Per SQFT

$115,000

$111.11
2652 Old Steele Creek Road Charlotte, NC 2

3 beds 1 baths ∙ 1,062 Sqft ∙ Built 1945 3 beds 1 baths ∙ 1,062 Sqft ∙ Built 1945
SOLD 06/23/20
Price

Price Per SQFT

$115,000

$108.29
2206 Barringer Drive Charlotte, NC 3

4 beds 1 baths ∙ 1,432 Sqft ∙ Built 1946 4 beds 1 baths ∙ 1,432 Sqft ∙ Built 1946
SOLD 05/15/20
Price

Price Per SQFT

$152,500

$106.49
1028 Tracy Drive Charlotte, NC 4

3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1957
SOLD 06/01/20
Price

Price Per SQFT

$157,000

$112.87

3458 Manchester Drive Charlotte, NC 3

3 beds 2 baths ∙ 1,304 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,304 Sqft ∙ Built 1959
Rent

Rent Per SQFT

$1,170

$0.90
3128 Reid Avenue Charlotte, NC 1

4 beds 2 baths ∙ 1,246 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,246 Sqft ∙ Built 1957
LEASED 02/20/20
Rent

Rent Per SQFT

$1,095

$0.88
3733 Manchester Drive Charlotte, NC 2

3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1958
LEASED 04/02/20
Rent

Rent Per SQFT

$1,100

$0.92
3542 Crestridge Drive Charlotte, NC 4

4 beds 2 baths ∙ 1,336 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,336 Sqft ∙ Built 2005
LEASED 12/10/19
Rent

Rent Per SQFT

$1,275

$0.95
3309 Morning Drive Charlotte, NC 5

4 beds 2 baths ∙ 1,320 Sqft ∙ Built 2003 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 2003
LEASED 05/27/20
Rent

Rent Per SQFT

$1,300

$0.98

PROPERTY LISTING DETAILS

Rich Scola
1.704.946.2006
Exp Realty Llc

3458 Manchester Drive Charlotte, NC 28217

INVESTimate

$190,000

$1,170

$56,100

REQUEST INFO

PROPERTY INFO

FACTS

CONSTRUCTION

Listing Agent

Listing Agent's Description

MARKET HIGHLIGHTS

PRICE & RENT TRENDS

SCHOOLS

Reid Park Academy

Reid Park Academy

Harding University High School

FINANCIALS

$171,000$209,00000$190,000

$1,053$1,28700$1,170

Acquisition Concierge

PROJECTED ACCUMULATED WEALTH

PROJECTED ANNUAL CASH FLOW

PROJECTED PROPERTY VALUE

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

$190,000

$1,170

0.62%

TOTAL CASH OUT OF POCKET

INVESTMENT

LOAN DETAILS

25%

$701

8.17

$24,136

$190,000

$145.71

$143,036

$109.69

COMPS RANGE

PRICE COMPS ANALYSIS

$1,170

$0.9

$1,216

$0.93

Comps Range

RENT COMPS ANALYSIS

PROPERTY LISTING DETAILS