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3518 Tracy Glenn Court Charlotte, NC 28269

3 Beds 2 Baths 1,359 sqft Built 2000

$205,000

List Price

$1,160

$1K - $1.3K

Rent Est.

PROPERTY INFO

December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $150.85
  • 4 Days on Market
  • MLS # : 3688934
  • Updated Date : 12/10/2020 at 20:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,359 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Charlotte one-story cul-de-sac 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: Nevin Community

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Nevin Community

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
Winding Springs Elementary School Primary Regular 859 60 3
James Martin Middle School Middle Regular 1,113 54 3
North Mecklenburg High School High Regular 1,881 101 3

Winding Springs Elementary School

  • Education Level: Primary
  • # of students: 859
  • # of teachers: 60
3
GreatSchools Rating

James Martin Middle School

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

North Mecklenburg High School

  • Education Level: High
  • # of students: 1,881
  • # of teachers: 101
3
GreatSchools Rating
 

$184,500$225,500$205,000

PURCHASE PRICE

$1,044$1,276$1,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,160
EXPENSES Loan Payment -$756
Property Tax -$179
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$53

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.

$205,000

PROJECTED PRICE

$1,160

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.3%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$60,075

INVESTMENT

$60,075

Down Payment
$51,250
Rehab Estimate
$5,750
Closing Costs
$3,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$756

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $51,250
Loan Amount $153,750
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$18,926

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,160

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,162

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$900
1$9002$1,1603$1,3504$1,3505$1,399
$1,399
RENT COMPS ANALYSIS
  • 3518 Tracy Glenn Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,359 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,359 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,160
    • $0.85
    •  
  • 3121 Iredell Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1956 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1956
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $0.83
    •  
  • 4417 Devonhill Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2001
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.88
    •  
  • 3908 Far West Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,564 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,564 Sqft ∙ Built 2003
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.86
    •  
  • 7041 Fox Point Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2003
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.85
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy