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PROPERTY INFO
FACTS
- Single Family
- Built In 1998
- Price/Sqft : $125.07
- 4 Days on Market
- MLS # : 3690292
- Updated Date : 12/11/2020 at 12:52
CONSTRUCTION
- Beds : 3
- Floor Size : 1,879 sqft
- Baths : 2 full
Listing Agent
Re/max Executive
Listing Agent's Description
Spectacular ranch with an open, airy floor plan in great location! Build sweat equity by updating this charming home on a corner lot in a community with no HOA. The dining room is adorned with columns and features tall spacious ceilings. A vaulted ceiling enhances the spacious family room which opens to the kitchen and breakfast area. The huge master suite offers a trey ceiling and sitting room as well as a large WIC. The master bath is home to a double vanity, water closet, garden tub and separate shower. The secondary bedrooms are nicely sized. Just treated for termites and paperwork shows the bond is transferrable but does not show cost. This was not a rental, it was owner occupied.
SEE MORE
- 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: Prosperity Church Road
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Prosperity Church Road
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,530 |
| EXPENSES | Loan Payment | -$867 |
| Property Tax | -$243 | |
| Property Insurance | -$63 | |
| Property Management Fees | -$119 | |
|
CASH FLOW
$238
|
||
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.
$235,000
PROJECTED PRICE
$1,530
PROJECTED RENT
0.65%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.48% |
| Appreciation Year (1-5) | 6.4% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 6.31% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$68,025
LOAN DETAILS
$867
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $58,750 |
| Loan Amount | $176,250 |
10.67
YEARS SAVED
$43,877
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,530
LIST RENT -
$0.81
LIST RENT PER SQFT
-
$1,536
COMP ESTIMATED VALUE -
$0.82
COMP AVG. RENT PER SQFT
Comps Range
-
3522 Mayspring Place Charlotte, NC 4
- 3 beds 2 baths ∙ 1,879 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,879 Sqft ∙ Built 1998
![property image]()
- Rent
- Rent Per SQFT
- $1,530
- $0.81
-
3500 Mayspring Place Charlotte, NC 1
- 3 beds 3 baths ∙ 1,808 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,808 Sqft ∙ Built 1999
![property image]()
LEASED 12/24/19- Rent
- Rent Per SQFT
- $1,395
- $0.77
-
3516 Mayspring Place Charlotte, NC 2
- 3 beds 3 baths ∙ 1,733 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,733 Sqft ∙ Built 1998
![property image]()
LEASED 12/12/19- Rent
- Rent Per SQFT
- $1,455
- $0.84
-
3403 Pondridge Court Charlotte, NC 3
- 3 beds 3 baths ∙ 1,918 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,918 Sqft ∙ Built 1992
![property image]()
LEASED 01/13/20- Rent
- Rent Per SQFT
- $1,499
- $0.78
-
3325 Glamorgan Court Charlotte, NC 5
- 3 beds 3 baths ∙ 1,842 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,842 Sqft ∙ Built 2003
![property image]()
LEASED 03/20/20- Rent
- Rent Per SQFT
- $1,620
- $0.88
PROPERTY LISTING DETAILS
1.704.224.6941
Re/max Executive
