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3543 Joel Turner Drive Charlotte, NC 28216

3 Beds 3 Baths 2,065 sqft Built 2002

$235,000

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $113.80
  • 4 Days on Market
  • MLS # : 3681850
  • Updated Date : 11/12/2020 at 14:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,065 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams South Park

Listing Agent's Description

Never miss out on the opportunity to invest in a rental property or call it your own. This lovely 3 bed/2.5 bath home in the desirable Walnut Creek subdivision is in the prime location, just minutes to I-77, I-485, Northlake, CLT Airport, and Uptown. It needs some TLC and updates throughout. Current tenants have been there for the last 10 years, paying $1050 per month. They wish to stay but if it's for primary residence, the sellers will give them 30 day notice and they will move out. Please do not disturb tenants.

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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: Oakdale North

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $97k235k

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

Neighborhood: Oakdale North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350140014501500Rent in $7901518

* 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
Oakdale Elementary School Primary Regular 646 38 2
Ranson Middle School Middle Regular 1,138 57 3
West Charlotte High School High Regular 1,777 109 3

Oakdale Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 38
2
GreatSchools Rating

Ranson Middle School

  • Education Level: Middle
  • # of students: 1,138
  • # of teachers: 57
3
GreatSchools Rating

West Charlotte High School

  • Education Level: High
  • # of students: 1,777
  • # of teachers: 109
3
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$867
Property Tax -$207
Property Insurance -$66
HOA -$18
Property Management Fees -$127
CASH FLOW
$125

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$235,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

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$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$22,653

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,476

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,410
1$1,4102$1,4253$1,4454$1,4505$1,450
$1,450
RENT COMPS ANALYSIS
  • 3543 Joel Turner Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,065 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,065 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.68
    •  
  • 2019 Waters Trail Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,982 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,982 Sqft ∙ Built 2001
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.72
    •  
  • 6219 Elliott Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,936 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,936 Sqft ∙ Built 2006
    property image
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.75
    •  
  • 3609 Joel Turner Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,092 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,092 Sqft ∙ Built 2002
    property image
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.69
    •  
  • 2435 Summer Meadow Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2002
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.70
    •  
PROPERTY LISTING DETAILS
Trent Corbin
1.704.628.4066
Keller Williams South Park
BESbswy