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3606 Arvin Drive Charlotte, NC 28269

3 Beds 3 Baths 1,728 sqft Built 1963

$230,000

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $133.10
  • 3 Days on Market
  • MLS # : 3688146
  • Updated Date : 12/05/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,728 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Looking for a house with some acres for your growing family? Look no further! This 3 bed and 1.5 bath includes a one story basement. A partial of the basement is finished for additional living space or a hobby room. It sits on a little over 1 acres, located in Charlotte, NC. Conveniently location within minutes of dining, shopping and entertainment. Easy access to I-85 and I-77. Don't miss your chance to see this one before it's gone!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$849
Property Tax -$201
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$52

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.

$230,000

PROJECTED PRICE

$1,280

PROJECTED RENT

0.56%

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$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$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$849

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$20,418

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,374

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2803$1,3004$1,3955$1,395
$1,395
RENT COMPS ANALYSIS
  • 3606 Arvin Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1963 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.74
    •  
  • 5102 Elizabeth Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2002
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.84
    •  
  • 4638 Esmeralda Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,642 Sqft ∙ Built 2012 3 beds 3 baths ∙ 1,642 Sqft ∙ Built 2012
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.79
    •  
  • 4526 Esmeralda Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2013
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.79
    •  
  • 4640 Belmar Place Road Charlotte, NC 5
    • 3 beds 4 baths ∙ 1,828 Sqft ∙ Built 2009 3 beds 4 baths ∙ 1,828 Sqft ∙ Built 2009
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.76
    •  
PROPERTY LISTING DETAILS
Elizabeth Thao
1.888.584.9431
Exp Realty
BESbswy