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3615 Briarthorne Drive Charlotte, NC 28269

3 Beds 3 Baths 1,749 sqft Built 1991

INVESTimate

$267,900

List Price

$1,380

$1,242 - $1,518

Rent Est.

$284,992  ( +6.38%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1991
  • Price/Sqft : $153.17
  • 9 Days on Market
  • MLS # : 3651402
  • Updated Date : 08/22/2020 at 13:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,749 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ck Select Real Estate

Listing Agent's Description

Two-story home on over-sized lot just a half mile from W.T. Harris Blvd. This 3/2.5 home has almost 1/2 acre on a quiet cul-de-sac. Fenced yard with grapes, blueberry and blackberry bushes and a garden shed. The wooded area offers lots of possibilities. This open floor plan home has a great room with a wood-burning fireplace. Upstairs, the master bedroom features a vaulted ceiling with plant shelf. Master bath has a garden tub and dual vanities. Also upstairs are 2 additional bedrooms and a fourth space which has been used as an office but has both a window and a closet. Home has security doors and comes with Google Nest for whole home connectivity. This established neighborhood has NO HOA!

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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: Prosperity Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Prosperity Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
David Cox Road Elementary School Primary Regular 784 46 4
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

David Cox Road Elementary School

  • Education Level: Primary
  • # of students: 784
  • # of teachers: 46
4
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$241,110$294,690$267,900

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

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-$2.0k$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$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$988
Property Tax -$234
Property Insurance -$60
Property Management Fees -$124
CASH FLOW
-$26

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.

$267,900

PROJECTED PRICE

$1,380

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.38%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$76,744

INVESTMENT

$76,744

Down Payment
$66,975
Rehab Estimate
$5,750
Closing Costs
$4,019

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$988

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,975
Loan Amount $200,925
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$13,211

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,439

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,365
1$1,3652$1,3753$1,3804$1,4495$1,495
$1,495
RENT COMPS ANALYSIS
  • 3615 Briarthorne Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,749 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,749 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.79
    •  
  • 4219 Saint Audrey Place Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,686 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,686 Sqft ∙ Built 1987
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,365
    • $0.81
    •  
  • 4326 Hazlitt Court Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1988
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.84
    •  
  • 3535 Briarthorne Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,760 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,760 Sqft ∙ Built 1991
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.82
    •  
  • 3900 Brownes Ferry Road Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,821 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,821 Sqft ∙ Built 1989
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.82
    •  
PROPERTY LISTING DETAILS
Joy Pinto
1.704.668.6638
Ck Select Real Estate
BESbswy