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3623 Robin Lane Charlotte, NC 28269

3 Beds 3 Baths 2,182 sqft Built 2002

INVESTimate

$325,000

List Price

$1,680

$1,512 - $1,848

Rent Est.

$345,735  ( +6.38%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2002
  • Price/Sqft : $148.95
  • 8 Days on Market
  • MLS # : 3652351
  • Updated Date : 08/20/2020 at 09:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,182 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams University City

Listing Agent's Description

Come see this stunning well maintained all brick ranch home located on a cul-de-sac in Mallard Creek Estates community. This open floor plan home has a great room with gas burning fireplace, hardwoods throughout entry way, kitchen and halls, Large Master Bath w/dual vanity, separate shower and garden tub. The large, private deck is the perfect space for entertaining, family time, outdoor games or grilling. Garage features an installed backup generator. Conveniently located close to I-85, I-77, and University.

SEE MORE

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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$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$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,199
Property Tax -$283
Property Insurance -$68
Property Management Fees -$151
CASH FLOW
-$22

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.

$325,000

PROJECTED PRICE

$1,680

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$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$17,144

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,522

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,5953$1,5954$1,6805$1,750
$1,750
RENT COMPS ANALYSIS
  • 3623 Robin Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,182 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,182 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.77
    •  
  • 3800 Melshire Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,378 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,378 Sqft ∙ Built 1990
    LEASED 09/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.67
    •  
  • 12006 Mallard Ridge Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,346 Sqft ∙ Built 1993 3 beds 3 baths ∙ 2,346 Sqft ∙ Built 1993
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.68
    •  
  • 3701 Waterton Leas Court Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,304 Sqft ∙ Built 1988 3 beds 3 baths ∙ 2,304 Sqft ∙ Built 1988
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.69
    •  
  • 4221 Saxonbury Way Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,321 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,321 Sqft ∙ Built 1987
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.75
    •  
PROPERTY LISTING DETAILS
Brittney Gray
1.704.287.0204
Keller Williams University City
BESbswy