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3626 Eastway Drive Charlotte, NC 28205

4 Beds 3 Baths 1,533 sqft Built 1941

$315,000

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1941
  • Price/Sqft : $205.48
  • 9 Days on Market
  • MLS # : 3696927
  • Updated Date : 01/15/2021 at 08:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,533 sqft
  • Baths : 3 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

Lovely Brick home in established Charlotte neighborhood-OAKHURST HEIGHTS--3 Br 2 Baths on main level--Additional living space in converted basement ie. Living Room, Kitchen, Bedroom, Bath, Private Entrance. Plenty of additional room in partially finished attic/loft area that could be converted to living space also Basement space could be leased ( seller has done so previously ) or it would be excellent for student, family member, ie. in-law , retired adult or parent

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Briarcreek - Woodland

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $74k269k

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

Neighborhood: Briarcreek - Woodland

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
Oakhurst Elementary School Primary Regular NA
Eastway Middle School Middle Regular 932 55 2
Garinger High School High Regular 1,748 106 NA

Oakhurst Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Eastway Middle School

  • Education Level: Middle
  • # of students: 932
  • # of teachers: 55
2
GreatSchools Rating

Garinger High School

  • Education Level: High
  • # of students: 1,748
  • # of teachers: 106
NA
GreatSchools Rating
 

$283,500$346,500$315,000

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$1,094
Property Tax -$275
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
-$84

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.

$315,000

PROJECTED PRICE

$1,460

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 10.0%
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$200k$400k$600k$800k$1.0M$1.2M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,094

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$11,126

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,472

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4003$1,4004$1,4605$1,495
$1,495
RENT COMPS ANALYSIS
  • 3626 Eastway Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,533 Sqft ∙ Built 1941 4 beds 3 baths ∙ 1,533 Sqft ∙ Built 1941
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.95
    •  
  • 1442 Medford Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1952
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.84
    •  
  • 3958 Sheffield Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1956
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.04
    •  
  • 4134 Sheridan Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1951
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.01
    •  
  • 1129 Norland Road Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,578 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,578 Sqft ∙ Built 1953
    LEASED 11/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.95
    •  
PROPERTY LISTING DETAILS
Denver Board
1.704.806.0885
Keller Williams South Park
BESbswy