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3631 Alexander Forest Drive Charlotte, NC 28269

3 Beds 3 Baths 2,680 sqft Built 2015

$249,900

List Price

$1,510

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $93.25
  • 5 Days on Market
  • MLS # : 3690228
  • Updated Date : 12/11/2020 at 22:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,680 sqft
  • Baths : 2 full , 1 half
Listing Agent

The Blackmon Group, Llc

Listing Agent's Description

This beautiful home has a spacious family room and dining area that can be very versatile. The open kitchen leads outside to a level yard and over sized patio for wonderful entertaining. Travel upstairs to the area of three bedrooms with large walk in closets and two bathrooms. The master bedroom has high ceilings and that has a garden tub and separate shower. The master bedroom and closet are so oversized you will fall in love with it. Showings begin on Sunday, 12/13/2020 at 11am. Please schedule through showing time. Seller is selling personal Property in the home. See list of personal items in the home. Please make sure all lights are turned off and all doors and windows are locked when leaving. Please adhere to covid-19 protective measures when showing this property and ensure you are using masks, gloves, and hand sanitizer. Home is in the process of being professionally measured.

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: 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
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$922
Property Tax -$218
Property Insurance -$78
Property Management Fees -$119
CASH FLOW
$174

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.

$249,900

PROJECTED PRICE

$1,510

PROJECTED RENT

0.60%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$34,600

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,510

    LIST RENT
  • $0.56

    LIST RENT PER SQFT
  • $1,407

    COMP ESTIMATED VALUE
  • $0.53

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,5103$1,550
$1,550
RENT COMPS ANALYSIS
  • 3631 Alexander Forest Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,680 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,680 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $0.56
    •  
  • 2927 Meadow Knoll Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,630 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,630 Sqft ∙ Built 2007
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.51
    •  
  • 8719 Oak Drive Charlotte, NC 3
    • 4 beds 4 baths ∙ 2,885 Sqft ∙ Built 2013 4 beds 4 baths ∙ 2,885 Sqft ∙ Built 2013
    LEASED 10/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.54
    •  
PROPERTY LISTING DETAILS
Akenna Blackmon
1.704.287.3356
The Blackmon Group, Llc
BESbswy