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3637 Ernie Drive Charlotte, NC 28269

3 Beds 2 Baths 1,130 sqft Built 2011

$195,000

List Price

$1,120

$1K - $1.2K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $172.57
  • 3 Days on Market
  • MLS # : 3685449
  • Updated Date : 11/21/2020 at 10:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,130 sqft
  • Baths : 2 full
Listing Agent

Arthur Realty Llc

Listing Agent's Description

Beautiful home located in a growing area minutes from uptown Charlotte. This open concept home features vaulted ceilings in the great room and an eat-in kitchen with chestnut cabinets, crown molding, a bar height countertop, and black appliances. Large master suite with a walk-in closet and vaulted ceilings. Spacious secondary bedrooms. Private, fenced-in backyard great for entertaining. Transferable builder’s warranty. 3-D Tour Available on our website.

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
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,008$1,232$1,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,120
EXPENSES Loan Payment -$719
Property Tax -$176
Property Insurance -$48
HOA -$28
Property Management Fees -$101
CASH FLOW
$47

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.

$195,000

PROJECTED PRICE

$1,120

PROJECTED RENT

0.57%

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$719

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$13,066

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,120

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $983

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$900
1$9002$1,1203$1,2254$1,2955$1,299
$1,299
RENT COMPS ANALYSIS
  • 3637 Ernie Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,130 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,130 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $1,120
    • $0.99
    •  
  • 3121 Iredell Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1956 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1956
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $0.83
    •  
  • 5209 Wales Street Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,418 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,418 Sqft ∙ Built 1951
    LEASED 08/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.86
    •  
  • 5132 Elizabeth Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 2002
    LEASED 10/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.88
    •  
  • 5118 Cross Street Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,425 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,425 Sqft ∙ Built 2004
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.91
    •  
PROPERTY LISTING DETAILS
Octavia Arthur
1.980.221.9516
Arthur Realty Llc
BESbswy