Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3701 Starmount Avenue Charlotte, NC 28269

3 Beds 3 Baths 1,609 sqft Built 1955

$239,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1955
  • Price/Sqft : $148.54
  • 2 Days on Market
  • MLS # : 3680339
  • Updated Date : 11/07/2020 at 11:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,609 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Gorgeous newly remodeled brick ranch 3 BR/2.5 bath on .73 acres of wooded oasis in heart of Charlotte! Rocking chair front porch welcomes you into a wonderful open living room w/ gleaming NEWLY refinished hardwood floors, loads of natural light & wood burning fireplace. This split bedroom plan offers a spacious private master w/ expansive sliding glass door & ramp for easy access w/ pristine master bath incl. low profile step in shower w/ handle bars! Make sure not to miss the detached garage & 2 additional sheds for loads of storage! Entertain on gorgeous screened in porch overlooking your park like setting back yard. A great place to entertain or just sit back, relax & enjoy. Tranquility at its finest! Prime location & MOVE IN CONDITION! Must see to believe this level of seclusion still exists w/n the city limits while close to I77 & I85, mall & loads of entmt & shopping!! OPTIONAL HOA $35/year! Incl. fishing in the gorgeous pond across the street, access to pavilion & baseball field

SEE MORE

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: Rockwell Park - Hemphill Heights

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Rockwell Park - Hemphill Heights

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
 

$215,100$262,900$239,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$882
Property Tax -$208
Property Insurance -$57
HOA -$3
Property Management Fees -$125
CASH FLOW
$114

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.

$239,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.3%
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$800k

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,085

INVESTMENT

$69,085

Down Payment
$59,750
Rehab Estimate
$5,750
Closing Costs
$3,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$882

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,750
Loan Amount $179,250
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$22,925

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,384

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3503$1,3554$1,3905$1,399
$1,399
RENT COMPS ANALYSIS
  • 3701 Starmount Avenue Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,609 Sqft ∙ Built 1955 3 beds 3 baths ∙ 1,609 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.86
    •  
  • 4417 Devonhill Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2001
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.88
    •  
  • 3908 Far West Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,564 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,564 Sqft ∙ Built 2003
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.86
    •  
  • 8214 Braids Bend Court Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 2002
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,355
    • $0.81
    •  
  • 4824 Lynn Lee Circle Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 2015
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.93
    •  
PROPERTY LISTING DETAILS
Christine Giambattista
1.716.983.9097
Exp Realty Llc
BESbswy