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3900 Selwyn Avenue Charlotte, NC 28209

4 Beds 2 Baths 1,491 sqft Built 1956

$420,000

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1956
  • Price/Sqft : $281.69
  • 8 Days on Market
  • MLS # : 3676478
  • Updated Date : 11/02/2020 at 11:11
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,491 sqft
  • Baths : 2 full
Listing Agent

Premier South

Listing Agent's Description

This ALL-BRICK 1.5 story home with BASEMENT, sits on a .57 acre wooded lot in the heart of the Myers Park neighborhood of Charlotte! Walk everywhere!! The main level has a full bathroom and bedroom. There is a large great room and partially updated kitchen. The kitchen has a deck with a gorgeous view of the wooded lot. Upstairs has 2 large secondary bedrooms and another full bath. The basement has a finished room with fireplace that makes a great 4th bedroom! Lots of storage and laundry in the basement too! There is a long driveway with paved parking and covered carport. The lot and backyard are amazing! Home is pre-inspected and the report is available upon request. Price is firm.

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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: Barclay Downs

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $116k503k

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

Neighborhood: Barclay Downs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600280030003200Rent in $8443259

* 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
Selwyn Elementary School Primary Regular 850 48 7
Alexander Graham Middle School Middle Regular 1,449 77 7
Myers Park High School High Regular 2,762 145 8

Selwyn Elementary School

  • Education Level: Primary
  • # of students: 850
  • # of teachers: 48
7
GreatSchools Rating

Alexander Graham Middle School

  • Education Level: Middle
  • # of students: 1,449
  • # of teachers: 77
7
GreatSchools Rating

Myers Park High School

  • Education Level: High
  • # of students: 2,762
  • # of teachers: 145
8
GreatSchools Rating
 

$378,000$462,000$420,000

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,550
Property Tax -$451
Property Insurance -$54
Property Management Fees -$191
CASH FLOW
-$126

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.

$420,000

PROJECTED PRICE

$2,120

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
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-$5.0k$0.0$5.0k$10k

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$117,050

INVESTMENT

$117,050

Down Payment
$105,000
Rehab Estimate
$5,750
Closing Costs
$6,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,550

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $105,000
Loan Amount $315,000
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$14,101

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $1.49

    LIST RENT PER SQFT
  • $1,799

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6253$1,6504$1,9005$2,120
$2,120
RENT COMPS ANALYSIS
  • 3900 Selwyn Avenue Charlotte, NC 5
    • 4 beds 2 baths ∙ 1,422 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,422 Sqft ∙ Built 1956
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $1.49
    •  
  • 5114 Buckingham Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,242 Sqft ∙ Built 1949 3 beds 1 baths ∙ 1,242 Sqft ∙ Built 1949
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.28
    •  
  • 1417 Montford Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1954
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $1.30
    •  
  • 845 Fairbanks Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 1958
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.18
    •  
  • 1121 Seneca Place Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,466 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,466 Sqft ∙ Built 1956
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.30
    •  
PROPERTY LISTING DETAILS
Rachel Lewis
1.704.577.9849
Premier South
BESbswy