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4000 Armitage Drive Charlotte, NC 28269

3 Beds 2 Baths 1,500 sqft Built 1988

INVESTimate

$260,000

List Price

$1,430

$1,287 - $1,573

Rent Est.

$276,588  ( +6.38%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1988
  • Price/Sqft : $173.33
  • 13 Days on Market
  • MLS # : 3651953
  • Updated Date : 08/24/2020 at 09:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,500 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Lake Norman

Listing Agent's Description

Adorable RANCH home in popular Winchester! Wonderful, open concept home has been well cared for! Large great room features tons of natural light, a gas fireplace, plush carpeting, & open to the dining room. The kitchen has tons of cabinetry for added storage, a center island, tile backsplash & stainless appliances. Enjoy the open flow from the kitchen to the dining area, featuring beautiful vinyl plank flooring. The dining area provides access to your back deck. Lovely owner's suite w/ ceiling fan & spectacular walk-in closet. The owner's bath is complete w/ espresso cabinets, dual sinks, stand up shower, soaking tub & tile floors. You'll find 2 additional bedrooms w/ ceiling fans & generous closet space. Secondary bath features tile flooring & a tub/shower combo. Step outside to your enormous deck overlooking the private backyard. Sip your morning coffee & take in the serene landscape. Winchester offers a community clubhouse, pool, playground, tennis courts, & walking trails.

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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: Prosperity Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Prosperity Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Croft Community School Primary Regular 644 35 NA
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

Croft Community School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 35
NA
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$959
Property Tax -$230
Property Insurance -$55
HOA -$45
Property Management Fees -$129
CASH FLOW
$11

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.

$260,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.38%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$15,352

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,253

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,345
1$1,3452$1,3653$1,3754$1,4305$1,560
$1,560
RENT COMPS ANALYSIS
  • 4000 Armitage Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.95
    •  
  • 9815 Cooper Run Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,720 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,720 Sqft ∙ Built 1990
    property image
    LEASED 11/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.78
    •  
  • 4219 Saint Audrey Place Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,686 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,686 Sqft ∙ Built 1987
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,365
    • $0.81
    •  
  • 4326 Hazlitt Court Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1988
    property image
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.84
    •  
  • 4212 Wynborough Lane Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,774 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,774 Sqft ∙ Built 1994
    property image
    LEASED 06/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.88
    •  
PROPERTY LISTING DETAILS
Matt Sarver
1.704.506.2323
Keller Williams Lake Norman
BESbswy