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4028 Bon Rea Drive Charlotte, NC 28226

3 Beds 2 Baths 1,834 sqft Built 1987

$349,900

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1987
  • Price/Sqft : $190.79
  • 5 Days on Market
  • MLS # : 3675787
  • Updated Date : 11/04/2020 at 14:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,834 sqft
  • Baths : 2 full
Listing Agent

The W Realty Group Inc.

Listing Agent's Description

Welcome home to this 3 bedroom 2 bath home in Cedar Woods! Open floor plan with LVP flooring in the main living areas. Completely renovated kitchen with gray cabinets, quartz countertops, farmhouse sink, stainless steel appliances including a gas cooktop & hood, pantry, recessed lighting & large island with at-counter seating. Living room with vaulted ceiling and stone fireplace. Entertain at the wet bar which boasts shiplap, shelving, a sink & additional at-counter seating. Updated and stylish light fixtures give the main living area such a modern look. All 3 bedrooms with ceiling fans. Master bedroom with 2 walk-in closets. Relax on the screened-in porch overlooking the private and fully fenced backyard complete with stone patio, perfect for a fire pit. New fence & exterior paint 2020. New windows 2019. Easy access to Southpark, the shops at Rea & Colony and the Arboretum!

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: Wessex Square

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $116k394k

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

Neighborhood: Wessex Square

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8442180

* 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
Olde Providence Elementary School Primary Regular 717 39 9
Carmel Middle School Middle Regular 1,050 58 7
Myers Park High School High Regular 2,762 145 8

Olde Providence Elementary School

  • Education Level: Primary
  • # of students: 717
  • # of teachers: 39
9
GreatSchools Rating

Carmel Middle School

  • Education Level: Middle
  • # of students: 1,050
  • # of teachers: 58
7
GreatSchools Rating

Myers Park High School

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

$314,910$384,890$349,900

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$1,291
Property Tax -$308
Property Insurance -$62
Property Management Fees -$158
CASH FLOW
-$68

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.

$349,900

PROJECTED PRICE

$1,750

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$14,970

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,926

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7503$1,7504$1,9005$2,200
$2,200
RENT COMPS ANALYSIS
  • 4028 Bon Rea Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,834 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,834 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.95
    •  
  • 6736 Bradstock Lane Charlotte, NC 1
    • 4 beds 2 baths ∙ 1,677 Sqft ∙ Built 1967 4 beds 2 baths ∙ 1,677 Sqft ∙ Built 1967
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.04
    •  
  • 6724 Castlegate Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,646 Sqft ∙ Built 1966 4 beds 3 baths ∙ 1,646 Sqft ∙ Built 1966
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.06
    •  
  • 3327 Silver Stream Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 2016
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.95
    •  
  • 4034 Bon Rea Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,908 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,908 Sqft ∙ Built 1985
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.15
    •  
PROPERTY LISTING DETAILS
Scott Wurtzbacher
1.704.366.4000
The W Realty Group Inc.
BESbswy