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413 Fairwoods Drive Huntersville, NC 28078

4 Beds 4 Baths 3,340 sqft Built 2003

INVESTimate

$475,000

List Price

$2,300

$2,070 - $2,530

Rent Est.

$491,815  ( +3.54%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2003
  • Price/Sqft : $142.22
  • 6 Days on Market
  • MLS # : 3653877
  • Updated Date : 08/24/2020 at 11:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,340 sqft
  • Baths : 3 full , 1 half
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

Gorgeous Niblock home in Skybrook backing to the Golf Course w/ rare 1st floor Owner's Suite! This spacious 4 bed, 3.5 bath home boasts soaring ceilings, a 3 car side entry garage, & custom details throughout. This open plan is perfect for entertaining w/ a welcoming front porch, large kitchen & great room, extended 2 tier back deck & large bonus room w/ custom built-in bar & surround sound. Owner's bath features dual gentleman's height vanities, garden tub w/ jets, & custom frameless shower w/ jetted shower system. Kitchen features: large island, stainless steel appliances, dual ovens, trash compactor & pendant lighting. Additional features: bay windows, full irrigation, stone fireplace, wrought iron railings, custom woodwork & trim throughout, double hung windows, walk-in attic storage in the bonus room! New furnace & AC in 2017! Community amenities: basketball & volleyball, athletic fields, 2 playgrounds, ponds, & walking trails. Golf, Swim & Tennis Club avail for additional fee.

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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: Skybrook

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $118k410k

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

Neighborhood: Skybrook

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $8442520

* 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
Cox Mill Elementary School Primary Regular 1,112 61 9
Harris Road Middle School Middle Regular 1,185 63 9
Cox Mill High School High Regular 1,478 76 7

Cox Mill Elementary School

  • Education Level: Primary
  • # of students: 1,112
  • # of teachers: 61
9
GreatSchools Rating

Harris Road Middle School

  • Education Level: Middle
  • # of students: 1,185
  • # of teachers: 63
9
GreatSchools Rating

Cox Mill High School

  • Education Level: High
  • # of students: 1,478
  • # of teachers: 76
7
GreatSchools Rating
 

$427,500$522,500$475,000

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,753
Property Tax -$238
Property Insurance -$89
HOA -$38
Property Management Fees -$207
CASH FLOW
-$25

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.

$475,000

PROJECTED PRICE

$2,300

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.54%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,753

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$28,420

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $2,282

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,1353$2,2504$2,3005$2,445
$2,445
RENT COMPS ANALYSIS
  • 413 Fairwoods Drive Huntersville, NC 4
    • 4 beds 4 baths ∙ 3,284 Sqft ∙ Built 2003 4 beds 4 baths ∙ 3,284 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.70
    •  
  • 1318 Bedlington Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,936 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,936 Sqft ∙ Built 2005
    LEASED 03/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.68
    •  
  • 10189 Falling Leaf Drive Concord, NC 2
    • 4 beds 3 baths ∙ 2,964 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,964 Sqft ∙ Built 2008
    LEASED 02/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,135
    • $0.72
    •  
  • 714 Richland Drive Huntersville, NC 3
    • 4 beds 4 baths ∙ 3,214 Sqft ∙ Built 2005 4 beds 4 baths ∙ 3,214 Sqft ∙ Built 2005
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.70
    •  
  • 10139 Lafoy Drive Huntersville, NC 5
    • 4 beds 4 baths ∙ 3,578 Sqft ∙ Built 2001 4 beds 4 baths ∙ 3,578 Sqft ∙ Built 2001
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,445
    • $0.68
    •  
PROPERTY LISTING DETAILS
Dana Derylak
1.704.604.9325
Southern Homes Of The Carolinas
BESbswy