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4200 Davis Meadows Drive Charlotte, NC 28216

3 Beds 2 Baths 1,517 sqft Built 2009

INVESTimate

$238,000

List Price

$1,280

$1,152 - $1,408

Rent Est.

$259,277  ( +8.94%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 2009
  • Price/Sqft : $156.89
  • 3 Days on Market
  • MLS # : 3654874
  • Updated Date : 08/24/2020 at 10:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,517 sqft
  • Baths : 2 full
Listing Agent

Velocity Properties Llc

Listing Agent's Description

This former model home in highly sought after Davis Meadows is just what you've been looking for! This single story home has a two car garage that is climate controlled with its own AC & heat, wired speakers throughout, open main living area and spacious kitchen. All appliances convey. The main oversized bedroom has a very large on suite bathroom and closet. Yard has in ground irrigation system. Great location!!

SEE MORE

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: Northlake

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $107k318k

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

Neighborhood: Northlake

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
Hornets Nest Elementary School Primary Regular 587 34 3
Ranson Middle School Middle Regular 1,138 57 3
Hopewell High School High Regular 1,653 87 3

Hornets Nest Elementary School

  • Education Level: Primary
  • # of students: 587
  • # of teachers: 34
3
GreatSchools Rating

Ranson Middle School

  • Education Level: Middle
  • # of students: 1,138
  • # of teachers: 57
3
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating
 

$214,200$261,800$238,000

PURCHASE PRICE

$1,152$1,408$1,280

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

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 $1,280
EXPENSES Loan Payment -$878
Property Tax -$208
Property Insurance -$56
HOA -$50
Property Management Fees -$115
CASH FLOW
-$27

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.

$238,000

PROJECTED PRICE

$1,280

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.94%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,820

INVESTMENT

$68,820

Down Payment
$59,500
Rehab Estimate
$5,750
Closing Costs
$3,570

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$878

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,500
Loan Amount $178,500
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$10,623

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,293

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,280
1$1,2802$1,3783$1,3954$1,3955$1,449
$1,449
RENT COMPS ANALYSIS
  • 4200 Davis Meadows Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,517 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,517 Sqft ∙ Built 2009
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.84
    •  
  • 9926 Rockmeadow Drive Charlotte, NC 2
    • 4 beds 2 baths ∙ 1,700 Sqft ∙ Built 1970 4 beds 2 baths ∙ 1,700 Sqft ∙ Built 1970
    property image
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,378
    • $0.81
    •  
  • 7625 Jenny Ann Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2010 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2010
    property image
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.82
    •  
  • 7925 Ambleside Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 1996
    property image
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.85
    •  
  • 9506 Pond Vista Court Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,560 Sqft ∙ Built 3 beds 2 baths ∙ 1,560 Sqft ∙ Built
    property image
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.93
    •  
PROPERTY LISTING DETAILS
Greg Kisshauer
1.704.840.4957
Velocity Properties Llc
BESbswy