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4223 Davis Meadows Drive Charlotte, NC 28216

4 Beds 3 Baths 2,060 sqft Built 2014

$275,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $133.50
  • 4 Days on Market
  • MLS # : 3705459
  • Updated Date : 02/06/2021 at 22:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,060 sqft
  • Baths : 2 full , 1 half
Listing Agent

Armstrong Realty Group

Listing Agent's Description

MULTIPLE OFFERS, REQUESTING HIGHEST AND BEST OFFERS BY 6PM ON 2/7/2021. This Is It! 4 bed 2 1/2 bath w/2 car garage. Brand new floating plank floors on the entire 1st floor. Open living room with gas fireplace connects to large dining room with tons of natural light. Eat-in Kitchen with plenty of cabinets and countertop space. Main level open floor-plan has great flow for functionality and entertaining. The huge flat backyard boasts oversized patio w/gazebo for cookouts and family gatherings. Huge, huge, huge elegant owner's retreat w/ vaulted ceiling & large walk in closet, master bath with dual vanity, separate shower and garden tub. Spacious secondary bedrooms, bathroom & laundry on second floor! Great Community and did I mention the location, location, location... close to....I-77 & I-485, Shopping, Parks and every convenience you can think of or possibly want! You won't find a HOME like this...for the Price....anywhere! Your search is over....Hurry it won't last!

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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: 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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$955
Property Tax -$240
Property Insurance -$66
HOA -$50
Property Management Fees -$119
CASH FLOW
$190

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.

$275,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.9%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

9.17

YEARS SAVED

$34,343

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,602

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,5753$1,5954$1,6005$1,620
$1,620
RENT COMPS ANALYSIS
  • 4223 Davis Meadows Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.79
    •  
  • 5321 Valcourt Road Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2005
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.71
    •  
  • 9427 Darwick Street Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,940 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,940 Sqft ∙ Built 2006
    LEASED 01/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.81
    •  
  • 8213 Ainsworth Street Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,010 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,010 Sqft ∙ Built 2006
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.79
    •  
  • 8838 Chalkstone Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2007
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.80
    •  
PROPERTY LISTING DETAILS
Davis Armstrong
1.704.430.6097
Armstrong Realty Group
BESbswy