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4630 Abercromby Street Charlotte, NC 28213

3 Beds 3 Baths 1,749 sqft Built 2007

$245,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $140.08
  • 3 Days on Market
  • MLS # : 3691514
  • Updated Date : 01/15/2021 at 16:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,749 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Turn key, move in ready home! Don't miss seeing this clean, 2 story home in popular subdivision Coventry! 2 story home features 3 beds and 2 full bathrooms along with a half bath on the main. Granite countertops, floor to ceiling new paint inside, new carpet and fresh landscaping. Lot is situated on a wooded backdrop with no neighbors behind you. Flat, fenced in yard is perfect for owners with pets! 2 car garage and lots of storage! Hurry and schedule a showing for this gem in the heart of it all!

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: Back Creek Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Back Creek 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
Stoney Creek Elementary School Primary Regular 853 50 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

Stoney Creek Elementary School

  • Education Level: Primary
  • # of students: 853
  • # of teachers: 50
4
GreatSchools Rating

James Martin Middle School

  • Education Level: Middle
  • # of students: 1,113
  • # of teachers: 54
3
GreatSchools Rating

Vance High School

  • Education Level: High
  • # of students: 1,714
  • # of teachers: 91
3
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$851
Property Tax -$222
Property Insurance -$60
HOA -$40
Property Management Fees -$119
CASH FLOW
$228

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.

$245,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.4%
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$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

10.33

YEARS SAVED

$36,775

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,513

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,345
1$1,3452$1,3503$1,5204$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 4630 Abercromby Street Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,749 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,749 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.87
    •  
  • 4924 Abercromby Street Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,558 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,558 Sqft ∙ Built 2013
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.86
    •  
  • 13703 Riding Hill Avenue Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,663 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,663 Sqft ∙ Built 2004
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.81
    •  
  • 4324 Houldsworth Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2013
    LEASED 11/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.91
    •  
  • 14312 Riding Hill Avenue Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,811 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,811 Sqft ∙ Built 2001
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.88
    •  
PROPERTY LISTING DETAILS
Mark Mcclaskey
1.704.604.5952
Wilkinson Era Real Estate
BESbswy