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4838 Palustris Court Charlotte, NC 28269

4 Beds 3 Baths 3,082 sqft Built 2006

$260,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $84.36
  • 4 Days on Market
  • MLS # : 3676460
  • Updated Date : 11/02/2020 at 22:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,082 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Wonderful 4 bedroom/2.5 bathroom + an office is waiting for you close to uptown in the quaint community of Oakbrooke. Spacious open floor plan, separate loft area on the second floor for entertaining. With new paint, fenced in backyard, dishwasher recently replaced and a beautiful cul-de-sac lot, this home is move-in ready. Conveniently located close to 77, great shopping and dining also nearby. Come and take a look at this expansive home today! PLEASE SUBMIT HIGHEST AND BEST OFFERS BY 6PM 11/3/20 Melissa.Small@CBCarolinas.com.

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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: West Sugar Creek

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $106k235k

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

Neighborhood: West Sugar Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
Winding Springs Elementary School Primary Regular 859 60 3
J.m. Alexander Middle School Middle Regular 865 40 4
North Mecklenburg High School High Regular 1,881 101 3

Winding Springs Elementary School

  • Education Level: Primary
  • # of students: 859
  • # of teachers: 60
3
GreatSchools Rating

J.m. Alexander Middle School

  • Education Level: Middle
  • # of students: 865
  • # of teachers: 40
4
GreatSchools Rating

North Mecklenburg High School

  • Education Level: High
  • # of students: 1,881
  • # of teachers: 101
3
GreatSchools Rating
 

$234,000$286,000$260,000

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 -$959
Property Tax -$227
Property Insurance -$85
HOA -$17
Property Management Fees -$158
CASH FLOW
$305

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$260,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

10.08

YEARS SAVED

$45,124

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
  • $0.57

    LIST RENT PER SQFT
  • $1,788

    COMP ESTIMATED VALUE
  • $0.58

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6253$1,7504$1,795
$1,795
RENT COMPS ANALYSIS
  • 4838 Palustris Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 3,082 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,082 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.57
    •  
  • 8719 Oak Drive Charlotte, NC 1
    • 4 beds 4 baths ∙ 2,885 Sqft ∙ Built 2013 4 beds 4 baths ∙ 2,885 Sqft ∙ Built 2013
    LEASED 10/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.54
    •  
  • 8515 Thelema Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,772 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,772 Sqft ∙ Built 2008
    LEASED 07/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.59
    •  
  • 8621 Old Potters Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,930 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,930 Sqft ∙ Built 2008
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.61
    •  
PROPERTY LISTING DETAILS
Melissa Small
1.704.968.0826
Coldwell Banker Realty
BESbswy