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PROPERTY INFO
FACTS
- Single Family
- Built In 1955
- Price/Sqft : $286.68
- 12 Days on Market
- MLS # : 3698388
- Updated Date : 01/21/2021 at 12:16
CONSTRUCTION
- Beds : 3
- Floor Size : 1,186 sqft
- Baths : 1 full
Listing Agent
Stephen Cooley Real Estate Group
Listing Agent's Description
Welcome to this adorable bungalow in the hot neighborhood of Madison Park. This home features 3 bedrooms and a full updated bathroom, hardwood flooring, spacious kitchen, dining area and a living room with abundant natural light. A fabulous laundry room with a sink, cabinetry and folding area. Large flat, fenced back yard. The home was just freshly painted. The roof, plumbing and electrical systems were replaced in 2020. A gas line was added for a gas stove in 2018 and the furnace replaced in 2015. New tankless hot water heater. One of the best locations in the area. Close to South Park, Park Road Shopping Center, easily accessible to highways and Park Road for Uptown or Ballantyne commutes.
SEE MORE
- 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: Madison Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Madison Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,520 |
| EXPENSES | Loan Payment | -$1,181 |
| Property Tax | -$307 | |
| Property Insurance | -$50 | |
| Property Management Fees | -$119 | |
|
CASH FLOW
-$137
|
||
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.
$340,000
PROJECTED PRICE
$1,520
PROJECTED RENT
0.45%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.48% |
| Appreciation Year (1-5) | 9.8% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 6.31% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$95,850
LOAN DETAILS
$1,181
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $85,000 |
| Loan Amount | $255,000 |
3.58
YEARS SAVED
$10,684
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 -
$1.28
LIST RENT PER SQFT
-
$1,539
COMP ESTIMATED VALUE -
$1.3
COMP AVG. RENT PER SQFT
Comps Range
-
5001 Baylor Drive Charlotte, NC 3
- 3 beds 1 baths ∙ 1,186 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,186 Sqft ∙ Built 1955
- Rent
- Rent Per SQFT
- $1,520
- $1.28
-
5009 Murrayhill Road Charlotte, NC 1
- 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1957
LEASED 03/17/20- Rent
- Rent Per SQFT
- $1,350
- $1.18
-
5012 Furman Place Charlotte, NC 2
- 3 beds 1 baths ∙ 1,110 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,110 Sqft ∙ Built 1954
LEASED 03/21/20- Rent
- Rent Per SQFT
- $1,450
- $1.31
-
614 Cooper Drive Charlotte, NC 4
- 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 1961
LEASED 12/22/20- Rent
- Rent Per SQFT
- $1,600
- $1.31
-
4829 Murrayhill Road Charlotte, NC 5
- 4 beds 2 baths ∙ 1,260 Sqft ∙ Built 1952 4 beds 2 baths ∙ 1,260 Sqft ∙ Built 1952
LEASED 04/08/20- Rent
- Rent Per SQFT
- $1,750
- $1.39
PROPERTY LISTING DETAILS
1.803.985.1240
Stephen Cooley Real Estate Group
