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504 River View Drive Lowell, NC 28098

4 Beds 3 Baths 2,084 sqft Built 2006

$245,000

List Price

$1,570

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $117.56
  • 4 Days on Market
  • MLS # : 3681656
  • Updated Date : 11/12/2020 at 15:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,084 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wilcox Real Estate Group

Listing Agent's Description

Conveniently located in the neighborhood, this former model home offers an oversized driveway and 2 car garage. Key features include hardwoods throughout main floor, fresh paint on doors and trim, private fenced in backyard, 1/2 bath on main floor. Eat in kitchen with nice appliances, backsplash and easy access to backyard & patio area. Cozy living room with gas logs connected to dining room, currently being used as a playroom or flex space. Upstairs offers 4 large bedrooms and laundry closet. HUGE master bedroom, with vaulted ceilings, walk in closet and large bathroom with dual vanity, marble tile floor and tile surround in shower. Community features include playground, walking trails and river access for canoe/kayakers! Walking distance to elementary school.

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

Zip Code: 28098

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k213k

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

Zip Code: 28098

ZipNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6681375

* 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
Lowell Elementary School Primary Regular 537 31 4
Holbrook Middle School Middle Regular 731 40 6
Ashbrook High School High Regular 1,436 89 4

Lowell Elementary School

  • Education Level: Primary
  • # of students: 537
  • # of teachers: 31
4
GreatSchools Rating

Holbrook Middle School

  • Education Level: Middle
  • # of students: 731
  • # of teachers: 40
6
GreatSchools Rating

Ashbrook High School

  • Education Level: High
  • # of students: 1,436
  • # of teachers: 89
4
GreatSchools Rating
 

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

PURCHASE PRICE

$1,413$1,727$1,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,570
EXPENSES Loan Payment -$904
Property Tax -$198
Property Insurance -$66
HOA -$15
Property Management Fees -$141
CASH FLOW
$246

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

$1,570

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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

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$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.

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$38,753

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,610

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3453$1,4454$1,5505$1,570
$1,570
RENT COMPS ANALYSIS
  • 504 River View Drive Lowell, NC 5
    • 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $0.75
    •  
  • 710 Overlook Road Lowell, NC 1
    • 3 beds 3 baths ∙ 1,807 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,807 Sqft ∙ Built 2007
    LEASED 09/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.73
    •  
  • 607 Overlook Road Lowell, NC 2
    • 3 beds 3 baths ∙ 1,803 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,803 Sqft ∙ Built 2002
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.75
    •  
  • 1016 Kings Mountain Lane Gastonia, NC 3
    • 3 beds 3 baths ∙ 1,824 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,824 Sqft ∙ Built 2005
    LEASED 08/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.79
    •  
  • 704 Overlook Road Lowell, NC 4
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2007
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.82
    •  
PROPERTY LISTING DETAILS
Kerianne Wilcox
1.704.913.5074
Wilcox Real Estate Group
BESbswy