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506 Morningside Road Charlotte, NC 28214

3 Beds 3 Baths 2,040 sqft Built 2006

$235,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $115.20
  • 4 Days on Market
  • MLS # : 3707135
  • Updated Date : 02/12/2021 at 23:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,040 sqft
  • Baths : 2 full , 1 half
Listing Agent

Kirsten Lynn Fox

Listing Agent's Description

Charming 2 story 3 bedroom 2 .5 Bath house 1 car attached garage. in lovely Coulwood neighborhood. Close in to uptown Charlotte as well as 485 hwy

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: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $104k235k

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

Neighborhood: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350140014501500Rent in $7871518

* 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
Paw Creek Elementary School Primary Regular 530 37 5
Coulwood Middle School Middle Regular 694 45 7
West Mecklenburg High School High Regular 2,040 108 1

Paw Creek Elementary School

  • Education Level: Primary
  • # of students: 530
  • # of teachers: 37
5
GreatSchools Rating

Coulwood Middle School

  • Education Level: Middle
  • # of students: 694
  • # of teachers: 45
7
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$816
Property Tax -$205
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
$274

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.

$235,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.1%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$39,053

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,494

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3753$1,3954$1,4805$1,499
$1,499
RENT COMPS ANALYSIS
  • 506 Morningside Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,040 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,040 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.73
    •  
  • 216 Winding Canyon Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,846 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,846 Sqft ∙ Built 2002
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.70
    •  
  • 548 Moss Stream Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,851 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,851 Sqft ∙ Built 2003
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.74
    •  
  • 620 Wilderness Trail Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 2002
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.75
    •  
  • 7114 Roaming Path Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,030 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,030 Sqft ∙ Built 2005
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.74
    •  
PROPERTY LISTING DETAILS
Kirsten Fox
1.818.849.4645
Kirsten Lynn Fox
BESbswy