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510 Standpipe Hill Cramerton, NC 28032

4 Beds 3 Baths 2,551 sqft Built 2020

$419,900

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $164.60
  • 96 Days on Market
  • MLS # : 3657637
  • Updated Date : 12/05/2020 at 07:43
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,551 sqft
  • Baths : 3 full
Listing Agent

Wilcox Real Estate Group

Listing Agent's Description

Looking for space? This house has it! Interior features include open floor concept with Master bedroom, an extra bedroom and 2 full baths on main floor. Hardwoods throughout main level, including 2 bedrooms, with custom tile in all bathrooms and laundry room. Custom Gray & White Cabinets surround the kitchen which offers quartz countertops, custom tile backsplash, SS appliances w/ gas range. Kitchen is open to dining area and living room with gas logs fireplace with custom tile & mantel surround. Upstairs offers 2 bedrooms, a full bath & HUGE bonus room with endless possibilities, big enough for an office, movie or gaming room, homework station. Lots of storage with closets throughout and attic space upstairs. Exterior features Covered front AND back porches. Walking distance to Goat Island Park & Downtown Cramerton amenities.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Cramerton

ZipNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $94k213k

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

Neighborhood: Cramerton

ZipNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300Rent in $6411375

* 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
New Hope Elementary School Primary Regular 542 27 7
Cramerton Middle School Middle Regular 833 42 8
Stuart W. Cramer High School High Regular 782 45 NA

New Hope Elementary School

  • Education Level: Primary
  • # of students: 542
  • # of teachers: 27
7
GreatSchools Rating

Cramerton Middle School

  • Education Level: Middle
  • # of students: 833
  • # of teachers: 42
8
GreatSchools Rating

Stuart W. Cramer High School

  • Education Level: High
  • # of students: 782
  • # of teachers: 45
NA
GreatSchools Rating
 

$377,910$461,890$419,900

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,549
Property Tax -$333
Property Insurance -$75
Property Management Fees -$119
CASH FLOW
-$177

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$419,900

PROJECTED PRICE

$1,900

PROJECTED RENT

0.45%

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) 3.00%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$113,274

INVESTMENT

$113,274

Down Payment
$104,975
Rehab Estimate
$2,000
Closing Costs
$6,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,549

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $104,975
Loan Amount $314,925
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$13,494

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,901

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,8503$1,9004$1,9995$2,095
$2,095
RENT COMPS ANALYSIS
  • 510 Standpipe Hill Cramerton, NC 3
    • 4 beds 3 baths ∙ 2,551 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,551 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.74
    •  
  • 5032 Newport Landing Way Gastonia, NC 1
    • 3 beds 3 baths ∙ 2,283 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,283 Sqft ∙ Built 2006
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.72
    •  
  • 2566 Shannon Drive Belmont, NC 2
    • 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2004
    LEASED 07/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.74
    •  
  • 133 Church Street Mcadenville, NC 4
    • 4 beds 4 baths ∙ 2,532 Sqft ∙ Built 2005 4 beds 4 baths ∙ 2,532 Sqft ∙ Built 2005
    LEASED 07/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,999
    • $0.79
    •  
  • 303 Southfork Lane Belmont, NC 5
    • 5 beds 3 baths ∙ 2,878 Sqft ∙ Built 2017 5 beds 3 baths ∙ 2,878 Sqft ∙ Built 2017
    LEASED 01/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.73
    •  
PROPERTY LISTING DETAILS
Kerianne Wilcox
1.704.913.5074
Wilcox Real Estate Group
BESbswy