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524 Nelson Avenue Charlotte, NC 28216

3 Beds 1 Baths 1,214 sqft Built 1940

$199,900

List Price

$1,000

$900 - $1.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1940
  • Price/Sqft : $164.66
  • 3 Days on Market
  • MLS # : 3717774
  • Updated Date : 03/12/2021 at 11:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,214 sqft
  • Baths : 1 full
Listing Agent

Citywide Group Inc.

Listing Agent's Description

Fully renovated house. Close to 85, restaurants and shopping center. Very affordable in Charlotte

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: Oakview Terrace

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $51k235k

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

Neighborhood: Oakview Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2600700800900100011001200130014001500Rent in $5921518

* 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
West Charlotte High School High Regular 1,777 109 3
West Charlotte High School High Unknown NA

West Charlotte High School

  • Education Level: High
  • # of students: 1,777
  • # of teachers: 109
3
GreatSchools Rating

West Charlotte High School

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

$179,910$219,890$199,900

PURCHASE PRICE

$900$1,100$1,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,000
EXPENSES Loan Payment -$694
Property Tax -$174
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
-$38

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.

$199,900

PROJECTED PRICE

$1,000

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.7%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,724

INVESTMENT

$58,724

Down Payment
$49,975
Rehab Estimate
$5,750
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$694

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$8,343

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,000

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,065

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$9453$9754$1,0005$1,100
$1,100
RENT COMPS ANALYSIS
  • 524 Nelson Avenue Charlotte, NC 4
    • 3 beds 1 baths ∙ 1,214 Sqft ∙ Built 1940 3 beds 1 baths ∙ 1,214 Sqft ∙ Built 1940
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.82
    •  
  • 2827 Burbank Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1959
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.93
    •  
  • 3909 Barlowe Road Charlotte, NC 2
    • 3 beds 1 baths ∙ 1,060 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,060 Sqft ∙ Built 1953
    property image
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $945
    • $0.89
    •  
  • 2854 Burbank Drive Charlotte, NC 3
    • 3 beds 1 baths ∙ 1,144 Sqft ∙ Built 1960 3 beds 1 baths ∙ 1,144 Sqft ∙ Built 1960
    property image
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $0.85
    •  
  • 2908 Bellaire Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 1957
    property image
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.85
    •  
PROPERTY LISTING DETAILS
Juan Guzman
1.980.328.5626
Citywide Group Inc.
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717774
Last Updated: 03/12/2021
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