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600 Reeves Court Charlotte, NC 28208

3 Beds 1 Baths 1,078 sqft Built 1956

$135,000

List Price

$1,010

$909 - $1.1K

Rent Est.

PROPERTY INFO

January 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $125.23
  • 2 Days on Market
  • MLS # : 3694961
  • Updated Date : 01/03/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,078 sqft
  • Baths : 1 full
Listing Agent

The Charlotte Real Estate Firm

Listing Agent's Description

Great investment property!!! Full Brick home with large corner lot!! Fenced in backyard! Property within 10 mins of downtown! Tenant occupied, do not disturb!! A must see!!!

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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: Thomasboro - Hoskins

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $46k235k

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

Neighborhood: Thomasboro - Hoskins

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2600700800900100011001200130014001500Rent in $5351518

* 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
Thomasboro Academy Primary Regular 729 49 1
Thomasboro Academy Middle Regular 729 49 1
West Charlotte High School High Regular 1,777 109 3

Thomasboro Academy

  • Education Level: Primary
  • # of students: 729
  • # of teachers: 49
1
GreatSchools Rating

Thomasboro Academy

  • Education Level: Middle
  • # of students: 729
  • # of teachers: 49
1
GreatSchools Rating

West Charlotte High School

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

$121,500$148,500$135,000

PURCHASE PRICE

$909$1,111$1,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,010
EXPENSES Loan Payment -$498
Property Tax -$118
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
$228

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.

$135,000

PROJECTED PRICE

$1,010

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.4%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$41,525

INVESTMENT

$41,525

Down Payment
$33,750
Rehab Estimate
$5,750
Closing Costs
$2,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$498

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $33,750
Loan Amount $101,250
See What Happens When You Reinvest Cash Flow

13.25

YEARS SAVED

$33,062

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,010

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,124

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$995
1$9952$1,0003$1,0104$1,1955$1,195
$1,195
RENT COMPS ANALYSIS
  • 600 Reeves Court Charlotte, NC 3
    • 3 beds 1 baths ∙ 1,078 Sqft ∙ Built 1956 3 beds 1 baths ∙ 1,078 Sqft ∙ Built 1956
    • Rent
    • Rent Per SQFT
    •  
    • $1,010
    • $0.94
    •  
  • 4434 Fair Street Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1977
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $1.00
    •  
  • 4401 Birkdale Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 978 Sqft ∙ Built 1962 3 beds 2 baths ∙ 978 Sqft ∙ Built 1962
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $1.02
    •  
  • 125 Oregon Street Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 2005
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.02
    •  
  • 520 Porter Street Charlotte, NC 5
    • 3 beds 1 baths ∙ 1,056 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,056 Sqft ∙ Built 1957
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.13
    •  
PROPERTY LISTING DETAILS
Khuong Nguyen
1.704.231.9306
The Charlotte Real Estate Firm
BESbswy