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601 Arrowood Road Charlotte, NC 28217

3 Beds 2 Baths 1,516 sqft Built 1970

$269,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $177.44
  • 5 Days on Market
  • MLS # : 3716171
  • Updated Date : 03/13/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,516 sqft
  • Baths : 2 full
Listing Agent

Rpms Realty Corp

Listing Agent's Description

Like new 3 bedroom 2 bath on almost half of acre lot, wood floor living room, dining room and bedrooms, tile in kitchen and bathrooms, granite counter top kitchen and bathrooms, porch on front of the house. Great location, a few minutes from downtown, airport, commercial areas and restaurants. Owner has had an inspection done prior to listing on the market. There are a few issues in the Crawl space see report. Home is priced to account for repairs that may or may not be needed. ALL INFORMATION IS DEAMED ACCURATE ACCORDING TO SELLER, BA MUST VERIFY ALL INFORMATION PROVIDED,LA NOT RESPONSIBLE AS LA HAS PROVIDED ALL INFO FROM SELLER

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: Montclaire South

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $56k235k

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

Neighborhood: Montclaire South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6691518

* 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
Sterling Elementary School Primary Regular 693 40 3
Quail Hollow Middle School Middle Regular 946 51 3
South Mecklenburg High School High Regular 2,913 147 7

Sterling Elementary School

  • Education Level: Primary
  • # of students: 693
  • # of teachers: 40
3
GreatSchools Rating

Quail Hollow Middle School

  • Education Level: Middle
  • # of students: 946
  • # of teachers: 51
3
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$242,100$295,900$269,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$934
Property Tax -$235
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
-$54

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.

$269,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.4%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,035

INVESTMENT

$77,035

Down Payment
$67,250
Rehab Estimate
$5,750
Closing Costs
$4,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$934

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,250
Loan Amount $201,750
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$10,767

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,395

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,160
1$1,1602$1,2903$1,4004$1,4005$1,495
$1,495
RENT COMPS ANALYSIS
  • 601 Arrowood Road Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,516 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,516 Sqft ∙ Built 1970
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $0.85
    •  
  • 445 Short Hills Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,221 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,221 Sqft ∙ Built 1969
    property image
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,160
    • $0.95
    •  
  • 6126 Cherrycrest Lane Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1968
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.93
    •  
  • 7130 Lanark Court Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 1994
    property image
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.92
    •  
  • 6645 Candlewood Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 1961
    property image
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.88
    •  
PROPERTY LISTING DETAILS
Rhonda Copp
1.980.226.7665
Rpms Realty Corp
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3716171
Last Updated: 03/13/2021
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