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617 Mcalway Road #20, 21 & 22 Charlotte, NC 28211

3 Beds 4 Baths 1,934 sqft Built 1952

$469,900

List Price

$2,040

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $242.97
  • 84 Days on Market
  • MLS # : 3689469
  • Updated Date : 02/26/2021 at 18:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,934 sqft
  • Baths : 4 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Wonderful property in great neighborhood with endless investment opportunities. All bedrooms have their own bathrooms and one with its a kitchenette. This home could make a great Air BNB property and is convenient to Uptown, Plaza Midwood, NoDa, and South ParkI

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: Wendover - Sedgewood

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700k750kPrice in $116k753k

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

Neighborhood: Wendover - Sedgewood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $8442913

* 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
Cotswold Elementary School Primary Regular 828 50 5
Alexander Graham Middle School Middle Regular 1,449 77 7
Myers Park High School High Regular 2,762 145 8

Cotswold Elementary School

  • Education Level: Primary
  • # of students: 828
  • # of teachers: 50
5
GreatSchools Rating

Alexander Graham Middle School

  • Education Level: Middle
  • # of students: 1,449
  • # of teachers: 77
7
GreatSchools Rating

Myers Park High School

  • Education Level: High
  • # of students: 2,762
  • # of teachers: 145
8
GreatSchools Rating
 

$422,910$516,890$469,900

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$1,632
Property Tax -$434
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
-$208

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.

$469,900

PROJECTED PRICE

$2,040

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
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$1.6M

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$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$130,274

INVESTMENT

$130,274

Down Payment
$117,475
Rehab Estimate
$5,750
Closing Costs
$7,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,632

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $117,475
Loan Amount $352,425
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$13,077

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,040

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $2,050

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$2,040
1$2,0402$2,1003$2,1004$2,5005$2,550
$2,550
RENT COMPS ANALYSIS
  • 617 Mcalway Road Charlotte, NC 1
    • 3 beds 4 baths ∙ 1,934 Sqft ∙ Built 1952 3 beds 4 baths ∙ 1,934 Sqft ∙ Built 1952
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $1.05
    •  
  • 3052 Brookridge Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1972 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1972
    LEASED 08/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.97
    •  
  • 2613 Millie Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 2016
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.93
    •  
  • 5307 Kelly Street Charlotte, NC 4
    • 4 beds 4 baths ∙ 2,222 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,222 Sqft ∙ Built 2018
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.13
    •  
  • 1219 S Wendover Road Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 1952 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 1952
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.13
    •  
PROPERTY LISTING DETAILS
Bobby Horne
1.980.505.4836
Exp Realty Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3689469
Last Updated: 02/26/2021
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