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6308 Ellimar Field Lane #38 Charlotte, NC 28215

5 Beds 3 Baths 2,454 sqft Built 2021

$319,990

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $130.40
  • 2 Days on Market
  • MLS # : 3682542
  • Updated Date : 11/14/2020 at 15:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,454 sqft
  • Baths : 3 full
Listing Agent

Dr Horton Inc

Listing Agent's Description

WOW what Wonderful Home & Value! A Brand New 5 bedroom Home with a warranty and includes Granite kitchen countertops w/tile backsplash, 9ft. ceilings and Rev-wood laminate flooring throughout the main floor, A Gas vented Fireplace and Home is Connected (smart home) includes programmable thermostat, Z-wave door lock and wireless switch, touchscreen control device, automation platform, video doorbell and Amazon Echo Dot and Show 5. All home features are subject to change without notice. Internet service not included. Community is close to shopping, restaurants and I-485. 4 bedrooms, double sinks in guest bath, LED Lighting throughout the home, and Deluxe Master Bath with Garden Tub and separate shower in the Owner's suite. Concord Mills Mall, Restaurants, and Shopping only minutes away! Pictures, photographs, colors, features, and sizes are for ILLUSTRATION PURPOSES ONLY and will vary from homes as built. Come and get it before it's GONE!

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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: Silverwood

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $113k235k

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

Neighborhood: Silverwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
Reedy Creek Elementary School Primary Regular 730 44 6
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Reedy Creek Elementary School

  • Education Level: Primary
  • # of students: 730
  • # of teachers: 44
6
GreatSchools Rating

Northridge Middle School

  • Education Level: Middle
  • # of students: 779
  • # of teachers: 43
3
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$287,991$351,989$319,990

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,181
Property Tax -$299
Property Insurance -$73
HOA -$63
Property Management Fees -$167
CASH FLOW
$68

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.

$319,990

PROJECTED PRICE

$1,850

PROJECTED RENT

0.58%

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$86,797

INVESTMENT

$86,797

Down Payment
$79,998
Rehab Estimate
$2,000
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,998
Loan Amount $239,993
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$20,242

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,798

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,585
1$1,5852$1,5853$1,7504$1,7505$1,850
$1,850
RENT COMPS ANALYSIS
  • 6308 Ellimar Field Lane Charlotte, NC 5
    • 5 beds 3 baths ∙ 2,454 Sqft ∙ Built 2021 5 beds 3 baths ∙ 2,454 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.75
    •  
  • 8207 Fox Swamp Road Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,119 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,119 Sqft ∙ Built 2002
    LEASED 11/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.75
    •  
  • 7526 Salinger Way Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,216 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,216 Sqft ∙ Built 2003
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.72
    •  
  • 4213 Stockbrook Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.73
    •  
  • 4225 Stockbrook Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2020
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.73
    •  
PROPERTY LISTING DETAILS
Chuck Hammer
1.704.576.9208
Dr Horton Inc
BESbswy