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633 Northway Drive Charlotte, NC 28208

3 Beds 2 Baths 1,244 sqft Built 2020

INVESTimate

$244,900

List Price

$1,220

$1,098 - $1,342

Rent Est.

$66,899

Investment Est.

$258,051 ( +5.37%) 1 YR EST. FORECAST

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AVAILABLE

1 YEAR
Gross Yield	5.98%
NOI	$8,544

15 YEAR
Yield	4.06%
Appreciation	3.45%
TOTAL RETURN	18.12%

PROPERTY INFO

Built 2020 NEW CONSTRUCTION

August 25, 2020 RECENTLY ADDED

FACTS

Built In 2020
Price/Sqft : $196.86
7 Days on Market
MLS # : 3654060
Updated Date : 08/25/2020 at 15:59

CONSTRUCTION

Beds : 3
Floor Size : 1,244 sqft
Baths : 2 full

Listing Agent

Home Team Pros

Listing Agent's Description

Great 3/2 ranch style starter home. Located in fast growing 28208 zip code with less than a mile away from I-85. Short drive to Uptown and CLT airport. Home offers split bedroom plan with 9' ceilings and spacious living areas. Kitchen with solid wood shaker style cabinets with soft close drawers, granite counter tops and tile backsplash. Center island with breakfast bar. Master bedroom with walk-in closet, master bath with dual vanities. You'll be amazed at how nice the flow of this home is. Back yard is large enough to accommodate large family gatherings. Come see it today.

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635 Northway Dr

Charlotte, North Carolina

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MARKET HIGHLIGHTS

Charlotte Market Report

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)

Neighborhood: Thomasboro - Hoskins

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

Neighborhood: Thomasboro - Hoskins

* 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

GreatSchools Rating

Thomasboro Academy

Education Level: Middle
# of students: 729
# of teachers: 49

GreatSchools Rating

West Charlotte High School

Education Level: High
# of students: 1,777
# of teachers: 109

GreatSchools Rating

FINANCIALS

Learn how to read this

$220,410$269,39000$244,900

PURCHASE PRICE

$1,098$1,34200$1,220

RENT

DOWN PAYMENT

FINANCING

OFF ON

Acquisition Concierge

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PROPERTY

Expense Inflation	%
Vacancy	%
Length of Stay
Expense Inflation	%
Vacancy	%
Length of Stay

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (6+)

Appreciation	%
Rental Growth	%
Maintenance	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

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PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

Cash Flow
Appreciation
Principal

PROJECTED ANNUAL CASH FLOW

Tenant Turnover

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

Appreciation
Principal
Loan Balance

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME	Rent	$1,220
EXPENSES	Loan Payment	-$904
	Property Tax	-$235
	Property Insurance	-$51
	Property Management Fees	-$110




CASH FLOW -$79

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$244,900

PROJECTED PRICE

$1,220

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS
Expense Inflation	2.50%
Rental Growth Year (1-5)	2.94%
Appreciation Year (1-5)	5.37%
Maintenance Year (1-5)	3.00%
Vacancy	6.02%
Length of Stay Years	2

TOTAL CASH OUT OF POCKET

INVESTMENT

$66,899

Down Payment	$61,225
Rehab Estimate	$2,000
Closing Costs	$3,674

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$904

MONTHLY LOAN PAYMENT

30 yr

4.25%

25.00%

Down Payment

Term	30 Years
Interest	4.25%
Down Payment	$61,225
Loan Amount	$183,675

See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$6,350

INTEREST SAVED

CASH FLOW REINVESTMENT

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

$1,220
LIST RENT
$0.98
LIST RENT PER SQFT

$1,197
COMP ESTIMATED VALUE
$0.96
COMP AVG. RENT PER SQFT

Comps Range

$1,025

1$1,0252$1,0903$1,1004$1,2205$1,450

$1,450

RENT COMPS ANALYSIS

1,244
PROPERTY SQFT
$0.96
AVG RENT PER SQFT
$1,197
ESTIMATED VALUE
$1,220
LIST RENT

633 Northway Drive Charlotte, NC 5

3 beds 2 baths ∙ 1,244 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,244 Sqft ∙ Built 2020
Price

Price Per SQFT

$244,900

$196.86
913 Interurban Avenue Charlotte, NC 1

4 beds 2 baths ∙ 1,255 Sqft ∙ Built 2009 4 beds 2 baths ∙ 1,255 Sqft ∙ Built 2009
SOLD 08/03/20
Price

Price Per SQFT

$169,900

$135.38
2819 Mulberry Pond Drive Charlotte, NC 2

4 beds 3 baths ∙ 1,498 Sqft ∙ Built 2002 4 beds 3 baths ∙ 1,498 Sqft ∙ Built 2002
SOLD 04/07/20
Price

Price Per SQFT

$180,000

$120.16
1636 Ranch Road Charlotte, NC 3

3 beds 2 baths ∙ 1,394 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 2006
SOLD 05/29/20
Price

Price Per SQFT

$202,500

$145.27
5227 Pinebrook Drive Charlotte, NC 4

3 beds 3 baths ∙ 1,342 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,342 Sqft ∙ Built 2020
SOLD 05/14/20
Price

Price Per SQFT

$235,000

$175.11

633 Northway Drive Charlotte, NC 4

3 beds 2 baths ∙ 1,244 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,244 Sqft ∙ Built 2020
Rent

Rent Per SQFT

$1,220

$0.98
4121 Parkdale Drive Charlotte, NC 1

3 beds 2 baths ∙ 1,099 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,099 Sqft ∙ Built 2004
LEASED 11/18/19
Rent

Rent Per SQFT

$1,025

$0.93
4052 Avalon Avenue Charlotte, NC 2

3 beds 1 baths ∙ 1,216 Sqft ∙ Built 1946 3 beds 1 baths ∙ 1,216 Sqft ∙ Built 1946
LEASED 03/03/20
Rent

Rent Per SQFT

$1,090

$0.90
929 Reliance Street Charlotte, NC 3

3 beds 1 baths ∙ 1,119 Sqft ∙ Built 1937 3 beds 1 baths ∙ 1,119 Sqft ∙ Built 1937
LEASED 12/18/19
Rent

Rent Per SQFT

$1,100

$0.98
1636 Ranch Road Charlotte, NC 5

3 beds 2 baths ∙ 1,392 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 2006
LEASED 07/03/20
Rent

Rent Per SQFT

$1,450

$1.04

PROPERTY LISTING DETAILS

Oleg Kravchenko
1.704.858.1077
Home Team Pros

633 Northway Drive Charlotte, NC 28208

INVESTimate

$244,900

$1,220

$66,899

REQUEST INFO

PROPERTY INFO

FACTS

CONSTRUCTION

Listing Agent

Listing Agent's Description

MARKET HIGHLIGHTS

PRICE & RENT TRENDS

SCHOOLS

Thomasboro Academy

Thomasboro Academy

West Charlotte High School

FINANCIALS

$220,410$269,39000$244,900

$1,098$1,34200$1,220

Acquisition Concierge

PROJECTED ACCUMULATED WEALTH

PROJECTED ANNUAL CASH FLOW

PROJECTED PROPERTY VALUE

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

$244,900

$1,220

0.50%

TOTAL CASH OUT OF POCKET

INVESTMENT

LOAN DETAILS

25%

$904

2.67

$6,350

$244,900

$196.86

$179,111

$143.98

COMPS RANGE

PRICE COMPS ANALYSIS

$1,220

$0.98

$1,197

$0.96

Comps Range

RENT COMPS ANALYSIS

PROPERTY LISTING DETAILS