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638 Morningside Road Charlotte, NC 28214

4 Beds 2 Baths 1,493 sqft Built 1990

$235,000

List Price

$1,210

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

February 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $157.40
  • 5 Days on Market
  • MLS # : 3700940
  • Updated Date : 02/05/2021 at 19:13
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,493 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

This home WON'T last long! Freshly remodeled home with new neutral tone painting inside and out. One story Ranch style with long front-footage siting on a half acre lot. WITH NO HOA! 7 miles from uptown and 5 miles from the Airport. Open floor plan features 4 bedrooms and 2 bathrooms. Classic chair rail through out the living room create great characteristic to the home.Well-maintained kitchen with tile countertops and newer cabinets & appliances.Each bedroom is in decent size and has great closet space to adapt to your family growth needs. New window installed. New carpet installed. New master bathroom vanity installed.New Energy efficient light bulbs installed. New closet doors installed. HVAC system is in great working condition to save electric bills. Spacious screened back patio and fenced back yard great for your family outdoor entertaining! Sturdy metal foundation workshop/storage building been built in the back yard! Welcome home!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $104k235k

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

Neighborhood: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350140014501500Rent in $7871518

* 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
Paw Creek Elementary School Primary Regular 530 37 5
Coulwood Middle School Middle Regular 694 45 7
West Mecklenburg High School High Regular 2,040 108 1

Paw Creek Elementary School

  • Education Level: Primary
  • # of students: 530
  • # of teachers: 37
5
GreatSchools Rating

Coulwood Middle School

  • Education Level: Middle
  • # of students: 694
  • # of teachers: 45
7
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,089$1,331$1,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,210
EXPENSES Loan Payment -$816
Property Tax -$205
Property Insurance -$55
Property Management Fees -$119
CASH FLOW
$15

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$235,000

PROJECTED PRICE

$1,210

PROJECTED RENT

0.51%

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) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$13,605

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,210

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,299

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,210
1$1,2102$1,3433$1,3454$1,3755$1,499
$1,499
RENT COMPS ANALYSIS
  • 638 Morningside Road Charlotte, NC 1
    • 4 beds 2 baths ∙ 1,493 Sqft ∙ Built 1990 4 beds 2 baths ∙ 1,493 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,210
    • $0.81
    •  
  • 507 Tansy Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,532 Sqft ∙ Built 2013 4 beds 3 baths ∙ 1,532 Sqft ∙ Built 2013
    property image
    LEASED 02/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,343
    • $0.88
    •  
  • 537 Moss Stream Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,547 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,547 Sqft ∙ Built 2003
    property image
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.87
    •  
  • 7136 Roaming Path Court Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,643 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,643 Sqft ∙ Built 2003
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.84
    •  
  • 712 Wilderness Trail Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,676 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,676 Sqft ∙ Built 2002
    property image
    LEASED 01/31/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.89
    •  
PROPERTY LISTING DETAILS
Christy Solomon
1.704.466.2788
Keller Williams Realty
BESbswy