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6410 Brumit Lane Charlotte, NC 28269

3 Beds 3 Baths 1,520 sqft Built 2016

$245,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $161.18
  • 3 Days on Market
  • MLS # : 3699147
  • Updated Date : 01/15/2021 at 18:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,520 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Awesome Opportunity to own this well kept 2 Story Home with 3 Bedrooms and 2.5 Baths located in one of the fastest growing corridors in Charlotte. Home is conveniently located near NorthLake Mall, shops, and dining and access to I-77, I-85, and I-485.

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: West Sugar Creek

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $106k235k

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

Neighborhood: West Sugar Creek

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
Winding Springs Elementary School Primary Regular 859 60 3
J.m. Alexander Middle School Middle Regular 865 40 4
North Mecklenburg High School High Regular 1,881 101 3

Winding Springs Elementary School

  • Education Level: Primary
  • # of students: 859
  • # of teachers: 60
3
GreatSchools Rating

J.m. Alexander Middle School

  • Education Level: Middle
  • # of students: 865
  • # of teachers: 40
4
GreatSchools Rating

North Mecklenburg High School

  • Education Level: High
  • # of students: 1,881
  • # of teachers: 101
3
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$851
Property Tax -$214
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$151

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.

$245,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.4%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$26,367

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,277

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3553$1,3904$1,3995$1,400
$1,400
RENT COMPS ANALYSIS
  • 6410 Brumit Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.91
    •  
  • 4417 Devonhill Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2001
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.88
    •  
  • 8214 Braids Bend Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 2002
    property image
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,355
    • $0.81
    •  
  • 7041 Fox Point Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2003
    property image
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.85
    •  
  • 4005 Chandler Haven Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,713 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,713 Sqft ∙ Built 2008
    property image
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.82
    •  
PROPERTY LISTING DETAILS
Felicia Evans-rohan
1.336.740.5038
Keller Williams Ballantyne Area
BESbswy