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6940 Albaneen Court Charlotte, NC 28215

5 Beds 3 Baths 3,577 sqft Built 1988

$325,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $90.86
  • 5 Days on Market
  • MLS # : 3677629
  • Updated Date : 11/02/2020 at 08:40
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,577 sqft
  • Baths : 3 full
Listing Agent

Jp & Associates, Realtors Carolina Living

Listing Agent's Description

THIS HOME IS A MUST SEE!! Come enjoy this beautiful home in the cul-de-sac of the desired Silverwood Subdivison. This home has lots of character, privacy, and tons of upgrades. Upgrades include remodeled bathrooms, new windows, upgraded light fixtures, freshly painted deck, new stainless steel refrigerator, and a HUGE Walk-In Closet in one of the lower level bedrooms. . The kitchen opens up to a beautiful breakfast and dining area with large bay windows and a beautiful view of the trees. The lower level family room has a fireplace and direct access to the backyard deck for easy entertaining. The roof was replaced 6 years ago. The water heater was replaced 8 years ago. THIS HOME WONT LAST LONG!

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: 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
Joseph W. Grier Academy Primary Regular 789 50 3
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Joseph W. Grier Academy

  • Education Level: Primary
  • # of students: 789
  • # of teachers: 50
3
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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,199
Property Tax -$283
Property Insurance -$94
Property Management Fees -$157
CASH FLOW
$6

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.

$325,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.54%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$16,215

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.49

    LIST RENT PER SQFT
  • $1,693

    COMP ESTIMATED VALUE
  • $0.47

    COMP AVG. RENT PER SQFT
Comps Range
$1,425
1$1,4252$1,6953$1,7404$1,800
$1,800
RENT COMPS ANALYSIS
  • 6940 Albaneen Court Charlotte, NC 3
    • 5 beds 3 baths ∙ 3,577 Sqft ∙ Built 1988 5 beds 3 baths ∙ 3,577 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.49
    •  
  • 8614 Herons Pond Court Charlotte, NC 1
    • 4 beds 3 baths ∙ 3,590 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,590 Sqft ∙ Built 2007
    LEASED 06/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.40
    •  
  • 2922 Royal Fern Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 3,339 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,339 Sqft ∙ Built 2006
    LEASED 02/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.51
    •  
  • 8712 Burnt Umber Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 3,551 Sqft ∙ Built 1988 4 beds 3 baths ∙ 3,551 Sqft ∙ Built 1988
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.51
    •  
PROPERTY LISTING DETAILS
Rashaud Mccray
1.704.307.5888
Jp & Associates, Realtors Carolina Living
BESbswy