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700 Vickery Drive Charlotte, NC 28215

3 Beds 2 Baths 1,362 sqft Built 1969

$240,000

List Price

$1,120

$1K - $1.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $176.21
  • 4 Days on Market
  • MLS # : 3709363
  • Updated Date : 02/18/2021 at 09:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,362 sqft
  • Baths : 1 full , 1 half
Listing Agent

Offerpad Brokerage Llc

Listing Agent's Description

Ranch-style home in Green Meadows neighborhood. 3 bed/1.5 bath home with new carpet, fresh paint, LVP flooring, new roof in 2018, new SS appliances, and more! Move in Ready!! Enjoy the private fenced-in backyard with storage shed. NO HOA!

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: Eastway

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $60k235k

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

Neighborhood: Eastway

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Briarwood Academy Primary Regular 738 48 3
Martin Luther King Jr Middle School Middle Regular 1,102 57 2
Garinger High School High Unknown NA

Briarwood Academy

  • Education Level: Primary
  • # of students: 738
  • # of teachers: 48
3
GreatSchools Rating

Martin Luther King Jr Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 57
2
GreatSchools Rating

Garinger High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,008$1,232$1,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,120
EXPENSES Loan Payment -$834
Property Tax -$209
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
-$95

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$240,000

PROJECTED PRICE

$1,120

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$6,757

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,120

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,168

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,120
1$1,1202$1,1503$1,2504$1,3505$1,465
$1,465
RENT COMPS ANALYSIS
  • 700 Vickery Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 1969
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,120
    • $0.82
    •  
  • 1115 Farrior Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1960
    property image
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.81
    •  
  • 5819 Ruth Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1965 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1965
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.83
    •  
  • 733 Harwyn Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,497 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,497 Sqft ∙ Built 1956
    property image
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
  • 4734 Eaves Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,648 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,648 Sqft ∙ Built 2004
    property image
    LEASED 12/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,465
    • $0.89
    •  
PROPERTY LISTING DETAILS
Rachael Bryant
1.980.309.5326
Offerpad Brokerage Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3709363
Last Updated: 02/18/2021
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