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7007 Sycamore Grove Court Charlotte, NC 28227

3 Beds 3 Baths 2,145 sqft Built 2004

$285,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $132.87
  • 2 Days on Market
  • MLS # : 3688233
  • Updated Date : 12/05/2020 at 13:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,145 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lantern Realty & Development Llc

Listing Agent's Description

Beautiful Open floor plan home in Charlotte. 3BD/2.5BH. Two-story, 2,145 sqft. Just renovated. The upgrades include freshly painted throughout the house, new waterproof vinyl plank flooring main level, brand new carpet upper. new granite countertops and faucets in the kitchen and bathrooms. Toilets are new. Brand new showerheads. Extended brick-faced concrete patio stone. Fenced patio for privacy. The fridge, Dishwasher, and Microwave are pending delivery and installation.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Marlwood

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Marlwood

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
Albemarle Road Elementary School Primary Regular 1,338 79 5
Albemarle Road Middle School Middle Regular 1,198 64 2
Independence High School High Regular 2,349 128 6

Albemarle Road Elementary School

  • Education Level: Primary
  • # of students: 1,338
  • # of teachers: 79
5
GreatSchools Rating

Albemarle Road Middle School

  • Education Level: Middle
  • # of students: 1,198
  • # of teachers: 64
2
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 2,349
  • # of teachers: 128
6
GreatSchools Rating
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$1,052
Property Tax -$248
Property Insurance -$68
HOA -$21
Property Management Fees -$119
CASH FLOW
$83

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.

$285,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.7%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,052

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$26,719

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,657

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4493$1,5854$1,5905$1,649
$1,649
RENT COMPS ANALYSIS
  • 7007 Sycamore Grove Court Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,145 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,145 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.74
    •  
  • 7112 Sycamore Grove Court Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,823 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,823 Sqft ∙ Built 2006
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.77
    •  
  • 7304 Rosehall Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,925 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,925 Sqft ∙ Built 1995
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.75
    •  
  • 5437 Idlewild Road Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,152 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,152 Sqft ∙ Built 2008
    LEASED 07/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.74
    •  
  • 5108 Blue Spruce Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,980 Sqft ∙ Built 1978 4 beds 3 baths ∙ 1,980 Sqft ∙ Built 1978
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,649
    • $0.83
    •  
PROPERTY LISTING DETAILS
Australia Dunphy
1.704.701.0177
Lantern Realty & Development Llc
BESbswy