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7008 Bullock Drive #105 Charlotte, NC 28214

3 Beds 2 Baths 1,348 sqft Built 2006

$200,000

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $148.37
  • 2 Days on Market
  • MLS # : 3692308
  • Updated Date : 12/19/2020 at 11:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,348 sqft
  • Baths : 2 full
Listing Agent

R. W. Price & Associates, Llc

Listing Agent's Description

With a fresh coat of paint and new carpet, the only thing missing in this house is you! Beautiful brick front with easy to maintain vinyl siding on the rest of the exterior. Upon walking in the front door you can easily visualize warm nights by the fire and making delicious meals in the eat-in kitchen. The bedrooms are generously sized and waiting for you to make them your own. Welcome to 7008 Bullock Drive!

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: Coulwood East

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Coulwood East

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
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
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$738
Property Tax -$174
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$186

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.

$200,000

PROJECTED PRICE

$1,270

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.8%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

10

YEARS SAVED

$33,606

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,270

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,297

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,270
1$1,2702$1,2993$1,3494$1,4255$1,450
$1,450
RENT COMPS ANALYSIS
  • 7008 Bullock Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,348 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,348 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $0.94
    •  
  • 979 Stinson Glen Lane Charlotte, NC 2
    • 4 beds 2 baths ∙ 1,422 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,422 Sqft ∙ Built 1998
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.91
    •  
  • 316 Cottonwood Park Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 3 beds 2 baths ∙ 1,360 Sqft ∙ Built
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.99
    •  
  • 630 Stillgreen Lane Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 2015
    LEASED 11/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.93
    •  
  • 115 Mellwood Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,518 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,518 Sqft ∙ Built 2003
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.96
    •  
PROPERTY LISTING DETAILS
Heather Reagor
1.704.776.0346
R. W. Price & Associates, Llc
BESbswy