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7008 Linda Lake Drive Charlotte, NC 28215

3 Beds 2 Baths 2,558 sqft Built 1965

$260,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1965
  • Price/Sqft : $101.64
  • 5 Days on Market
  • MLS # : 3677836
  • Updated Date : 10/31/2020 at 12:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,558 sqft
  • Baths : 2 full
Listing Agent

Re/max Executive

Listing Agent's Description

*10/31/20: MULTIPLE OFFERS RECEIVED: HIGHEST & BEST DEADLINE 11/1/20 @ 6PM* Quintessential 1960's era full brick ranch located on sprawling 1.14 acre level lot. This spacious 2558 SF ranch has a flexible floor plan and plenty of space to work from home. The home is in superior mechanical condition highlighted by the 2018 gas furnace, 2017 AC, 2017 vinyl siding, and 2010 Architectural roof. inviting foyer entry opens to a large living room and dining room combination accented by beautiful hardwood floors, fresh interior paint, wall of windows, and white washed brick accent wall. dining room light fixture does not convey The cozy den is located in the rear of the property and features a masonry fireplace with gas logs. den opens to a relaxing 141 SF heated sunroom w/amazing views of the deck and fenced yard. The family room is located on the left side of the house and provides a separate home office and exterior access to driveway. Oversized detached 708 SF garage

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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: Hickory Grove

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $96k235k

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

Neighborhood: Hickory Grove

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
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$959
Property Tax -$267
Property Insurance -$75
Property Management Fees -$135
CASH FLOW
$63

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.

$260,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.58%

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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$17,203

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.59

    LIST RENT PER SQFT
  • $1,663

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$1,425
1$1,4252$1,5003$1,5254$1,5255$1,550
$1,550
RENT COMPS ANALYSIS
  • 7008 Linda Lake Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 2,558 Sqft ∙ Built 1965 3 beds 2 baths ∙ 2,558 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.59
    •  
  • 6502 Matlea Court Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 2006
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.63
    •  
  • 8415 Burnt Umber Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,425 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,425 Sqft ∙ Built 1988
    LEASED 09/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.63
    •  
  • 6202 Purbeck Way Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,368 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,368 Sqft ∙ Built 2018
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.64
    •  
  • 7414 Frances Irene Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,208 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,208 Sqft ∙ Built 2000
    LEASED 05/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.70
    •  
PROPERTY LISTING DETAILS
Daniel Callahan
1.704.975.6081
Re/max Executive
BESbswy