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7021 Walton Heath Lane Charlotte, NC 28277

4 Beds 3 Baths 2,590 sqft Built 1990

$400,000

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $154.44
  • 3 Days on Market
  • MLS # : 3689104
  • Updated Date : 12/11/2020 at 12:12
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,590 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Beautiful brick home that is turn key ready! Located in a gated community on a large private all brick-in courtyard. Master is on the main floor. Two story great room with an open feel. Newer roof and energy-efficient AC and furnace. Exterior yard maintenance is included in your association dues!

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: Piper Glen Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $116k608k

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

Neighborhood: Piper Glen Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600280030003200Rent in $8443244

* 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
Mcalpine Elementary School Primary Regular 503 33 7
South Charlotte Middle School Middle Regular 856 41 9
South Mecklenburg High School High Regular 2,913 147 7

Mcalpine Elementary School

  • Education Level: Primary
  • # of students: 503
  • # of teachers: 33
7
GreatSchools Rating

South Charlotte Middle School

  • Education Level: Middle
  • # of students: 856
  • # of teachers: 41
9
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,476
Property Tax -$386
Property Insurance -$76
HOA -$210
Property Management Fees -$119
CASH FLOW
-$76

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.

$400,000

PROJECTED PRICE

$2,190

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
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-$5.0k$0.0$5.0k$10k$15k

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$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$19,726

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,189

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9953$2,1904$2,2755$2,500
$2,500
RENT COMPS ANALYSIS
  • 7021 Walton Heath Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,590 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,590 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.85
    •  
  • 6512 Manitoba Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,399 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,399 Sqft ∙ Built 2005
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.81
    •  
  • 12235 Provincetowne Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 1993
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.79
    •  
  • 11254 Coachman Circle Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,594 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,594 Sqft ∙ Built 1993
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,275
    • $0.88
    •  
  • 7922 Long Nook Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,778 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,778 Sqft ∙ Built 1991
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.90
    •  
PROPERTY LISTING DETAILS
Thomas Elrod
1.704.228.6900
Keller Williams Ballantyne Area
BESbswy