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7022 Solares Drive Charlotte, NC 28215

5 Beds 3 Baths 2,805 sqft Built 2021

$307,900

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $109.77
  • 4 Days on Market
  • MLS # : 3710201
  • Updated Date : 02/18/2021 at 18:53
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,805 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lgi Homes Nc Llc

Listing Agent's Description

A sprawling living room with gorgeous natural light and luxury vinyl plank flooring welcomes you into this gorgeous home. The stunning kitchen includes beautiful finishes, such as granite counter tops and white cabinetry with crown molding. Additionally a complete suite of whirlpool appliances are included. in the master suite, you will find a huge bedroom with vaulted ceiling, beautiful attached bath and a spacious walk-in closet.

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: Silverwood

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $113k235k

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

Neighborhood: Silverwood

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
Reedy Creek Elementary School Primary Regular 730 44 6
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Reedy Creek Elementary School

  • Education Level: Primary
  • # of students: 730
  • # of teachers: 44
6
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
 

$277,110$338,690$307,900

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$1,069
Property Tax -$268
Property Insurance -$80
HOA -$25
Property Management Fees -$119
CASH FLOW
-$72

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$307,900

PROJECTED PRICE

$1,490

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 3.00%
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$1.0M

PROJECTED ANNUAL CASH FLOW

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

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$83,594

INVESTMENT

$83,594

Down Payment
$76,975
Rehab Estimate
$2,000
Closing Costs
$4,619

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,069

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $76,975
Loan Amount $230,925
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$10,542

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.53

    LIST RENT PER SQFT
  • $1,683

    COMP ESTIMATED VALUE
  • $0.6

    COMP AVG. RENT PER SQFT
Comps Range
$1,490
1$1,4902$1,6003$1,6754$1,7505$1,950
$1,950
RENT COMPS ANALYSIS
  • 7022 Solares Drive Charlotte, NC 1
    • 5 beds 3 baths ∙ 2,805 Sqft ∙ Built 2021 5 beds 3 baths ∙ 2,805 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.53
    •  
  • 11121 Nolet Court Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,780 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,780 Sqft ∙ Built 2002
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.58
    •  
  • 6337 Marquam Place Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,805 Sqft ∙ Built 2017 5 beds 3 baths ∙ 2,805 Sqft ∙ Built 2017
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.60
    •  
  • 9525 Bradstreet Commons Way Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,916 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,916 Sqft ∙ Built 2007
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.60
    •  
  • 6023 Shortleaf Pine Court Charlotte, NC 5
    • 5 beds 3 baths ∙ 3,125 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,125 Sqft ∙ Built 2006
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.62
    •  
PROPERTY LISTING DETAILS
Tyler Zulli
1.704.258.1888
Lgi Homes Nc Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3710201
Last Updated: 02/18/2021
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