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7029 Hidden Creek Drive Charlotte, NC 28214

3 Beds 3 Baths 2,010 sqft Built 2003

$222,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $110.45
  • 5 Days on Market
  • MLS # : 3713027
  • Updated Date : 03/05/2021 at 13:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,010 sqft
  • Baths : 2 full , 1 half
Listing Agent

Heowe Realtors

Listing Agent's Description

*** MULTIPLE OFFERS** Please SUBMIT HIGHEST AND BEST BY 4PM EST 3/5/2021 Ready to move in. Living room with vaulted ceiling and fireplace.This is a 3 bedroom/ 2.5 bath, 2-Story in a great community. The living room has a fireplace. Outdoor living space is gorgeous. Over .34 acres. Did I mention the huge front yard? It is rare to find!! Hurry, home in this neighborhood does not last long on the market. So hurry! Easy access to highways and Charlotte Douglas Airport. *Official measurements have not been done yet

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 West

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $104k235k

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

Neighborhood: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350140014501500Rent in $7871518

* 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
 

$199,800$244,200$222,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$771
Property Tax -$215
Property Insurance -$65
HOA -$31
Property Management Fees -$119
CASH FLOW
$189

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.

$222,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.63%

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) 8.00%
Vacancy 6.57%
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$900k

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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,580

INVESTMENT

$64,580

Down Payment
$55,500
Rehab Estimate
$5,750
Closing Costs
$3,330

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$771

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,500
Loan Amount $166,500
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$28,104

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,472

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3753$1,3904$1,3955$1,499
$1,499
RENT COMPS ANALYSIS
  • 7029 Hidden Creek Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,010 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,010 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.69
    •  
  • 216 Winding Canyon Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,846 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,846 Sqft ∙ Built 2002
    property image
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.70
    •  
  • 548 Moss Stream Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,851 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,851 Sqft ∙ Built 2003
    property image
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.74
    •  
  • 620 Wilderness Trail Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 2002
    property image
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.75
    •  
  • 7114 Roaming Path Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,030 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,030 Sqft ∙ Built 2005
    property image
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.74
    •  
PROPERTY LISTING DETAILS
Angel Caudle
1.980.333.9294
Heowe Realtors
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3713027
Last Updated: 03/05/2021
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