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7029 Sunman Road Charlotte, NC 28216

3 Beds 3 Baths 1,552 sqft Built 2005

$225,000

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $144.97
  • 2 Days on Market
  • MLS # : 3698983
  • Updated Date : 01/16/2021 at 07:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,552 sqft
  • Baths : 2 full , 1 half
Listing Agent

Offerpad Brokerage Llc

Listing Agent's Description

2 Story Home - 2 car garage with 2 parking spaces. Prefinished hardwood in living room, breakfast area, Corner gas log fireplace in fireplace with TV nook. Berber carpet upstars. 3 bedrooms - bonus area upstairs. cozy backyard, Cathedral ceilings in master bedroom with walk in closet and garden tub.

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: Oakdale South

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $90k235k

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

Neighborhood: Oakdale South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7831518

* 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
Oakdale Elementary School Primary Regular 646 38 2
Ranson Middle School Middle Regular 1,138 57 3
West Charlotte High School High Regular 1,777 109 3

Oakdale Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 38
2
GreatSchools Rating

Ranson Middle School

  • Education Level: Middle
  • # of students: 1,138
  • # of teachers: 57
3
GreatSchools Rating

West Charlotte High School

  • Education Level: High
  • # of students: 1,777
  • # of teachers: 109
3
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$782
Property Tax -$196
Property Insurance -$56
HOA -$17
Property Management Fees -$119
CASH FLOW
$200

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.

$225,000

PROJECTED PRICE

$1,370

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.0%
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$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$30,327

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,405

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3703$1,3954$1,3995$1,400
$1,400
RENT COMPS ANALYSIS
  • 7029 Sunman Road Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,552 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,552 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.88
    •  
  • 2907 Pirates Place Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,451 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,451 Sqft ∙ Built 2004
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.93
    •  
  • 6611 Sunman Road Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,570 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,570 Sqft ∙ Built 2003
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.89
    •  
  • 212 Ravenridge Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,474 Sqft ∙ Built 2013 4 beds 3 baths ∙ 1,474 Sqft ∙ Built 2013
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.95
    •  
  • 5904 Patricia Ryan Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,649 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,649 Sqft ∙ Built 2001
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.85
    •  
PROPERTY LISTING DETAILS
Shezarrah Keane
1.704.593.8934
Offerpad Brokerage Llc
BESbswy