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7033 Lenhart Drive Charlotte, NC 28226

4 Beds 3 Baths 2,186 sqft Built 1998

$419,900

List Price

$2,100

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $192.09
  • 2 Days on Market
  • MLS # : 3696425
  • Updated Date : 01/09/2021 at 09:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,186 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams South Park

Listing Agent's Description

Well maintained and ready for new owners! This lovely updated home sits on a cul-de-sac and is conveniently located near SouthPark. New roof in 2019! Brick front with large fenced in backyard. This home features laminate on first floor, kitchen with granite countertops and breakfast area. Formal dining and living room with fireplace. Large master on upper level with two closets, separate tub and shower and dual sinks. Walking distance to grocery store. No HOA!

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: Olde Providence South

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k474k

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

Neighborhood: Olde Providence South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000210022002300Rent in $8442306

* 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
Olde Providence Elementary School Primary Regular 717 39 9
Carmel Middle School Middle Regular 1,050 58 7
Myers Park High School High Regular 2,762 145 8

Olde Providence Elementary School

  • Education Level: Primary
  • # of students: 717
  • # of teachers: 39
9
GreatSchools Rating

Carmel Middle School

  • Education Level: Middle
  • # of students: 1,050
  • # of teachers: 58
7
GreatSchools Rating

Myers Park High School

  • Education Level: High
  • # of students: 2,762
  • # of teachers: 145
8
GreatSchools Rating
 

$377,910$461,890$419,900

PURCHASE PRICE

$1,890$2,310$2,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,100
EXPENSES Loan Payment -$1,458
Property Tax -$393
Property Insurance -$68
HOA -$4
Property Management Fees -$119
CASH FLOW
$57

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.

$419,900

PROJECTED PRICE

$2,100

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.9%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$117,024

INVESTMENT

$117,024

Down Payment
$104,975
Rehab Estimate
$5,750
Closing Costs
$6,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,458

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $104,975
Loan Amount $314,925
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$30,397

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,100

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $2,082

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8503$2,0004$2,1005$2,304
$2,304
RENT COMPS ANALYSIS
  • 7033 Lenhart Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,186 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,186 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.96
    •  
  • 7009 Yorktowne Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,028 Sqft ∙ Built 1964 3 beds 3 baths ∙ 2,028 Sqft ∙ Built 1964
    LEASED 12/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.86
    •  
  • 6718 Castlegate Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 2,135 Sqft ∙ Built 1967 3 beds 2 baths ∙ 2,135 Sqft ∙ Built 1967
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.87
    •  
  • 6925 Heatherford Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 1968 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 1968
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.95
    •  
  • 6908 Foxworth Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,221 Sqft ∙ Built 1966 4 beds 3 baths ∙ 2,221 Sqft ∙ Built 1966
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,304
    • $1.04
    •  
PROPERTY LISTING DETAILS
John Bolos
1.704.777.8090
Keller Williams South Park
BESbswy