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PROPERTY INFO
FACTS
- Single Family
- Built In 1976
- Price/Sqft : $296.64
- 17 Days on Market
- MLS # : 3706488
- Updated Date : 02/26/2021 at 00:06
CONSTRUCTION
- Beds : 3
- Floor Size : 1,517 sqft
- Baths : 2 full
Listing Agent
Rucker Real Estate Inc
Listing Agent's Description
Awesome 3 bedroom, 2 bath in very desirable Madison Park neighborhood near light rail and nice shops. Great level culdesac ranch, open floor plan with nice flow throughout. Kitchen has been tastefully renovated with custom cabinets, two closet pantries, white subway tile backsplash, and granite countertops. Stainless appliances with new stove in 2021. Nearly 400 sq. ft of heated living space added with new den and enlarged dining room in 2019. New privacy fence and storage building in spacious yard. Coveted schools. New Trane HVAC 2020. Large den opens to added 14x16 deck, (additional square footage). Electrical and plumbing updates throughout house. New water heater, and renovated baths in 2019. Child and pet friendly floor coverings and secure yard. New double car concrete driveway 2020. Home could easily be made very handicap friendly by turning den into master bed and bath. Move-in-ready! Come make this attractive home your own!
SEE MORE
- 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)
- 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)
PRICE & RENT TRENDS
Neighborhood: Madison Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Madison Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,890 |
| EXPENSES | Loan Payment | -$1,563 |
| Property Tax | -$392 | |
| Property Insurance | -$56 | |
| Property Management Fees | -$119 | |
|
CASH FLOW
-$240
|
||
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.
$450,000
PROJECTED PRICE
$1,890
PROJECTED RENT
0.42%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.48% |
| Appreciation Year (1-5) | 9.8% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 6.31% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$125,000
LOAN DETAILS
$1,563
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $112,500 |
| Loan Amount | $337,500 |
2.92
YEARS SAVED
$10,428
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,890
LIST RENT -
$1.25
LIST RENT PER SQFT
-
$1,889
COMP ESTIMATED VALUE -
$1.25
COMP AVG. RENT PER SQFT
Comps Range
-
709 Penway Court Charlotte, NC 4
- 3 beds 2 baths ∙ 1,517 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,517 Sqft ∙ Built 1976
- Rent
- Rent Per SQFT
- $1,890
- $1.25
-
234 Seneca Place Charlotte, NC 1
- 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 1956
LEASED 01/25/21- Rent
- Rent Per SQFT
- $1,475
- $1.05
-
5175 Murrayhill Road Charlotte, NC 2
- 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1955
LEASED 05/04/20- Rent
- Rent Per SQFT
- $1,795
- $1.19
-
4112 Castlewood Road Charlotte, NC 3
- 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1954
LEASED 06/28/20- Rent
- Rent Per SQFT
- $1,850
- $1.34
-
715 Seneca Place Charlotte, NC 5
- 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1955
LEASED 06/20/20- Rent
- Rent Per SQFT
- $1,900
- $1.33
PROPERTY LISTING DETAILS
1.704.858.1942
Rucker Real Estate Inc
MLS #: 3706488
Last Updated: 02/26/2021
