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709 Penway Court Charlotte, NC 28209

3 Beds 2 Baths 1,517 sqft Built 1976

$450,000

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
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

MARKET HIGHLIGHTS

  • 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

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $102k336k

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

Neighborhood: Madison Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Pinewood Elementary School Primary Regular 557 38 4
Sedgefield Middle School Middle Regular 745 45 1
Myers Park High School High Regular 2,762 145 8

Pinewood Elementary School

  • Education Level: Primary
  • # of students: 557
  • # of teachers: 38
4
GreatSchools Rating

Sedgefield Middle School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 45
1
GreatSchools Rating

Myers Park High School

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

$405,000$495,000$450,000

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

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

ASSUMPTIONS

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
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

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
$1,475
1$1,4752$1,7953$1,8504$1,8905$1,900
$1,900
RENT COMPS ANALYSIS
  • 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
Lynn Robinson
1.704.858.1942
Rucker Real Estate Inc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3706488
Last Updated: 02/26/2021
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