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7117 Frances Irene Drive Charlotte, NC 28215

3 Beds 2 Baths 2,119 sqft Built 1990

$268,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $126.47
  • 3 Days on Market
  • MLS # : 3686761
  • Updated Date : 11/27/2020 at 09:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,119 sqft
  • Baths : 2 full
Listing Agent

Fathom Realty

Listing Agent's Description

If you enjoy sitting on the porch, we have options. Rocking chair front porch, quiet back porch or screened in back porch are all waiting for your enjoyment. This home is situated on a large wooded lot on a quiet cul-de-sac street. HUGE living room, master bedroom, laundry room and a bay window dining area on the first floor. Two more bedrooms, loft and bathroom upstairs. Every bedroom has lots of space and its own walk in closet. There is a wired, detached two car garage with room for a workshop. This is an outstanding property. Thank you for showing!

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: Hickory Grove

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $96k235k

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

Neighborhood: Hickory Grove

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
Joseph W. Grier Academy Primary Regular 789 50 3
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Joseph W. Grier Academy

  • Education Level: Primary
  • # of students: 789
  • # of teachers: 50
3
GreatSchools Rating

Northridge Middle School

  • Education Level: Middle
  • # of students: 779
  • # of teachers: 43
3
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$241,200$294,800$268,000

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$989
Property Tax -$234
Property Insurance -$67
Property Management Fees -$140
CASH FLOW
$121

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.

$268,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.4%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$76,770

INVESTMENT

$76,770

Down Payment
$67,000
Rehab Estimate
$5,750
Closing Costs
$4,020

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$989

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,000
Loan Amount $201,000
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$24,390

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,425

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,4253$1,4954$1,5005$1,550
$1,550
RENT COMPS ANALYSIS
  • 7117 Frances Irene Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 2,119 Sqft ∙ Built 1990 3 beds 2 baths ∙ 2,119 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.73
    •  
  • 7330 William Reynolds Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2002
    LEASED 11/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.68
    •  
  • 6502 Matlea Court Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 2006
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.63
    •  
  • 2733 Red Squirrel Trail Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,052 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,052 Sqft ∙ Built 2006
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.73
    •  
  • 2726 Red Squirrel Trail Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2007
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.65
    •  
PROPERTY LISTING DETAILS
Bj Hamilton
1.704.999.5237
Fathom Realty
BESbswy