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7121 Mapleridge Drive Charlotte, NC 28210

3 Beds 1 Baths 1,160 sqft Built 1965

$299,900

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $258.53
  • 2 Days on Market
  • MLS # : 3708422
  • Updated Date : 02/13/2021 at 22:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,160 sqft
  • Baths : 1 full
Listing Agent

Allen Tate Gastonia

Listing Agent's Description

Where the timeless, solid-built construction methods of the 60's meet the modern improvements of today's times, you'll find THIS home! You'll fall in love with the beautiful hardwood floors, which transition seamlessly into the LVP flooring in the freshly remodeled kitchen. Don't miss the new granite counters and a subway tile backsplash! Need additional flex-space? You'll find it in the convenient, at-home office/activity/sitting room just off of the kitchen! Enjoy peace-of-mind with the upgraded HVAC system in 2020 and the new water heater in 2018! Add'l features include brand new custom-built shutters, an outbuilding, firepit, and a fenced-in backyard! Sellers are using the 3rd bedroom as their formal dining room. Flex-room is included in total heated living area and is heated and cooled via wall units. It is not included in the bedroom count but does have a closet.

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: Starmount Forest

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $62k235k

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

Neighborhood: Starmount Forest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Starmount Academy Of Excellence Primary Regular NA
Carmel Middle School Middle Regular 1,050 58 7
South Mecklenburg High School High Regular 2,913 147 7

Starmount Academy Of Excellence

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Carmel Middle School

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

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$1,042
Property Tax -$261
Property Insurance -$49
Property Management Fees -$119
CASH FLOW
$49

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.

$299,900

PROJECTED PRICE

$1,520

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.7%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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$14k

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$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$20,548

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $1.3

    LIST RENT PER SQFT
  • $1,527

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4753$1,4754$1,4955$1,520
$1,520
RENT COMPS ANALYSIS
  • 7121 Mapleridge Drive Charlotte, NC 5
    • 3 beds 1 baths ∙ 1,172 Sqft ∙ Built 1965 3 beds 1 baths ∙ 1,172 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $1.30
    •  
  • 7024 Thorncliff Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,030 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,030 Sqft ∙ Built 1963
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.41
    •  
  • 7109 Rockcliff Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.26
    •  
  • 7101 Thorncliff Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1963
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.26
    •  
  • 1332 Edgewater Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1961
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.28
    •  
PROPERTY LISTING DETAILS
Megan Triplett
1.704.813.7290
Allen Tate Gastonia
BESbswy