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7132 Covecreek Drive Charlotte, NC 28215

3 Beds 3 Baths 1,825 sqft Built 1971

$245,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1971
  • Price/Sqft : $134.25
  • 2 Days on Market
  • MLS # : 3714564
  • Updated Date : 03/06/2021 at 00:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,825 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Beautiful corner lot nestled on over 1/3 acre, conveniently located near UNCC, Noda, and Plaza Midwood! Living room, formal dining room, and den, great for entertaining. Kitchen with freshly painted cabinets, tile backsplash, new laminate wood flooring, and breakfast area. Fresh paint throughout, new and refinished flooring in many areas. Upstairs features 3 spacious bedrooms and 2 full bathrooms. Large, open front and rear yard. Metal Shed remains. Fireplace sold "as-is"

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: Eastway

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $60k235k

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

Neighborhood: Eastway

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
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
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$851
Property Tax -$214
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$145

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.

$245,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.9%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$26,363

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,533

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,249
1$1,2492$1,3503$1,3904$1,5955$1,850
$1,850
RENT COMPS ANALYSIS
  • 7132 Covecreek Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,825 Sqft ∙ Built 1971 3 beds 3 baths ∙ 1,825 Sqft ∙ Built 1971
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.76
    •  
  • 6273 Branch Hill Circle Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1981
    property image
    LEASED 10/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.83
    •  
  • 9409 Newell Hickory Grove Road Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,632 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,632 Sqft ∙ Built 2007
    property image
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.83
    •  
  • 8219 Romana Red Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,022 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,022 Sqft ∙ Built 2014
    property image
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.79
    •  
  • 6815 Covecreek Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,025 Sqft ∙ Built 1968 4 beds 3 baths ∙ 2,025 Sqft ∙ Built 1968
    property image
    LEASED 02/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.91
    •  
PROPERTY LISTING DETAILS
Danielle Scurry
1.704.277.5411
Coldwell Banker Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3714564
Last Updated: 03/06/2021
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