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716 Larmore Avenue #4032 Charlotte, NC 28216

3 Beds 3 Baths 2,207 sqft Built 2020

$307,390

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $139.28
  • 4 Days on Market
  • MLS # : 3687085
  • Updated Date : 12/04/2020 at 22:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,207 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dr Horton Inc

Listing Agent's Description

Top Selling Pinehurst floor plan! Open concept with site lines straight from kitchen to the family room. As you walk in the front door the dining room has pass open throughs to the kitchen and family room. Kitchen features 36" cabinets, granite countertops w/ tile backsplash, LED lights, laminate flooring on the first floor, upstairs has 3 bedrooms and an open loft, including a large owners suite w/on suite bath! Sutton Farms is conveniently located off HWY 16/Brookshire Blvd Exit 16 on I-485 near Riverbend Village Shopping Center, Uptown Charlotte, the Whitewater Center, airport, University area etc! This home is an incredible value with all the benefits of new construction and a 10 yr. Home Warranty! Home Is Connected? includes programmable thermostat, Z-Wave door lock and wireless switch, touchscreen control device, automation platform, video doorbell, and Amazon Echo and Echo Dot. All home features are subject to change without notice. Internet service not included.

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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: Oakdale South

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $90k235k

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

Neighborhood: Oakdale South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7831518

* 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
Mountain Island Lake Academy Primary Regular 727 47 3
West Mecklenburg High School High Regular 2,040 108 1

Mountain Island Lake Academy

  • Education Level: Primary
  • # of students: 727
  • # of teachers: 47
3
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$276,651$338,129$307,390

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,134
Property Tax -$290
Property Insurance -$69
HOA -$63
Property Management Fees -$119
CASH FLOW
-$94

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$307,390

PROJECTED PRICE

$1,580

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.0%
Maintenance Year (1-5) 3.00%
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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,458

INVESTMENT

$83,458

Down Payment
$76,848
Rehab Estimate
$2,000
Closing Costs
$4,611

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,134

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $76,848
Loan Amount $230,543
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$11,142

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,622

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,465
1$1,4652$1,4793$1,5504$1,5805$1,595
$1,595
RENT COMPS ANALYSIS
  • 716 Larmore Avenue Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,207 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,207 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.72
    •  
  • 1418 Galesburg Street Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2003
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,465
    • $0.71
    •  
  • 1741 Harland Street Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,072 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,072 Sqft ∙ Built 2005
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,479
    • $0.71
    •  
  • 7131 Wandering Creek Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,072 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,072 Sqft ∙ Built 2004
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.75
    •  
  • 2626 Gingham Street Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2019
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
PROPERTY LISTING DETAILS
Grace Pfeiffer
1.713.314.6688
Dr Horton Inc
BESbswy