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7206 Old Plank Road #83 Charlotte, NC 28216

3 Beds 3 Baths 2,638 sqft Built 2003

$270,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $102.35
  • 3 Days on Market
  • MLS # : 3711242
  • Updated Date : 02/27/2021 at 14:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,638 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Perfect house for work from home living! This home was the former model home, garage was converted by builder into 2 offices with built-in shelving, a separate HVAC system, and a flex space. Conveniently located near airport, I-85, and I-485. BRAND NEW ROOF, replaced 2/2021! New microwave and new stove. 3 bedrooms with walk in closets, 2.5 baths, Formal dining room, large family room that opens up to kitchen. Loft upstairs. Huge master bedroom with walk in closet. Great parking-4 spots. Refrigerator conveys. Seller offering 1 yr home warranty to buyer! Showings start on Saturday 2/27 at 11am!

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: 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 Primary Unknown NA

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

Mountain Island Lake Academy

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

$243,000$297,000$270,000

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 -$938
Property Tax -$235
Property Insurance -$79
HOA -$38
Property Management Fees -$119
CASH FLOW
$140

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.

$270,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.57%

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) 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$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$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$938

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$25,590

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
  • $0.56

    LIST RENT PER SQFT
  • $1,592

    COMP ESTIMATED VALUE
  • $0.58

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4953$1,5504$1,6955$1,725
$1,725
RENT COMPS ANALYSIS
  • 7206 Old Plank Road Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,768 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,768 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.56
    •  
  • 400 Rook Road Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2010
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.54
    •  
  • 6921 Wandering Creek Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,496 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,496 Sqft ∙ Built 2005
    property image
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.60
    •  
  • 1635 Swan Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,953 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,953 Sqft ∙ Built 2007
    property image
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.57
    •  
  • 3241 Bamburgh Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,910 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,910 Sqft ∙ Built 2007
    property image
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.59
    •  
PROPERTY LISTING DETAILS
Danielle Scurry
1.704.277.5411
Coldwell Banker Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3711242
Last Updated: 02/27/2021
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