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7215 William Reynolds Drive Charlotte, NC 28215

3 Beds 3 Baths 1,520 sqft Built 2002

$210,000

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $138.16
  • 3 Days on Market
  • MLS # : 3717301
  • Updated Date : 03/12/2021 at 08:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,520 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams University City

Listing Agent's Description

Beautiful 2 story home in cul-de-sac featuring large covered porch, 3 bedrooms and 2.5 bathrooms, with a bonus room. Open kitchen with updated countertops and stainless steel appliances. Large dining area that has a view of freshly painted deck and large, private scenic backyard. Hardwood floors throughout. Open great room with marble gas fireplace. Bedrooms on upper level. Deluxe master suite with large walk-in closet. Large master bath with double vanity. Home is lovely and ready for new owners!

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
 

$189,000$231,000$210,000

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$729
Property Tax -$183
Property Insurance -$56
HOA -$20
Property Management Fees -$119
CASH FLOW
$243

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.

$210,000

PROJECTED PRICE

$1,350

PROJECTED RENT

0.64%

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$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$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$729

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

10.75

YEARS SAVED

$34,209

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,360

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3503$1,3954$1,4655$1,495
$1,495
RENT COMPS ANALYSIS
  • 7215 William Reynolds Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.89
    •  
  • 8639 Casa Court Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,460 Sqft ∙ Built 1995
    property image
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.91
    •  
  • 8121 Nikki Cole Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 1,704 Sqft ∙ Built 2015 4 beds 3 baths ∙ 1,704 Sqft ∙ Built 2015
    property image
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.82
    •  
  • 8200 Cadmium Court Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1993
    property image
    LEASED 01/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,465
    • $0.92
    •  
  • 2729 Red Squirrel Trail Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2006
    property image
    LEASED 12/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
PROPERTY LISTING DETAILS
Kecia Jones
1.704.777.5011
Keller Williams University City
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717301
Last Updated: 03/12/2021
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