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7301 Quail Ridge Drive Charlotte, NC 28226

5 Beds 3 Baths 2,567 sqft Built 1974

INVESTimate

$309,900

List Price

$2,030

$1,827 - $2,233

Rent Est.

$327,254  ( +5.60%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1974
  • Price/Sqft : $120.72
  • 6 Days on Market
  • MLS # : 3645293
  • Updated Date : 08/22/2020 at 12:03
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,567 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams South Park

Listing Agent's Description

Rare 5 bedrooms Shadow Lake 2-story home. Hardwood floors, large bedrooms, flat yard with shed. Fantastic location in South Charlotte. Close to shopping ,walking trails and more. Newly painted. Ready to add your personal touch. SOLD AS-IS. Priced to sell!

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: Carmel

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $116k374k

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

Neighborhood: Carmel

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442083

* 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
Smithfield Elementary School Primary Regular 646 44 6
Quail Hollow Middle School Middle Regular 946 51 3
South Mecklenburg High School High Regular 2,913 147 7

Smithfield Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 44
6
GreatSchools Rating

Quail Hollow Middle School

  • Education Level: Middle
  • # of students: 946
  • # of teachers: 51
3
GreatSchools Rating

South Mecklenburg High School

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

$278,910$340,890$309,900

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

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$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,143
Property Tax -$298
Property Insurance -$75
Property Management Fees -$183
CASH FLOW
$331

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.

$309,900

PROJECTED PRICE

$2,030

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.60%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,874

INVESTMENT

$87,874

Down Payment
$77,475
Rehab Estimate
$5,750
Closing Costs
$4,649

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,143

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,475
Loan Amount $232,425
See What Happens When You Reinvest Cash Flow

10.25

YEARS SAVED

$54,576

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,201

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9503$2,0304$2,2255$2,495
$2,495
RENT COMPS ANALYSIS
  • 7301 Quail Ridge Drive Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,567 Sqft ∙ Built 1974 5 beds 3 baths ∙ 2,567 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.79
    •  
  • 3020 Deep Meadow Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,563 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,563 Sqft ∙ Built 1990
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.74
    •  
  • 9104 Cameron Wood Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 1991
    LEASED 03/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.86
    •  
  • 4810 Meadowridge Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,852 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,852 Sqft ∙ Built 1983
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,225
    • $0.78
    •  
  • 5733 Connor Boulevard Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,384 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,384 Sqft ∙ Built 1978
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.05
    •  
PROPERTY LISTING DETAILS
Malesta Trotman
1.612.867.8020
Keller Williams South Park
BESbswy