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7309 Finnigan Road Charlotte, NC 28215

4 Beds 3 Baths 2,174 sqft Built 2020

INVESTimate

$278,990

List Price

$1,740

$1,566 - $1,914

Rent Est.

$303,932  ( +8.94%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Built In 2020
  • Price/Sqft : $128.33
  • 9 Days on Market
  • MLS # : 3652098
  • Updated Date : 08/23/2020 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,174 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dr Horton Inc

Listing Agent's Description

Desirable open plan with kitchen island overlooking great room. Kitchen features granite countertops, Espresso cabinets, stainless appliances and recessed lighting. Cozy corner fireplace is a focal point. Upstairs are 4 bedrooms plus a loft. Owner's suite with vaulted ceiling walk in closet and bathroom featuring double vanity and 5 ft walk in shower with glass enclosure. Home Is Connected? includes programmable thermostat, Z-Wave door lock and wireless switch, touchscreen control device, automation platform, video doorbell, and Amazon how 5and Echo Dot. All home features are subject to change without notice. Internet service not included. *Pictures are Rep

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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: Bradfield Farms

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $113k235k

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

Neighborhood: Bradfield Farms

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
J.h. Gunn Elementary School Primary Regular 695 42 2
Albemarle Road Middle School Middle Regular 1,198 64 2
Rocky River High School High Regular 1,710 90 3

J.h. Gunn Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 42
2
GreatSchools Rating

Albemarle Road Middle School

  • Education Level: Middle
  • # of students: 1,198
  • # of teachers: 64
2
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$251,091$306,889$278,990

PURCHASE PRICE

$1,566$1,914$1,740

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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,029
Property Tax -$255
Property Insurance -$68
HOA -$63
Property Management Fees -$157
CASH FLOW
$168

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.

$278,990

PROJECTED PRICE

$1,740

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.94%
Maintenance Year (1-5) 3.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,932

INVESTMENT

$75,932

Down Payment
$69,748
Rehab Estimate
$2,000
Closing Costs
$4,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,748
Loan Amount $209,243
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$30,744

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,734

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7203$1,7404$1,7655$1,765
$1,765
RENT COMPS ANALYSIS
  • 7309 Finnigan Road Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,174 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,174 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.80
    •  
  • 9524 Blue Knoll Court Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019
    property image
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.80
    •  
  • 9347 Sloan Forest Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2019
    property image
    LEASED 09/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.79
    •  
  • 9507 Blue Knoll Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020
    property image
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,765
    • $0.81
    •  
  • 9556 Blue Knoll Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,765
    • $0.81
    •  
PROPERTY LISTING DETAILS
Tonya Mangum
1.336.504.1247
Dr Horton Inc
BESbswy