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7403 Ritter Drive Charlotte, NC 28270

4 Beds 3 Baths 2,050 sqft Built 1972

$319,700

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1972
  • Price/Sqft : $155.95
  • 5 Days on Market
  • MLS # : 3673742
  • Updated Date : 10/31/2020 at 15:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,050 sqft
  • Baths : 2 full , 1 half
Listing Agent

Housemax Realty

Listing Agent's Description

Great Location! Newly Renovated 4 Bedroom, 2.5 Bath Home in desirable Heritage Woods East. Luxury Vinyl Plank Flooring, New Recessed Lighting and Updated Light Fixtures. Gourmet Style Kitchen features: New Shaker Cabinets, Granite Counter Tops, Tile Backsplash, New SS Appliances, Kitchen Island. New 3 Ton HVAC System, New High Efficiency Windows, New Water Heater, New 16x16 Deck - perfect for entertaining. Convenient to Restaurants and Shopping. Move-in Ready! Home Warranty Included! Must See!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Sardis Woods

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $110k318k

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

Neighborhood: Sardis Woods

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Greenway Park Elementary School Primary Regular 605 38 3
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Greenway Park Elementary School

  • Education Level: Primary
  • # of students: 605
  • # of teachers: 38
3
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$287,730$351,670$319,700

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,180
Property Tax -$279
Property Insurance -$66
Property Management Fees -$161
CASH FLOW
$105

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.

$319,700

PROJECTED PRICE

$1,790

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$90,471

INVESTMENT

$90,471

Down Payment
$79,925
Rehab Estimate
$5,750
Closing Costs
$4,796

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,180

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,925
Loan Amount $239,775
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$29,391

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,773

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6753$1,7904$1,8005$1,875
$1,875
RENT COMPS ANALYSIS
  • 7403 Ritter Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,050 Sqft ∙ Built 1972 4 beds 3 baths ∙ 2,050 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.87
    •  
  • 9635 Watergate Road Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,959 Sqft ∙ Built 1977 4 beds 3 baths ∙ 1,959 Sqft ∙ Built 1977
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.81
    •  
  • 8237 Brynmar Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,990 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,990 Sqft ∙ Built 1988
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.84
    •  
  • 713 Hammermill Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,988 Sqft ∙ Built 1978 4 beds 3 baths ∙ 1,988 Sqft ∙ Built 1978
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.91
    •  
  • 9124 Sardis Forest Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,074 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,074 Sqft ∙ Built 1976
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.90
    •  
PROPERTY LISTING DETAILS
Jon Hines
1.704.701.4927
Housemax Realty
BESbswy