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7416 Watercrest Road Charlotte, NC 28210

3 Beds 2 Baths 1,400 sqft Built 1964

$289,995

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $207.14
  • 2 Days on Market
  • MLS # : 3694972
  • Updated Date : 01/02/2021 at 12:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,400 sqft
  • Baths : 1 full , 1 half
Listing Agent

Better Homes And Gardens Real Estate Paracle

Listing Agent's Description

Great ranch home in AWESOME area of Charlotte. Open floorpan. Spacious lot. Hardwood floors. Priced to sell. Book your showing now. Won't last long!

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: Starmount Forest

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $62k235k

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

Neighborhood: Starmount Forest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Starmount Academy Of Excellence Primary Regular NA
Carmel Middle School Middle Regular 1,050 58 7
South Mecklenburg High School High Regular 2,913 147 7

Starmount Academy Of Excellence

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

Carmel Middle School

  • Education Level: Middle
  • # of students: 1,050
  • # of teachers: 58
7
GreatSchools Rating

South Mecklenburg High School

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

$260,996$318,995$289,995

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$1,070
Property Tax -$292
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$25

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.

$289,995

PROJECTED PRICE

$1,560

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.7%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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-$2.0k$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,599

INVESTMENT

$82,599

Down Payment
$72,499
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,499
Loan Amount $217,496
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$21,278

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,785

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4753$1,5604$1,6505$1,850
$1,850
RENT COMPS ANALYSIS
  • 7416 Watercrest Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1964
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $1.11
    •  
  • 6918 Wrentree Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1963
    property image
    LEASED 09/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.24
    •  
  • 7101 Thorncliff Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1963
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.26
    •  
  • 1507 Tessava Court Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,358 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,358 Sqft ∙ Built 1997
    property image
    LEASED 11/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.22
    •  
  • 7400 Thorncliff Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,342 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,342 Sqft ∙ Built 1964
    property image
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.38
    •  
PROPERTY LISTING DETAILS
Steven Morgan
1.704.430.3748
Better Homes And Gardens Real Estate Paracle
BESbswy