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7420 Berea Court Charlotte, NC 28226

5 Beds 3 Baths 2,238 sqft Built 1979

INVESTimate

$350,000

List Price

$2,020

$1,818 - $2,222

Rent Est.

$369,600  ( +5.60%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1979
  • Price/Sqft : $156.39
  • 6 Days on Market
  • MLS # : 3639906
  • Updated Date : 08/24/2020 at 16:50
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,238 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

This Home is a MUST SEE!!!Beautiful 5 Bedroom Split Level Home in the sHADOW LAKE Subdivision in the Carmel area. This home has just been renovated (August 2020) with new bathrooms,kitchen, flooring and stainless steel applicances. The kitchen has a Granite top Island and countertops, the home has New paint (exterior and interior). The deck overlooks the enormous park like backyard, there is an attached 2 car with room for 4 cars in the driveway. Downstairs you have a family room with 2 large bedrooms and a full bathroom, there is also a huge Laundry room. There is plenty of storage space in the closet under the stairs.

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
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

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$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,291
Property Tax -$305
Property Insurance -$69
Property Management Fees -$182
CASH FLOW
$172

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.

$350,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.58%

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$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$38,646

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $2,232

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$2,0203$2,2004$2,3005$2,495
$2,495
RENT COMPS ANALYSIS
  • 7420 Berea Court Charlotte, NC 2
    • 5 beds 3 baths ∙ 2,238 Sqft ∙ Built 1979 5 beds 3 baths ∙ 2,238 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.90
    •  
  • 6909 Wannamaker Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,065 Sqft ∙ Built 1980 4 beds 3 baths ∙ 2,065 Sqft ∙ Built 1980
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.85
    •  
  • 2939 Notchview Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 1991
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.98
    •  
  • 4934 Quail Canyon Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1984
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.06
    •  
  • 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
Angel Clark
1.973.392.8231
Coldwell Banker Realty
BESbswy