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7437 Ginger Spice Lane Charlotte, NC 28227

4 Beds 3 Baths 1,664 sqft Built 1986

$215,000

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $129.21
  • 3 Days on Market
  • MLS # : 3711559
  • Updated Date : 02/26/2021 at 16:02
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,664 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Great cul-de-sac 4 bedroom 2.5/bath home in the desirable Morris Farms community. Large great room with wood burning fireplace, updated kitchen, deck overlooking huge backyard. Large master bedroom with renovated bath 2015 and new energy efficient windows in the front of the house.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $113k273k

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

Neighborhood: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421527

* 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
Lebanon Road Elementary School Primary Regular 781 54 6
Northeast Middle School Middle Regular 739 45 3
Independence High School High Regular 2,349 128 6

Lebanon Road Elementary School

  • Education Level: Primary
  • # of students: 781
  • # of teachers: 54
6
GreatSchools Rating

Northeast Middle School

  • Education Level: Middle
  • # of students: 739
  • # of teachers: 45
3
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 2,349
  • # of teachers: 128
6
GreatSchools Rating
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$747
Property Tax -$190
Property Insurance -$59
HOA -$13
Property Management Fees -$119
CASH FLOW
$323

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$215,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$747

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

12.42

YEARS SAVED

$41,927

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,498

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,299
1$1,2992$1,3753$1,4004$1,4505$1,450
$1,450
RENT COMPS ANALYSIS
  • 7437 Ginger Spice Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,664 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,664 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.87
    •  
  • 8806 Brass Bell Court Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,476 Sqft ∙ Built 3 beds 3 baths ∙ 1,476 Sqft ∙ Built
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.88
    •  
  • 7401 Palmetto Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1983
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.91
    •  
  • 8220 Willowlake Court Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,626 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,626 Sqft ∙ Built 1983
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.86
    •  
  • 9017 Blue Willow Lane Charlotte, NC 4
    • 4 beds 2 baths ∙ 1,576 Sqft ∙ Built 1985 4 beds 2 baths ∙ 1,576 Sqft ∙ Built 1985
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
PROPERTY LISTING DETAILS
Shelley Johnson
1.704.609.8077
Exp Realty Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3711559
Last Updated: 02/26/2021
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