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7501 Barn Stone Drive Charlotte, NC 28227

3 Beds 2 Baths 1,218 sqft Built 1987

$220,000

List Price

$1,120

$1K - $1.2K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $180.62
  • 2 Days on Market
  • MLS # : 3705934
  • Updated Date : 02/06/2021 at 09:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,218 sqft
  • Baths : 2 full
Listing Agent

Carolina Premier Real Estate Group Llc

Listing Agent's Description

Beautifully remodeled split bedroom home on quiet corner cut de sac lot. All new stainless appliances, quartz countertops, and tile backsplash. Bright open floorpan with new light fixtures throughout. Master bedroom features full bathroom, walk in closet, and covered patio access. 2nd and 3rd bedrooms are large with generous closet space. Enjoy your coffee on the front porch or back covered patio. Convenient outside storage area. New paint inside and out.

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: 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
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,008$1,232$1,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,120
EXPENSES Loan Payment -$764
Property Tax -$192
Property Insurance -$50
HOA -$12
Property Management Fees -$119
CASH FLOW
-$17

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.

$220,000

PROJECTED PRICE

$1,120

PROJECTED RENT

0.51%

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$10,304

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,120

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,124

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,120
1$1,1202$1,2993$1,3254$1,3755$1,375
$1,375
RENT COMPS ANALYSIS
  • 7501 Barn Stone Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $1,120
    • $0.92
    •  
  • 8806 Brass Bell Court Charlotte, NC 2
    • 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
    •  
  • 5713 Osprey Watch Court Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,392 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,392 Sqft ∙ Built 2003
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.95
    •  
  • 9244 Idlewild Road Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,454 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,454 Sqft ∙ Built 1948
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.95
    •  
  • 7401 Palmetto Court Charlotte, NC 5
    • 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
    •  
PROPERTY LISTING DETAILS
Lorie Crates
1.704.779.6458
Carolina Premier Real Estate Group Llc
BESbswy