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7516 Pirates Cove Court Charlotte, NC 28227

3 Beds 2 Baths 1,595 sqft Built 1979

$244,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $152.98
  • 3 Days on Market
  • MLS # : 3715455
  • Updated Date : 03/06/2021 at 15:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,595 sqft
  • Baths : 2 full
Listing Agent

Carolina Valor Realty Llc

Listing Agent's Description

WELCOME HOME TO YOUR 3BR 2BA RANCH!!! CORNER LOT. Enjoy cooking out on the deck and the spacious lot. Beautiful Bay Window in Dining Room. New laminate wood floors. New refrigerator remains. Spacious Pantry. Washer and Dryer Connections. MUST SEE!! THIS ONE WILL GO FAST!

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: Marlwood

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Marlwood

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
Albemarle Road Elementary School Primary Regular 1,338 79 5
Albemarle Road Middle School Middle Regular 1,198 64 2
Independence High School High Regular 2,349 128 6

Albemarle Road Elementary School

  • Education Level: Primary
  • # of students: 1,338
  • # of teachers: 79
5
GreatSchools Rating

Albemarle Road Middle School

  • Education Level: Middle
  • # of students: 1,198
  • # of teachers: 64
2
GreatSchools Rating

Independence High School

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

$219,600$268,400$244,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$848
Property Tax -$213
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$54

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.

$244,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.7%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,410

INVESTMENT

$70,410

Down Payment
$61,000
Rehab Estimate
$5,750
Closing Costs
$3,660

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$848

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,000
Loan Amount $183,000
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$17,824

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,412

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,290
1$1,2902$1,2993$1,3504$1,3755$1,400
$1,400
RENT COMPS ANALYSIS
  • 7516 Pirates Cove Court Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,595 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,595 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $0.81
    •  
  • 7413 Pirates Cove Court Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,536 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,536 Sqft ∙ Built 1980
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.85
    •  
  • 7053 Sycamore Grove Court Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2005
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.89
    •  
  • 7401 Palmetto Court Charlotte, NC 4
    • 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 5
    • 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
    •  
PROPERTY LISTING DETAILS
Betsy Martinez
1.704.840.8476
Carolina Valor Realty Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3715455
Last Updated: 03/06/2021
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