Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

7520 Glencannon Drive Charlotte, NC 28227

3 Beds 2 Baths 1,759 sqft Built 1967

$229,900

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $130.70
  • 3 Days on Market
  • MLS # : 3683647
  • Updated Date : 11/28/2020 at 10:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,759 sqft
  • Baths : 2 full
Listing Agent

Apex Realty Of The Carolinas Inc

Listing Agent's Description

Great opportunity to own an all brick home in an established neighborhood with no HOA! This home sits on just over a half-acre lot and features an open formal living and dining room that flows to the kitchen and family room. The family room has a wood burning fireplace, perfect for the winter days. Off of the family room you will find an enclosed sunroom perfect for relaxing and entertaining. This home is a must see!

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: Hickory Ridge

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Hickory Ridge

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
Hickory Grove Elementary School Primary Regular 1,010 61 6
Cochrane Collegiate Academy Middle Regular 702 48 2
Cochrane Collegiate Academy High Regular 702 48 2

Hickory Grove Elementary School

  • Education Level: Primary
  • # of students: 1,010
  • # of teachers: 61
6
GreatSchools Rating

Cochrane Collegiate Academy

  • Education Level: Middle
  • # of students: 702
  • # of teachers: 48
2
GreatSchools Rating

Cochrane Collegiate Academy

  • Education Level: High
  • # of students: 702
  • # of teachers: 48
2
GreatSchools Rating
 

$206,910$252,890$229,900

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$848
Property Tax -$224
Property Insurance -$60
Property Management Fees -$132
CASH FLOW
$205

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.

$229,900

PROJECTED PRICE

$1,470

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.8%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,674

INVESTMENT

$66,674

Down Payment
$57,475
Rehab Estimate
$5,750
Closing Costs
$3,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$848

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,475
Loan Amount $172,425
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$32,359

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,508

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4253$1,4254$1,4705$1,495
$1,495
RENT COMPS ANALYSIS
  • 7520 Glencannon Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,759 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,759 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.84
    •  
  • 6217 Bandy Drive Charlotte, NC 1
    • 4 beds 2 baths ∙ 1,634 Sqft ∙ Built 1986 4 beds 2 baths ∙ 1,634 Sqft ∙ Built 1986
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.85
    •  
  • 6613 Lawyers Road Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,750 Sqft ∙ Built 2018 4 beds 3 baths ∙ 1,750 Sqft ∙ Built 2018
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.81
    •  
  • 8401 Dunsinane Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1973
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.84
    •  
  • 8019 Glencannon Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,608 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,608 Sqft ∙ Built 1989
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
PROPERTY LISTING DETAILS
Yvette Mood
1.980.621.6996
Apex Realty Of The Carolinas Inc
BESbswy