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7617 Elwood Drive Charlotte, NC 28227

3 Beds 2 Baths 1,467 sqft Built 1957

$229,000

List Price

$1,330

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1957
  • Price/Sqft : $156.10
  • 6 Days on Market
  • MLS # : 3677441
  • Updated Date : 11/02/2020 at 08:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,467 sqft
  • Baths : 2 full
Listing Agent

Northgroup Real Estate, Inc.

Listing Agent's Description

This lovely all brick ranch home has been updated in all the right ways! 2014 New ROOF, new HVAC, gas and central air, Kitchen has all new cabinets, granite counters, stainless steel appliances, gorgeous range hood, all new tile flooring. Master bathroom revamped, new cabinet, granite counter undermount sink, new toilet, tile flooring and walk in shower! Hall bath also new cabinet, granite counter, and new toilet. Laundry room completely redone with new cabinet and wood counter with sink. The drop zone is perfect to remove shoes, drop off coats, book bags, etc. A wonderful home just waiting for you to move in! Schedule your showing now, viewings begin Friday 10/30/2020. ALL PARTIES MUST WEAR A MASK DURING SHOWING! Thank you.

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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: 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
Piney Grove Elementary School Primary Regular 823 52 4
Albemarle Road Middle School Middle Regular 1,198 64 2
Butler High School High Regular 2,081 106 7

Piney Grove Elementary School

  • Education Level: Primary
  • # of students: 823
  • # of teachers: 52
4
GreatSchools Rating

Albemarle Road Middle School

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

Butler High School

  • Education Level: High
  • # of students: 2,081
  • # of teachers: 106
7
GreatSchools Rating
 

$206,100$251,900$229,000

PURCHASE PRICE

$1,197$1,463$1,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,330
EXPENSES Loan Payment -$845
Property Tax -$200
Property Insurance -$55
Property Management Fees -$120
CASH FLOW
$111

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.

$229,000

PROJECTED PRICE

$1,330

PROJECTED RENT

0.58%

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

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$66,435

INVESTMENT

$66,435

Down Payment
$57,250
Rehab Estimate
$5,750
Closing Costs
$3,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,250
Loan Amount $171,750
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$22,124

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,330

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,328

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,275
1$1,2752$1,2993$1,3304$1,3505$1,375
$1,375
RENT COMPS ANALYSIS
  • 7617 Elwood Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,467 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,467 Sqft ∙ Built 1957
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $0.91
    •  
  • 8435 Mission Hills Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1986
    property image
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.92
    •  
  • 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
    property image
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.85
    •  
  • 3400 New Hampshire Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,436 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,436 Sqft ∙ Built 2015
    property image
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.94
    •  
  • 7401 Palmetto Court Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1983
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.91
    •  
PROPERTY LISTING DETAILS
Katherine Childers
1.704.451.8293
Northgroup Real Estate, Inc.
BESbswy