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7634 Soaringfree Lane Charlotte, NC 28226

3 Beds 3 Baths 1,297 sqft Built 1978

$255,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $196.61
  • 2 Days on Market
  • MLS # : 3701568
  • Updated Date : 01/30/2021 at 19:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,297 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Rare and amazing opportunity in this community at this price. This home is located on a very private quiet, tree lined Cul-de-sac and backs up to McMullen Creek Greenway. The opportunities are endless with some updating, fresh paint and flooring. the basics are already there and seller took extreme care with maintenance. Oversized 2 car garage has second floor for storage and workbench included. Roof 2011, Exterior paint 2016, Water Heater 9 years old, Heat pump indoor and outdoor coil is 5 years old. Minutes to Ballantyne or Hwy 51 Amenities and roads. Full Home inspection performed and report will be accessible with any submitted OTP. Home being sold in it's current condition as per the NC Standard OTP.

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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: McAlpine

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $94k318k

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

Neighborhood: McAlpine

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Endhaven Elementary School Primary Regular 713 41 6
Quail Hollow Middle School Middle Regular 946 51 3
South Mecklenburg High School High Regular 2,913 147 7

Endhaven Elementary School

  • Education Level: Primary
  • # of students: 713
  • # of teachers: 41
6
GreatSchools Rating

Quail Hollow Middle School

  • Education Level: Middle
  • # of students: 946
  • # of teachers: 51
3
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$886
Property Tax -$253
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
$280

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.

$255,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

11.33

YEARS SAVED

$43,295

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $1,362

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3823$1,4004$1,4505$1,590
$1,590
RENT COMPS ANALYSIS
  • 7634 Soaringfree Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,297 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,297 Sqft ∙ Built 1978
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $1.23
    •  
  • 11623 Green Willow Lane Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1980
    property image
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.09
    •  
  • 11712 Rimrock Canyon Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,413 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,413 Sqft ∙ Built 1980
    property image
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,382
    • $0.98
    •  
  • 8205 Meadowind Circle Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 3 beds 2 baths ∙ 1,404 Sqft ∙ Built
    property image
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.00
    •  
  • 11800 Mirror Lake Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1974
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.12
    •  
PROPERTY LISTING DETAILS
Jackie Stutts
1.704.517.2494
Re/max Executive
BESbswy