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7912 Surreywood Place Charlotte, NC 28270

3 Beds 2 Baths 1,479 sqft Built 1980

$269,900

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $182.49
  • 3 Days on Market
  • MLS # : 3680628
  • Updated Date : 11/14/2020 at 07:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,479 sqft
  • Baths : 2 full
Listing Agent

Re/max Executive

Listing Agent's Description

Updated ranch home located on prime cul-de-sac street in highly sought after Sardis Woods. This home features 2015 HVAC, 2004 roof, covered rocking chair front porch, fenced yard, and relaxing patio. The inviting foyer features tile floors, convenient coat closet, and elegant molding. The open great room layout showcases upgraded hardwood floors, brand new Sherwin Williams interior paint, white washed masonry wood burning fireplace, and rear wall of windows. The dining room is accented by tile floors, decorative columns, and great views of the patio and backyard. The desirable eat in kitchen layout offers granite countertops, tile floors and backsplash, refreshed cabinetry, and sunlit breakfast nook. Another great feature is the covered side entrance to the kitchen directly from the driveway - makes bringing in the groceries easy. The master bedroom is tucked in the rear corner of the home and features wood floors, separate dressing area, renovated bathroom and large walk in closet.

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: Sardis Woods

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $110k318k

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

Neighborhood: Sardis Woods

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
Greenway Park Elementary School Primary Regular 605 38 3
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Greenway Park Elementary School

  • Education Level: Primary
  • # of students: 605
  • # of teachers: 38
3
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$996
Property Tax -$239
Property Insurance -$55
Property Management Fees -$129
CASH FLOW
$12

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.

$269,900

PROJECTED PRICE

$1,430

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.9%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$16,734

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,424

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4303$1,4954$1,5005$1,600
$1,600
RENT COMPS ANALYSIS
  • 7912 Surreywood Place Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.97
    •  
  • 7812 Surreywood Place Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1980
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.97
    •  
  • 9324 Harps Mill Court Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,611 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,611 Sqft ∙ Built 1977
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
  • 7609 Winterset Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1976
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.96
    •  
  • 707 Riverwood Road Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 1975
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.99
    •  
PROPERTY LISTING DETAILS
Daniel Callahan
1.704.975.6081
Re/max Executive
BESbswy