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7948 Asheby Drive Charlotte, NC 28213

4 Beds 3 Baths 1,976 sqft Built 2000

INVESTimate

$270,000

List Price

$1,490

$1,341 - $1,639

Rent Est.

$290,169  ( +7.47%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2000
  • Price/Sqft : $136.64
  • 17 Days on Market
  • MLS # : 3650248
  • Updated Date : 08/22/2020 at 15:11
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,976 sqft
  • Baths : 2 full , 1 half
Listing Agent

Level Up Realty Llc

Listing Agent's Description

Welcome home to this beautiful 2 story classic colonial home in the highly sought after Coventry neighborhood. Conveniently located off 49 and 485, this home lies in the top-rated Harrisburg School district and has low Cabarrus county taxes. It features an elegant formal dining room with bay window and kitchen with breakfast area that opens to a large living room with fireplace. There is also an office on the main floor, perfect for our new normal. You'll enjoy lounging around in the enclosed sun room as you look out on your spacious 1/4 acre yard. Updates include new LVP throughout entire main floor, new carpet upstairs and a fresh coat of paint throughout the interior. Also, all 4 bedrooms have ceiling fans for your comfort. The Owner's suite features vaulted ceiling and bath with soaker tub, separate shower and huge walk-in closet. Seller offering $2500 Appliance Allowance. Don't wait to call this one home!

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: Coventry

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Coventry

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8371809

* 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
Harrisburg Elementary School Primary Regular 912 53 8
Hickory Ridge Middle School Middle Regular 1,164 65 NA
Hickory Ridge High School High Regular 1,573 77 7

Harrisburg Elementary School

  • Education Level: Primary
  • # of students: 912
  • # of teachers: 53
8
GreatSchools Rating

Hickory Ridge Middle School

  • Education Level: Middle
  • # of students: 1,164
  • # of teachers: 65
NA
GreatSchools Rating

Hickory Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 77
7
GreatSchools Rating
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

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$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$996
Property Tax -$183
Property Insurance -$64
HOA -$39
Property Management Fees -$134
CASH FLOW
$74

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.

$270,000

PROJECTED PRICE

$1,490

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.47%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% 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 $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$23,139

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,490

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4903$1,4954$1,5955$1,595
$1,595
RENT COMPS ANALYSIS
  • 7948 Asheby Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.76
    •  
  • 4010 Woolcott Avenue Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,829 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,829 Sqft ∙ Built 2001
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.79
    •  
  • 5031 Abercromby Street Charlotte, NC 3
    • 4 beds 2 baths ∙ 2,090 Sqft ∙ Built 2007 4 beds 2 baths ∙ 2,090 Sqft ∙ Built 2007
    property image
    LEASED 09/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.72
    •  
  • 4915 Abercromby Street Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2006
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.76
    •  
  • 4708 Abercromby Street Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,076 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,076 Sqft ∙ Built 2005
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
PROPERTY LISTING DETAILS
Rochelle Ogburn
1.704.750.1848
Level Up Realty Llc
BESbswy