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8022 Mariners Pointe Circle Denver, NC 28037

3 Beds 3 Baths 1,809 sqft Built 2001

$250,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $138.20
  • 2 Days on Market
  • MLS # : CAR3752618
  • Updated Date : 07/12/2021 at 19:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,809 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

Spacious move-in ready townhome, fresh paint and new carpet, roof 3/2018, HVAC 2019, new door locks 2021, wood floors main level. Eat in kitchen with breakfast bar and island, sunroom flex space, multiple living areas, rear patio extends in and outdoor entertaining options. Upper level includes 3 bedrooms and 2 full baths. Master suite with tray ceiling walk in shower and closet plus a garden tub. Mariners Pointe at Smithstone features a community lakeside pool and clubhouse, boat and RV storage plus easy access to major roads, shopping, restaurants and medical. Mariners Pointe HOA includes water, sewer and lawn maintenance

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28037

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k338k

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

Zip Code: 28037

ZipNIR 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
St. James Elementary School Primary Regular 543 33 8
East Lincoln Middle School Middle Regular 692 40 8
East Lincoln High School High Regular 924 51 4

St. James Elementary School

  • Education Level: Primary
  • # of students: 543
  • # of teachers: 33
8
GreatSchools Rating

East Lincoln Middle School

  • Education Level: Middle
  • # of students: 692
  • # of teachers: 40
8
GreatSchools Rating

East Lincoln High School

  • Education Level: High
  • # of students: 924
  • # of teachers: 51
4
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$868
Property Tax -$130
Property Insurance -$61
HOA -$217
Property Management Fees -$119
CASH FLOW
$355

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.

$250,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.7%
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$5.0k$10k$15k$20k

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$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

12.33

YEARS SAVED

$48,205

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,809

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,7003$1,7504$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 8022 Mariners Pointe Circle Denver, NC 3
    • 3 beds 3 baths ∙ 1,809 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,809 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.97
    •  
  • 2652 Norman Isle Drive Denver, NC 1
    • 3 beds 3 baths ∙ 1,674 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,674 Sqft ∙ Built 2018
    LEASED 02/19/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.95
    •  
  • 1774 Knights Drive Denver, NC 2
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 3 beds 2 baths ∙ 1,650 Sqft ∙ Built
    LEASED 04/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.03
    •  
  • 2829 Sand Cove Court Denver, NC 4
    • 3 beds 3 baths ∙ 1,838 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,838 Sqft ∙ Built 2018
    LEASED 05/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.98
    •  
  • 2512 Norman Isle Drive Denver, NC 5
    • 3 beds 3 baths ∙ 1,785 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,785 Sqft ∙ Built 2017
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.04
    •  
PROPERTY LISTING DETAILS
David Henderson
1.704.533.1494
Southern Homes Of The Carolinas
BESbswy