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8024 Mahogany Drive Charlotte, NC 28227

3 Beds 3 Baths 1,973 sqft Built 1980

INVESTimate

$225,000

List Price

$1,490

$1,341 - $1,639

Rent Est.

$244,823  ( +8.81%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1980
  • Price/Sqft : $114.04
  • 5 Days on Market
  • MLS # : 3653528
  • Updated Date : 08/24/2020 at 16:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,973 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Charming split-foyer home in a neighborhood with no HOA. Quick commute to Charlotte, near all of life's conveniences. The home features 3 bedrooms, 2 baths, spacious kitchen, family room and dining room on the upper level, a rec room,half bath, 2 car garage and storage area on the lower level, and a large back deck overseeing spacious backyard. A/C unit and roof replaced within the last few years. Recently painted, this home has a lot to offer.

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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: Hickory Ridge

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Hickory Ridge

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
J.h. Gunn Elementary School Primary Regular 695 42 2
Albemarle Road Middle School Middle Regular 1,198 64 2
Rocky River High School High Regular 1,710 90 3

J.h. Gunn Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 42
2
GreatSchools Rating

Albemarle Road Middle School

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

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$202,500$247,500$225,000

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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$830
Property Tax -$196
Property Insurance -$64
Property Management Fees -$134
CASH FLOW
$265

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.

$225,000

PROJECTED PRICE

$1,490

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.81%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

10.33

YEARS SAVED

$40,443

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
  • $1,519

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,349
1$1,3492$1,4903$1,5954$1,6255$1,695
$1,695
RENT COMPS ANALYSIS
  • 8024 Mahogany Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,973 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,973 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.76
    •  
  • 6931 Robinson Church Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 1955
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.75
    •  
  • 9325 Sloan Forest Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019
    LEASED 03/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.76
    •  
  • 9217 Evans Creek Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019
    LEASED 03/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.77
    •  
  • 6825 Charette Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,128 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,128 Sqft ∙ Built 1986
    LEASED 09/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.80
    •  
PROPERTY LISTING DETAILS
Brian Belcher
1.704.287.3868
Re/max Executive
BESbswy