Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

8054 Hereford Street Charlotte, NC 28213

5 Beds 3 Baths 2,364 sqft Built 2014

$355,000

List Price

$1,870

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $150.17
  • 4 Days on Market
  • MLS # : 3721980
  • Updated Date : 03/25/2021 at 18:18
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,364 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

Built in 2014, this Charlotte two-story cul-de-sac home offers a patio, granite countertops, and a two-car garage.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $108k235k

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

Neighborhood: Newell

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8261518

* 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
Newell Elementary School Primary Regular 818 47 4
Martin Luther King Jr Middle School Middle Regular 1,102 57 2
Vance High School High Regular 1,714 91 3

Newell Elementary School

  • Education Level: Primary
  • # of students: 818
  • # of teachers: 47
4
GreatSchools Rating

Martin Luther King Jr Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 57
2
GreatSchools Rating

Vance High School

  • Education Level: High
  • # of students: 1,714
  • # of teachers: 91
3
GreatSchools Rating
 

$319,500$390,500$355,000

PURCHASE PRICE

$1,683$2,057$1,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,870
EXPENSES Loan Payment -$1,233
Property Tax -$310
Property Insurance -$72
HOA -$44
Property Management Fees -$119
CASH FLOW
$93

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$355,000

PROJECTED PRICE

$1,870

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,233

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$25,690

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,870

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,838

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,6253$1,8704$1,9955$2,000
$2,000
RENT COMPS ANALYSIS
  • 8054 Hereford Street Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,364 Sqft ∙ Built 2014 5 beds 3 baths ∙ 2,364 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $1,870
    • $0.79
    •  
  • 2507 Lassen Bay Place Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,044 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,044 Sqft ∙ Built 1999
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.73
    •  
  • 3041 Old Ironside Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2002
    LEASED 03/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.79
    •  
  • 9928 Seven Oaks Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,622 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,622 Sqft ∙ Built 2006
    LEASED 11/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.76
    •  
  • 10121 Snowbell Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,412 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,412 Sqft ∙ Built 2017
    LEASED 03/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.83
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3721980
Last Updated: 03/25/2021
BESbswy