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8113 Belmont Stables Drive Charlotte, NC 28216

3 Beds 3 Baths 1,478 sqft Built 2004

$230,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $155.62
  • 4 Days on Market
  • MLS # : 3698406
  • Updated Date : 01/15/2021 at 14:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,478 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

MULTIPLE OFFERS RECEIVED. Sellers are calling for HIGHEST & BEST no Later than 2pm Sat, Jan, 16th. Charming 3 bedroom, 2.5 bath home in the Avery Glen subdivision. Ready for it's new owners with new LVP flooring & fresh neutral paint throughout main level. Open floor plan with tons of natural light. Entry flows into Dining space, kitchen (with new stove added March 2020) and living room, great for entertaining. Upstairs you'll find all three bedrooms, including owners suite, complete with double vanity sink and walk in closet. 2 additional bedrooms and full hall bath complete the upper level. Furnace & HVAC updated in 2018 & 2019. Just minutes from 485, 85, shopping, dining, Whitewater Center, Lake access and all that Charlotte has to offer. Quick commute to Uptown, University area or Airport. Welcome home!

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: Mountain Island

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $113k241k

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

Neighborhood: Mountain Island

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8421617

* 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
Long Creek Elementary School Primary Regular 455 31 6
Francis Bradley Middle School Middle Regular 1,140 59 6
Hopewell High School High Regular 1,653 87 3

Long Creek Elementary School

  • Education Level: Primary
  • # of students: 455
  • # of teachers: 31
6
GreatSchools Rating

Francis Bradley Middle School

  • Education Level: Middle
  • # of students: 1,140
  • # of teachers: 59
6
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$799
Property Tax -$201
Property Insurance -$55
HOA -$24
Property Management Fees -$119
CASH FLOW
$92

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.

$230,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 3.7%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$19,673

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,290

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,290
1$1,2902$1,3953$1,4004$1,4205$1,449
$1,449
RENT COMPS ANALYSIS
  • 8113 Belmont Stables Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,478 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,478 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $0.87
    •  
  • 7925 Ambleside Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 1996
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.85
    •  
  • 8253 Belmont Stables Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,568 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,568 Sqft ∙ Built 2003
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.89
    •  
  • 8126 Belmont Stables Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,640 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,640 Sqft ∙ Built 2005
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.87
    •  
  • 3706 Pimilico Trace Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 2005
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.88
    •  
PROPERTY LISTING DETAILS
Breanne Flowers
1.336.202.5235
Keller Williams Ballantyne Area
BESbswy