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8221 Inverary Place Charlotte, NC 28226

3 Beds 2 Baths 1,278 sqft Built 1978

INVESTimate

$225,000

List Price

$1,380

$1,242 - $1,518

Rent Est.

$244,732  ( +8.77%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Built In 1978
  • Price/Sqft : $176.06
  • 15 Days on Market
  • MLS # : 3649549
  • Updated Date : 08/21/2020 at 11:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,278 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

EXCELLENT LOCATION!!! Great investment opportunity! Lovely ranch on cul-de-sac lot. Master suite with stand-up shower in bathroom. Fenced in flat backyard with deck. Walk-in pantry. Check out the recent updates: New siding 2019, New HVAC 2019, New Heater 2018, New Front & Back Door 2020, New blinds in living, kitchen & "office" 2020.

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: McAlpine

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $94k318k

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

Neighborhood: McAlpine

NeighborhoodNIR 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
Endhaven Elementary School Primary Regular 713 41 6
Quail Hollow Middle School Middle Regular 946 51 3
South Mecklenburg High School High Regular 2,913 147 7

Endhaven Elementary School

  • Education Level: Primary
  • # of students: 713
  • # of teachers: 41
6
GreatSchools Rating

Quail Hollow Middle School

  • Education Level: Middle
  • # of students: 946
  • # of teachers: 51
3
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

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

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

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$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$830
Property Tax -$221
Property Insurance -$51
Property Management Fees -$124
CASH FLOW
$153

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

$1,380

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.77%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
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 40% 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

8.17

YEARS SAVED

$28,709

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,380

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3803$1,4004$1,4505$1,495
$1,495
RENT COMPS ANALYSIS
  • 8221 Inverary Place Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1978
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $1.08
    •  
  • 11623 Green Willow Lane Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1980
    property image
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.09
    •  
  • 8205 Meadowind Circle Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 3 beds 2 baths ∙ 1,404 Sqft ∙ Built
    property image
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.00
    •  
  • 11800 Mirror Lake Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1974
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.12
    •  
  • 11722 Carmel Lakes Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1979
    property image
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.11
    •  
PROPERTY LISTING DETAILS
Rhonda Wood
1.704.614.4173
Exp Realty Llc
BESbswy