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8229 Getalong Road Charlotte, NC 28213

4 Beds 4 Baths 3,371 sqft Built 1984

$425,000

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $126.08
  • 5 Days on Market
  • MLS # : 3711549
  • Updated Date : 02/27/2021 at 11:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,371 sqft
  • Baths : 3 full , 1 half
Listing Agent

Allen Tate University

Listing Agent's Description

MULTIPLE OFFER SITUATION SUBMIT YOUR STRONGEST & BEST OFFER BY NOON 2/28 This custom mid century modern home offers a unique blend of an open flowing floorplan, soaring ceilings, tons of natural light, gleaming wood floors, plus todays hot features. Sunken living room offers a beautiful fplace flanked by solariums. Breakfast bar is a perfect bridge between the GR and kitchen -perfect for entertaining or quiet time together. Chef will love the kitchen -cherry cabinets, granite counter tops, sub zero fridge & dry bar. Working from home is easy. Cozy den w/built in bookcase - like the more open space? The loft offers a great place for Zoom calls or a Netflix movie marathon. After a hard day its time to unwind & relax in your luxury master suite with spa inspired bath - walk in tile shower, soaking tub and dual vanities. Enjoy the sunny days to come on the semi-covered deck on the second level overlooking your wooded and private yard.

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

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
Joseph W. Grier Academy Primary Regular 789 50 3
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Joseph W. Grier Academy

  • Education Level: Primary
  • # of students: 789
  • # of teachers: 50
3
GreatSchools Rating

Northridge Middle School

  • Education Level: Middle
  • # of students: 779
  • # of teachers: 43
3
GreatSchools Rating

Rocky River High School

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

$382,500$467,500$425,000

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,476
Property Tax -$400
Property Insurance -$91
Property Management Fees -$119
CASH FLOW
$4

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.

$425,000

PROJECTED PRICE

$2,090

PROJECTED RENT

0.49%

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$1.4M

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$21,931

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.62

    LIST RENT PER SQFT
  • $1,947

    COMP ESTIMATED VALUE
  • $0.58

    COMP AVG. RENT PER SQFT
Comps Range
$1,775
1$1,7752$1,8153$1,8754$1,9955$2,090
$2,090
RENT COMPS ANALYSIS
  • 8229 Getalong Road Charlotte, NC 5
    • 4 beds 4 baths ∙ 3,371 Sqft ∙ Built 1984 4 beds 4 baths ∙ 3,371 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.62
    •  
  • 9911 Jeanette Circle Charlotte, NC 1
    • 4 beds 3 baths ∙ 3,127 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,127 Sqft ∙ Built 2004
    property image
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.57
    •  
  • 2605 Impatien Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 3,210 Sqft ∙ Built 2015 4 beds 3 baths ∙ 3,210 Sqft ∙ Built 2015
    property image
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,815
    • $0.57
    •  
  • 4115 Rosefield Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 3,267 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,267 Sqft ∙ Built 2005
    property image
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.57
    •  
  • 1707 Loropetalum Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 3,316 Sqft ∙ Built 2017 4 beds 3 baths ∙ 3,316 Sqft ∙ Built 2017
    property image
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.60
    •  
PROPERTY LISTING DETAILS
Susan Billiar
1.704.619.0963
Allen Tate University
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3711549
Last Updated: 02/27/2021
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