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8231 Arrowsmith Lane Charlotte, NC 28270

3 Beds 2 Baths 1,570 sqft Built 1981

$259,990

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1981
  • Price/Sqft : $165.60
  • 2 Days on Market
  • MLS # : 3679339
  • Updated Date : 11/07/2020 at 15:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,570 sqft
  • Baths : 2 full
Listing Agent

Coffey House Realty

Listing Agent's Description

Great Ranch in Setllers Landing. Cul-de-sac street, with little traffic. New LVP and carpet(bedrooms) throughout. New Roof. Per sellers family 5 year old HVAC. Freshly painted inside and out. So close to everything you need. The Arboretum, Matthews Festival, and Costco area, are all within 3.5 miles. Ready to move right in. ***This home did suffer storm damage in February 2020. All repairs done by ServPro and permitted. Some roof framing, roof, some walls, flooring, and some new windows. (Others had been replaced previously)***

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: Sardis Forest

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $116k351k

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

Neighborhood: Sardis Forest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441978

* 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
Elizabeth Lane Elementary School Primary Regular 925 51 8
South Charlotte Middle School Middle Regular 856 41 9
Providence High School High Regular 1,991 94 9

Elizabeth Lane Elementary School

  • Education Level: Primary
  • # of students: 925
  • # of teachers: 51
8
GreatSchools Rating

South Charlotte Middle School

  • Education Level: Middle
  • # of students: 856
  • # of teachers: 41
9
GreatSchools Rating

Providence High School

  • Education Level: High
  • # of students: 1,991
  • # of teachers: 94
9
GreatSchools Rating
 

$233,991$285,989$259,990

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$959
Property Tax -$272
Property Insurance -$57
Property Management Fees -$146
CASH FLOW
$186

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.

$259,990

PROJECTED PRICE

$1,620

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
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$800k$900k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,647

INVESTMENT

$74,647

Down Payment
$64,998
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,998
Loan Amount $194,993
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$34,101

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,621

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,548
1$1,5482$1,6203$1,6954$1,6985$1,800
$1,800
RENT COMPS ANALYSIS
  • 8231 Arrowsmith Lane Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $1.03
    •  
  • 531 Silversmith Lane Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1982
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,548
    • $0.99
    •  
  • 443 Silversmith Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,702 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,702 Sqft ∙ Built 1983
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.00
    •  
  • 9012 Waggoneer Circle Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 1980
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,698
    • $1.05
    •  
  • 923 Somersby Lane Matthews, NC 5
    • 3 beds 3 baths ∙ 1,739 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,739 Sqft ∙ Built 1984
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.04
    •  
PROPERTY LISTING DETAILS
Dennis Coffey
1.704.904.4523
Coffey House Realty
BESbswy