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825 Pennsylvania Avenue Charlotte, NC 28216

3 Beds 1 Baths 899 sqft Built 1985

$154,900

List Price

$980

$882 - $1.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $172.30
  • 24 Days on Market
  • MLS # : 3699063
  • Updated Date : 02/05/2021 at 12:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 899 sqft
  • Baths : 1 full
Listing Agent

Re/max Executive

Listing Agent's Description

Attention investors! Motivated Sellers! Located less than 10 minutes from Uptown Charlotte! Home is being sold as-is, house does need some cosmetic work. Seller also selling lot to the left of home. Dark Yellow storage building DOES NOT CONVEY. Home back on the market!! NO FAULT OF THE SELLERS!

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: Oakview Terrace

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $51k235k

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

Neighborhood: Oakview Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2600700800900100011001200130014001500Rent in $5921518

* 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
Thomasboro Academy Primary Regular 729 49 1
Thomasboro Academy Middle Regular 729 49 1
West Charlotte High School High Regular 1,777 109 3

Thomasboro Academy

  • Education Level: Primary
  • # of students: 729
  • # of teachers: 49
1
GreatSchools Rating

Thomasboro Academy

  • Education Level: Middle
  • # of students: 729
  • # of teachers: 49
1
GreatSchools Rating

West Charlotte High School

  • Education Level: High
  • # of students: 1,777
  • # of teachers: 109
3
GreatSchools Rating
 

$139,410$170,390$154,900

PURCHASE PRICE

$882$1,078$980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $980
EXPENSES Loan Payment -$538
Property Tax -$135
Property Insurance -$44
Property Management Fees -$119
CASH FLOW
$144

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.

$154,900

PROJECTED PRICE

$980

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.7%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$46,799

INVESTMENT

$46,799

Down Payment
$38,725
Rehab Estimate
$5,750
Closing Costs
$2,324

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$538

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $38,725
Loan Amount $116,175
See What Happens When You Reinvest Cash Flow

9.92

YEARS SAVED

$21,925

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $980

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $806

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$9453$9504$9805$995
$995
RENT COMPS ANALYSIS
  • 825 Pennsylvania Avenue Charlotte, NC 4
    • 3 beds 1 baths ∙ 876 Sqft ∙ Built 1985 3 beds 1 baths ∙ 876 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $980
    • $1.12
    •  
  • 2827 Burbank Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1959
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.93
    •  
  • 3909 Barlowe Road Charlotte, NC 2
    • 3 beds 1 baths ∙ 1,060 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,060 Sqft ∙ Built 1953
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $945
    • $0.89
    •  
  • 112 Seldon Drive Charlotte, NC 3
    • 3 beds 1 baths ∙ 1,030 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,030 Sqft ∙ Built 1948
    LEASED 12/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.92
    •  
  • 701 Norwood Drive Charlotte, NC 5
    • 3 beds 1 baths ∙ 1,045 Sqft ∙ Built 1960 3 beds 1 baths ∙ 1,045 Sqft ∙ Built 1960
    LEASED 12/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $0.95
    •  
PROPERTY LISTING DETAILS
Scott Byerly
1.704.650.0471
Re/max Executive
BESbswy