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833 Rhyne Road Charlotte, NC 28214

3 Beds 2 Baths 1,104 sqft Built 1951

$199,000

List Price

$960

$864 - $1.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $180.25
  • 3 Days on Market
  • MLS # : 3711312
  • Updated Date : 02/26/2021 at 16:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,104 sqft
  • Baths : 2 full
Listing Agent

Carolinas Realty

Listing Agent's Description

Spring is almost here, and this home is ready for its new owner. All new from roof to crawlspace, completely remodeled for every modern convenience, but retaining that classic charm. On the outside; new siding, shingles, doors, windows, heat pump, and patio. Recent tie in to Charlotte-Meck water and sewer utilities. Inside, new wood, tile and carpet flooring, new sheetrock and paint, new electrical wiring to new light fixtures, and outlets with USB connections. New plumbing to accommodate new, kitchen and bathroom sinks, new toilets, new tub and shower, and also a new hot water heater. And can't forget the granite countertops in the Kitchen. Also there is easy access to Highway 85 (about 2 miles), Wilkinson Blvd (about 3 miles), and The US National Whitewater Center (about 3.5 miles).

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: Wildwood

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Wildwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6661518

* 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
Whitewater Academy Primary Unknown NA
Whitewater Middle School Middle Regular 924 53 5
West Mecklenburg High School High Regular 2,040 108 1

Whitewater Academy

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Whitewater Middle School

  • Education Level: Middle
  • # of students: 924
  • # of teachers: 53
5
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$179,100$218,900$199,000

PURCHASE PRICE

$864$1,056$960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $960
EXPENSES Loan Payment -$691
Property Tax -$174
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
-$72

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.

$199,000

PROJECTED PRICE

$960

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.8%
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$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k

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$58,485

INVESTMENT

$58,485

Down Payment
$49,750
Rehab Estimate
$5,750
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$691

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$6,152

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $960

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,046

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$960
1$9602$9953$1,0354$1,2005$1,300
$1,300
RENT COMPS ANALYSIS
  • 833 Rhyne Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,104 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,104 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $960
    • $0.87
    •  
  • 9228 Eleanor Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,056 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,056 Sqft ∙ Built 2007
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $0.94
    •  
  • 9110 Mount Holly Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,110 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,110 Sqft ∙ Built 1954
    LEASED 02/26/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,035
    • $0.93
    •  
  • 841 Carrington Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,263 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,263 Sqft ∙ Built 1971
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.95
    •  
  • 2861 Oasis Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,342 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,342 Sqft ∙ Built 2000
    LEASED 10/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.97
    •  
PROPERTY LISTING DETAILS
Darin Scism
1.704.734.7333
Carolinas Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3711312
Last Updated: 02/26/2021
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