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8336 Cliffside Drive Charlotte, NC 28270

4 Beds 2 Baths 2,377 sqft Built 1970

$379,900

List Price

$1,910

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $159.82
  • 12 Days on Market
  • MLS # : 3700026
  • Updated Date : 01/30/2021 at 15:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,377 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Don't miss seeing this fantastic ranch with modern updates and spacious rooms. Covered front porch entry to a designer wallpapered foyer which spills into formal areas. The dining room has a large bay window and gorgeous light fixtures. An office space leads you to an open kitchen and great room area. The kitchen has been fully updated white shaker cabinetry, stainless appliances, a center island, and quartz countertops. Large laundry/drop zone off the kitchen. The great room features a centerpiece painted brick fireplace and offers an adjacent sunroom with adjacent flex space. Four spacious bedrooms down a private hall with an updated shared full bath. Master bedroom offers a large closet and an ensuite featuring shower, new tile flooring, and new vanity. Outdoors you'll find a covered porch perfect for relaxing and entertaining, as well as a large storage shed in the rear yard. Located in a great spot close to SouthPark and Matthews shopping, dining and greenway access.

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: 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
Lansdowne Elementary School Primary Regular 643 41 5
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Lansdowne Elementary School

  • Education Level: Primary
  • # of students: 643
  • # of teachers: 41
5
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$341,910$417,890$379,900

PURCHASE PRICE

$1,719$2,101$1,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,910
EXPENSES Loan Payment -$1,320
Property Tax -$342
Property Insurance -$72
Property Management Fees -$119
CASH FLOW
$58

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.

$379,900

PROJECTED PRICE

$1,910

PROJECTED RENT

0.50%

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$200k$400k$600k$800k$1.0M$1.2M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,424

INVESTMENT

$106,424

Down Payment
$94,975
Rehab Estimate
$5,750
Closing Costs
$5,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,320

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $94,975
Loan Amount $284,925
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$28,212

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,910

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,145

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8753$1,9104$1,9255$2,150
$2,150
RENT COMPS ANALYSIS
  • 8336 Cliffside Drive Charlotte, NC 3
    • 4 beds 2 baths ∙ 2,377 Sqft ∙ Built 1970 4 beds 2 baths ∙ 2,377 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $0.80
    •  
  • 7911 Sardis Creek Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2011
    LEASED 09/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.84
    •  
  • 9124 Sardis Forest Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,074 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,074 Sqft ∙ Built 1976
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.90
    •  
  • 6150 Garamond Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 1996
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $0.91
    •  
  • 812 Duffy Court Matthews, NC 5
    • 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 1979 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 1979
    LEASED 01/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.96
    •  
PROPERTY LISTING DETAILS
Jennifer Vick
1.704.564.2808
Keller Williams Ballantyne Area
BESbswy