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8401 Kings Creek Drive Charlotte, NC 28273

3 Beds 3 Baths 1,328 sqft Built 2004

$187,000

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

December 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $140.81
  • 2 Days on Market
  • MLS # : 3692702
  • Updated Date : 12/20/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,328 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jpar Properties Group

Listing Agent's Description

Cute and well-kept home in convenient South Charlotte location! Laminate wood and tile flooring throughout the house. There is no carpet in this house. The garage has also a tile floor. Upstairs you can find three spacious bedrooms including the owner’s suite which features a large master bathroom with dual sink and walk-in closet. Secondary bedrooms are spacious and separated by a full bath. Tons of Storage Throughout Home. Great room with fireplace and ceiling fan that connects to the dining area. The kitchen connects to the dining area with back patio access. Privately fenced in the leveled back yard. Dedicated laundry and half bath on the main floor. One car garage with storage. Proximity to Shopping, CATS Light Rail Station, I-77, and 485 makes the commute to uptown a breeze. This home has been well-maintained and is ready for a new owner!

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: Montclaire South

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $56k235k

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

Neighborhood: Montclaire South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6691518

* 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
Nations Ford Elementary School Primary Regular 713 44 5
Southwest Middle School Middle Regular 1,403 72 6
Harding University High School High Magnet 1,747 97 2

Nations Ford Elementary School

  • Education Level: Primary
  • # of students: 713
  • # of teachers: 44
5
GreatSchools Rating

Southwest Middle School

  • Education Level: Middle
  • # of students: 1,403
  • # of teachers: 72
6
GreatSchools Rating

Harding University High School

  • Education Level: High
  • # of students: 1,747
  • # of teachers: 97
2
GreatSchools Rating
 

$168,300$205,700$187,000

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$690
Property Tax -$163
Property Insurance -$52
HOA -$18
Property Management Fees -$119
CASH FLOW
$178

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.

$187,000

PROJECTED PRICE

$1,220

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.4%
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$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$55,305

INVESTMENT

$55,305

Down Payment
$46,750
Rehab Estimate
$5,750
Closing Costs
$2,805

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$690

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $46,750
Loan Amount $140,250
See What Happens When You Reinvest Cash Flow

10

YEARS SAVED

$31,387

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,244

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,160
1$1,1602$1,2203$1,3504$1,400
$1,400
RENT COMPS ANALYSIS
  • 8401 Kings Creek Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,328 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,328 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.92
    •  
  • 445 Short Hills Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,221 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,221 Sqft ∙ Built 1969
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,160
    • $0.95
    •  
  • 1800 Brookdale Avenue Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1962
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.93
    •  
  • 6126 Cherrycrest Lane Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1968
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.93
    •  
PROPERTY LISTING DETAILS
Ibeth Greer
1.404.408.4970
Jpar Properties Group
BESbswy