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8424 Larkmead Forest Drive Charlotte, NC 28269

4 Beds 3 Baths 2,846 sqft Built 2007

$300,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

February 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $105.41
  • 6 Days on Market
  • MLS # : 3703798
  • Updated Date : 02/10/2021 at 15:24
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,846 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Beautiful home loaded w/upgrades including gorgeous floors, arches, & details! Laminate wood floors in main living area w/an open floor plan w/lots of windows & natural light. Family room w/custom archways open to dining room & eat-in kitchen. Kitchen w/42" cabinets, granite, SS appliances, & kitchen island w/tile floor & backsplash. Upstairs is the master suite w/vaulted ceilings, custom molding, walk-in closet & bathroom recently updated. Another full bath(Updated 2020) & 3 more bedrooms w/spacious bonus/media room. Interior freshly painted w/new carpet & flooring(2019). Updated light fixtures & ceiling fans. 2 LED fireplaces & 3 in-wall power kits. Exterior 2020 renovations include exterior vinyl, storm door, aerated yard w/11 Leyland Cypress in backyard for future privacy. ADT doorbell motion-activated camera & backyard camera capabilities. Home has been meticulously cared for & move in ready!

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: West Sugar Creek

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $106k235k

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

Neighborhood: West Sugar Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
David Cox Road Elementary School Primary Regular 784 46 4
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

David Cox Road Elementary School

  • Education Level: Primary
  • # of students: 784
  • # of teachers: 46
4
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,042
Property Tax -$266
Property Insurance -$81
HOA -$25
Property Management Fees -$119
CASH FLOW
$267

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$300,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$40,444

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,907

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,7453$1,7504$1,7955$1,800
$1,800
RENT COMPS ANALYSIS
  • 8424 Larkmead Forest Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,846 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,846 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.63
    •  
  • 9118 Laurel Ridge Trail Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,510 Sqft ∙ Built 1991 3 beds 3 baths ∙ 2,510 Sqft ∙ Built 1991
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.69
    •  
  • 9229 Heritage Woods Place Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,550 Sqft ∙ Built 1990 3 beds 3 baths ∙ 2,550 Sqft ∙ Built 1990
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.68
    •  
  • 4505 Canipe Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,670 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,670 Sqft ∙ Built 2003
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.66
    •  
  • 8515 Thelema Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,772 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,772 Sqft ∙ Built 2008
    LEASED 02/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.65
    •  
PROPERTY LISTING DETAILS
Thomas Elrod
1.704.228.6900
Keller Williams Ballantyne Area
BESbswy