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8600 Abbey Brook Court Charlotte, NC 28216

3 Beds 3 Baths 2,230 sqft Built 1992

$289,900

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $130.00
  • 7 Days on Market
  • MLS # : 3692754
  • Updated Date : 01/15/2021 at 16:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,230 sqft
  • Baths : 2 full , 1 half
Listing Agent

Hendrix Properties

Listing Agent's Description

Beautiful 3 BR, 2 1/2 BA home in Wedgewood North, a true hidden-gem neighborhood in North Charlotte. This home sits on a rare, half-acre (.56) LEVEL lot at the end of a lovely cul-de-sac street. Fully fenced rear yard w/ park-like setting, perfect for pets, playing ball or relaxing around the fire pit. Main level features updated lighting, LVP floors, kitchen w/ SS appliances, Breakfast Rm, Dining Rm, large Living Rm, 1/2 bath & vaulted Great Rm w/ gas fireplace. Laundry, two add'l BRs & a full bath located upstairs along w/ the large Owner's suite. Gorgeous en-suite bath updated w/ frameless glass shower, luxury soaking tub, dual vanity & custom closet system. WWN has an active HOA & residents enjoy many community events, pool, clubhouse, tennis courts, playground, sand volleyball court & more! This home is just minutes to I-485, I-77, Northlake Mall & all major conveniences. Great central location to LKN, Uptown Charlotte & Concord Mills - all in about 15 minutes.

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: Northlake

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $107k318k

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

Neighborhood: Northlake

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Long Creek Elementary School Primary Regular 455 31 6
Francis Bradley Middle School Middle Regular 1,140 59 6
Hopewell High School High Regular 1,653 87 3

Long Creek Elementary School

  • Education Level: Primary
  • # of students: 455
  • # of teachers: 31
6
GreatSchools Rating

Francis Bradley Middle School

  • Education Level: Middle
  • # of students: 1,140
  • # of teachers: 59
6
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,007
Property Tax -$253
Property Insurance -$69
HOA -$52
Property Management Fees -$119
CASH FLOW
$230

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.

$289,900

PROJECTED PRICE

$1,730

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.9%
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$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$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$39,257

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,600

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5503$1,5754$1,6955$1,730
$1,730
RENT COMPS ANALYSIS
  • 8600 Abbey Brook Court Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,230 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,230 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.78
    •  
  • 8514 Piccone Brook Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,245 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,245 Sqft ∙ Built 1996
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.65
    •  
  • 9217 Ames Hollow Road Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,128 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,128 Sqft ∙ Built 2005
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.73
    •  
  • 5321 Valcourt Road Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2005
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.71
    •  
  • 3722 Pimilico Trace Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,216 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,216 Sqft ∙ Built 2006
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.76
    •  
PROPERTY LISTING DETAILS
Chad Hendrix
1.704.737.4400
Hendrix Properties
BESbswy