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8620 Galena View Drive Charlotte, NC 28269

3 Beds 2 Baths 1,416 sqft Built 1997

$235,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $165.96
  • 3 Days on Market
  • MLS # : 3709887
  • Updated Date : 02/27/2021 at 08:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,416 sqft
  • Baths : 2 full
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

You won't want to miss out on this home!! Well maintained and ready to go! This home has the one level living floor plan that you have been waiting for!!This home features a spacious family room with a vaulted ceiling and a fireplace with granite that leads to the large inviting eat in kitchen! Owners bedroom with walk in closet and Owners bath includes dual sinks, soaking tub and large walk in shower. Two spacious secondary room with another full bath. Extra long driveway will fit all your cars- Garage has been converted to a partially finished heated/cooled rec room area. Beautiful backyard with storage shed. Great location- close to 485, grocery stores, dining and just a short drive to Concord Mills! This one will not last!

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: Prosperity Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Prosperity Church Road

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
Croft Community School Primary Regular 644 35 NA
J.m. Alexander Middle School Middle Regular 865 40 4
North Mecklenburg High School High Regular 1,881 101 3

Croft Community School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 35
NA
GreatSchools Rating

J.m. Alexander Middle School

  • Education Level: Middle
  • # of students: 865
  • # of teachers: 40
4
GreatSchools Rating

North Mecklenburg High School

  • Education Level: High
  • # of students: 1,881
  • # of teachers: 101
3
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$816
Property Tax -$205
Property Insurance -$54
HOA -$12
Property Management Fees -$119
CASH FLOW
$84

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.

$235,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.4%
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$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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$22,100

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,289

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,290
1$1,2902$1,3493$1,4654$1,4955$1,505
$1,505
RENT COMPS ANALYSIS
  • 8620 Galena View Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $0.91
    •  
  • 8517 Galena View Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,495 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,495 Sqft ∙ Built 2001
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.90
    •  
  • 4530 Avalon Forest Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,606 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,606 Sqft ∙ Built 1996
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,465
    • $0.91
    •  
  • 9411 Misty Arbor Way Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1997
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
  • 9026 Sanders Creek Court Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,677 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,677 Sqft ∙ Built 2002
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,505
    • $0.90
    •  
PROPERTY LISTING DETAILS
Brigitte Perry
1.704.293.2741
Southern Homes Of The Carolinas
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3709887
Last Updated: 02/27/2021
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