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8645 Ridgeline Lane Charlotte, NC 28269

4 Beds 3 Baths 2,759 sqft Built 2007

$332,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $120.33
  • 6 Days on Market
  • MLS # : 3706961
  • Updated Date : 02/12/2021 at 16:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,759 sqft
  • Baths : 3 full
Listing Agent

Stephen Cooley Real Estate Group

Listing Agent's Description

SELLERS WILL REVIEW ALL OFFERS SUNDAY, 2/14 AT 1pm. Take a look at this wonderful home in the lovely Hampton Place subdivision. Step into this stately manor with a 2-story foyer, open floor plan that is great for entertaining. Large kitchen with ample granite counter space, stainless appliances, breakfast bar and a pantry. This home features an in-law suite on the main level, a huge luxury master suite on the second level and a true bonus room. New flooring throughout. Hampton Place is located near Prosperity Village for shopping and dining, great access to I-485. great community amenities that include a pool, playground and tennis courts. A must see!

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: 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
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

Croft Community School

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

$298,800$365,200$332,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,153
Property Tax -$309
Property Insurance -$83
HOA -$40
Property Management Fees -$119
CASH FLOW
$136

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.

$332,000

PROJECTED PRICE

$1,840

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$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$93,730

INVESTMENT

$93,730

Down Payment
$83,000
Rehab Estimate
$5,750
Closing Costs
$4,980

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,153

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $83,000
Loan Amount $249,000
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$31,899

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.62

    LIST RENT PER SQFT
  • $1,840

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7003$1,8004$1,8405$1,995
$1,995
RENT COMPS ANALYSIS
  • 8645 Ridgeline Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,980 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,980 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.62
    •  
  • 5120 Stone Park Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,804 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,804 Sqft ∙ Built 2006
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.60
    •  
  • 5124 Eagle Creek Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,658 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,658 Sqft ∙ Built 2004
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.64
    •  
  • 4728 Lone Tree Court Charlotte, NC 3
    • 5 beds 3 baths ∙ 3,036 Sqft ∙ Built 1998 5 beds 3 baths ∙ 3,036 Sqft ∙ Built 1998
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.59
    •  
  • 8517 Delamere Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 3,105 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,105 Sqft ∙ Built 2007
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.64
    •  
PROPERTY LISTING DETAILS
Stephen Cooley
1.803.985.1240
Stephen Cooley Real Estate Group
BESbswy