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8700 Plaza Park Drive Charlotte, NC 28215

3 Beds 3 Baths 2,296 sqft Built 1992

$322,000

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $140.24
  • 3 Days on Market
  • MLS # : 3694056
  • Updated Date : 01/01/2021 at 10:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,296 sqft
  • Baths : 2 full , 1 half
Listing Agent

National Real Estate

Listing Agent's Description

Super Rare Opportunity in Charlotte...are you looking for a ranch home on over 1.2 acres with privacy and a massive detached garage/shop with heat that is big enough to store your classic car collection, work trucks and with a 12 foot garage door large enough to park your RV inside? Well this is the house! Built in 1992 this mostly brick modular ranch home boasts 3 bedrooms, 2.5 baths with split floor plan. Located on a dead end street you will love the privacy and very large flat lot located just minutes to i485 and just a short drive to downtown Charlotte. Currently the home is using a well for water but city water tap is available at the street for a fee. Truly unique so don't let this property get away they aren't making any more land.

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: Back Creek Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Back Creek 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
Reedy Creek Elementary School Primary Regular 730 44 6
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Reedy Creek Elementary School

  • Education Level: Primary
  • # of students: 730
  • # of teachers: 44
6
GreatSchools Rating

Northridge Middle School

  • Education Level: Middle
  • # of students: 779
  • # of teachers: 43
3
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$289,800$354,200$322,000

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,188
Property Tax -$289
Property Insurance -$70
Property Management Fees -$119
CASH FLOW
$114

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.

$322,000

PROJECTED PRICE

$1,780

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.4%
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$91,080

INVESTMENT

$91,080

Down Payment
$80,500
Rehab Estimate
$5,750
Closing Costs
$4,830

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,188

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $80,500
Loan Amount $241,500
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$36,144

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,952

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,780
1$1,7802$1,8203$1,8204$1,9205$1,945
$1,945
RENT COMPS ANALYSIS
  • 8700 Plaza Park Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,296 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,296 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.78
    •  
  • 13021 Joclaire Court Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 4 beds 3 baths ∙ 2,180 Sqft ∙ Built
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $0.83
    •  
  • 13026 Joclaire Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2020
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $0.86
    •  
  • 13033 Joclaire Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.88
    •  
  • 13029 Joclaire Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2020
    LEASED 12/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.92
    •  
PROPERTY LISTING DETAILS
John Kurtz
1.704.560.1656
National Real Estate
BESbswy