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8713 Hornwood Court Charlotte, NC 28215

3 Beds 3 Baths 1,565 sqft Built 1992

$249,900

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $159.68
  • 3 Days on Market
  • MLS # : 3701354
  • Updated Date : 01/23/2021 at 08:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,565 sqft
  • Baths : 2 full , 1 half
Listing Agent

Enjoy Charlotte Living Llc

Listing Agent's Description

Cute as a button 2 story traditional home in Cambridge neighborhood with covered front porch! Many great updates such as new laminate flooring, newer carpet in most upstairs areas, new paint, new master vanities, mirrors, and lighting throughout. Fireplace in living room, white kitchen, and large fenced private backward. Community features playground and outdoor pool within walking distance. Located near shopping center and easy access to I-485. Hurry this one won't last long! Home being sold as-is. Seller will not make any repairs.

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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: Silverwood

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $113k235k

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

Neighborhood: Silverwood

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
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
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$868
Property Tax -$218
Property Insurance -$56
HOA -$28
Property Management Fees -$119
CASH FLOW
-$19

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.

$249,900

PROJECTED PRICE

$1,270

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.1%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$11,445

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,270

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,273

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,270
1$1,2702$1,4453$1,4524$1,5005$1,550
$1,550
RENT COMPS ANALYSIS
  • 8713 Hornwood Court Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,538 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,538 Sqft ∙ Built 1992
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $0.83
    •  
  • 11033 Sandboar Street Charlotte, NC 2
    • 4 beds 2 baths ∙ 1,814 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,814 Sqft ∙ Built 2002
    property image
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.80
    •  
  • 8217 Upsall Court Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 1997
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,452
    • $0.78
    •  
  • 8619 Warwick Crest Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,720 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,720 Sqft ∙ Built 1998
    property image
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.87
    •  
  • 8232 Fox Swamp Road Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2002
    property image
    LEASED 09/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.86
    •  
PROPERTY LISTING DETAILS
Joy Thomas
1.704.661.4790
Enjoy Charlotte Living Llc
BESbswy