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8735 Rittenhouse Circle Charlotte, NC 28270

3 Beds 2 Baths 1,772 sqft Built 1983

INVESTimate

$300,000

List Price

$1,560

$1,404 - $1,716

Rent Est.

$323,700  ( +7.90%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1983
  • Price/Sqft : $169.30
  • 6 Days on Market
  • MLS # : 3654491
  • Updated Date : 08/23/2020 at 20:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,772 sqft
  • Baths : 2 full
Listing Agent

Brenneman Thompson Properties

Listing Agent's Description

Feel totally well-situated and comfortable in this bright and cheery updated home! Master down, open floor plan with cathedral ceilings! Exterior just painted! 2019 HVAC system and disposer, 2018 dishwasher. Hardwoods downstairs. Covered front porch for relaxing. Patio with gazebo overlooking lush flower garden fronting wooded rear lot! Granite countertops in bright kitchen with inviting breakfast nook! Vented gas logs remain with home! Minutes from downtown Matthews and McAlpine Greenway. Can join a nearby neighborhood pool for a small fee: Sardis Forest Swim Club!

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: Sardis Woods

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $110k318k

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

Neighborhood: Sardis Woods

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
Greenway Park Elementary School Primary Regular 605 38 3
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Greenway Park Elementary School

  • Education Level: Primary
  • # of students: 605
  • # of teachers: 38
3
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$1,107
Property Tax -$262
Property Insurance -$61
Property Management Fees -$140
CASH FLOW
-$9

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.

$300,000

PROJECTED PRICE

$1,560

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.90%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$16,741

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,626

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5603$1,5754$1,6505$1,650
$1,650
RENT COMPS ANALYSIS
  • 8735 Rittenhouse Circle Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,772 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,772 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.88
    •  
  • 9324 Harps Mill Court Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,611 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,611 Sqft ∙ Built 1977
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
  • 522 Mountainview Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1978
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.88
    •  
  • 8224 Rittenhouse Circle Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 1982
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.00
    •  
  • 828 Ingraham Place Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,909 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,909 Sqft ∙ Built 1979
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.86
    •  
PROPERTY LISTING DETAILS
Brenneman Thompson
1.704.377.2000
Brenneman Thompson Properties
BESbswy