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8736 Aspinwall Drive Charlotte, NC 28216

3 Beds 3 Baths 1,838 sqft Built 2018

$300,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $163.22
  • 3 Days on Market
  • MLS # : 3706394
  • Updated Date : 02/12/2021 at 07:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,838 sqft
  • Baths : 2 full , 1 half
Listing Agent

Costello Real Estate And Investments

Listing Agent's Description

Say goodbye to landscaping work because its included in the HOA! Built in 2018 with the builders 2-10 Warranty in place, this wonderful 3 bed 2 bath home has custom changes made by the seller and Knotts Builder at the time of build. Its a one of a kind version of this plan with an open concept 1st floor which was a game changer! Gated community, sidewalks, granite countertops, fireplace, stainless steel appliances, solid surfaces throughout the main, lots of natural light with the custom open concept, drop zone, laundry room, pocket doors, dual closets in the master, 9' ceilings, and a detached two car garage. Centrally located minutes to the Lake Norman area, and Uptown. Nearby shopping includes Northlake, Birkdale Village, Lowes, Target, so many restaurants and more. Brand new 77 exit ramp just .3 miles away and 485 1.3 miles away. Convenience and comfort in this North Charlotte home. Refrigerator, TV Wall Mount on the first floor and Ring Security System do not convey.

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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: Northlake

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $107k318k

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

Neighborhood: Northlake

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
Hornets Nest Elementary School Primary Regular 587 34 3
Ranson Middle School Middle Regular 1,138 57 3
Hopewell High School High Regular 1,653 87 3

Hornets Nest Elementary School

  • Education Level: Primary
  • # of students: 587
  • # of teachers: 34
3
GreatSchools Rating

Ranson Middle School

  • Education Level: Middle
  • # of students: 1,138
  • # of teachers: 57
3
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating
 

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

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$1,042
Property Tax -$262
Property Insurance -$62
HOA -$130
Property Management Fees -$119
CASH FLOW
-$14

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

$1,600

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.9%
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

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$1.0M

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.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$15,798

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,443

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3783$1,5754$1,6005$1,600
$1,600
RENT COMPS ANALYSIS
  • 8736 Aspinwall Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,838 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,838 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.87
    •  
  • 9107 Newfield Street Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2006
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.72
    •  
  • 9926 Rockmeadow Drive Charlotte, NC 2
    • 4 beds 2 baths ∙ 1,700 Sqft ∙ Built 1970 4 beds 2 baths ∙ 1,700 Sqft ∙ Built 1970
    property image
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,378
    • $0.81
    •  
  • 9427 Darwick Street Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,940 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,940 Sqft ∙ Built 2006
    property image
    LEASED 01/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.81
    •  
  • 8838 Chalkstone Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2007
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.80
    •  
PROPERTY LISTING DETAILS
John Ginolfi
1.704.659.3582
Costello Real Estate And Investments
BESbswy