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8822 Nottoway Drive Charlotte, NC 28213

4 Beds 3 Baths 2,328 sqft Built 1969

$280,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $120.27
  • 3 Days on Market
  • MLS # : 3708068
  • Updated Date : 02/13/2021 at 11:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,328 sqft
  • Baths : 3 full
Listing Agent

Clickit Realty

Listing Agent's Description

Come enjoy the convenience of being within a quarter-mile of UNC Charlotte, minutes from Charlotte's light rail system, Toby Creek Greenway, and a nature trail to shopping centers. This 4 bedroom home is a split level. The entry-level has a kitchen with breakfast area, dining room, living room, den, three bedrooms, and two bathrooms. All bedrooms and the den are the original hardwood floors and the dining and living room have brand new carpet. The kitchen has been updated with new appliances. The lower level has new wood laminate floors throughout; and offers a bedroom, full bathroom, laundry room, and living space with a fireplace with sliding doors to the back patio. The home has a brand new roof with 30-year architectural shingles, a new refrigerator, and a dishwasher. The detached 1.5 car garage is perfect for a workshop or additional storage

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: College Downs

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: College Downs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Newell Elementary School Primary Regular 818 47 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

Newell Elementary School

  • Education Level: Primary
  • # of students: 818
  • # of teachers: 47
4
GreatSchools Rating

James Martin Middle School

  • Education Level: Middle
  • # of students: 1,113
  • # of teachers: 54
3
GreatSchools Rating

Vance High School

  • Education Level: High
  • # of students: 1,714
  • # of teachers: 91
3
GreatSchools Rating
 

$252,000$308,000$280,000

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 -$973
Property Tax -$244
Property Insurance -$71
Property Management Fees -$119
CASH FLOW
$193

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.

$280,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$973

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$32,947

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
  • $0.69

    LIST RENT PER SQFT
  • $1,659

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,399
1$1,3992$1,4003$1,5004$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 8822 Nottoway Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,328 Sqft ∙ Built 1969 3 beds 3 baths ∙ 2,328 Sqft ∙ Built 1969
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.69
    •  
  • 9720 Hanberry Boulevard Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,020 Sqft ∙ Built 2010 3 beds 3 baths ∙ 2,020 Sqft ∙ Built 2010
    property image
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.69
    •  
  • 9501 Pondside Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,235 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,235 Sqft ∙ Built 1987
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.63
    •  
  • 9824 Aaronda Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,014 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,014 Sqft ∙ Built 1997
    property image
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.74
    •  
  • 9608 Kayce Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,012 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,012 Sqft ∙ Built 1989
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.79
    •  
PROPERTY LISTING DETAILS
Susan Ayers
1.888.875.4218
Clickit Realty
BESbswy