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8909 Potomac Boulevard Charlotte, NC 28216

4 Beds 3 Baths 1,675 sqft Built 2006

INVESTimate

$245,000

List Price

$1,360

$1,224 - $1,496

Rent Est.

$266,903  ( +8.94%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $146.27
  • 2 Days on Market
  • MLS # : 3655295
  • Updated Date : 08/25/2020 at 11:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,675 sqft
  • Baths : 2 full , 1 half
Listing Agent

United Real Estate-queen City

Listing Agent's Description

You'll LOVE this charming, well cared for 2 story home with NO HOA! This 4 bedroom, 2.5 bath home with 2 car finished garage offers your family 1675 sq ft of generous living space. Cozy up near the gas fireplace, or enjoy entertaining on the recently extended back patio with large, level lot. Pride of ownership shines through, from the diagonally laid vinyl plank floors to the SOLAR HEATING system. Yes, you can relax and go green! Pair all of this with a convenient location close to 77, 485, 85, Northlake Mall, shopping, retail and restaurants, you must see this amazing home before it's too late!

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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
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$904
Property Tax -$214
Property Insurance -$59
Property Management Fees -$122
CASH FLOW
$61

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.

$245,000

PROJECTED PRICE

$1,360

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.94%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$19,998

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,311

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,3003$1,3604$1,3785$1,395
$1,395
RENT COMPS ANALYSIS
  • 8909 Potomac Boulevard Charlotte, NC 3
    • 4 beds 3 baths ∙ 1,675 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,675 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.81
    •  
  • 8711 Buckhorn Street Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 2004
    LEASED 08/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.78
    •  
  • 9107 Newfield Street Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2006
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.72
    •  
  • 9926 Rockmeadow Drive Charlotte, NC 4
    • 4 beds 2 baths ∙ 1,700 Sqft ∙ Built 1970 4 beds 2 baths ∙ 1,700 Sqft ∙ Built 1970
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,378
    • $0.81
    •  
  • 7625 Jenny Ann Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2010 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2010
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.82
    •  
PROPERTY LISTING DETAILS
Dawn Johnson
1.980.308.5056
United Real Estate-queen City
BESbswy