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8924 Loch Glen Way Charlotte, NC 28278

3 Beds 3 Baths 2,777 sqft Built 2016

$400,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $144.04
  • -1 Days on Market
  • MLS # : CAR3760736
  • Updated Date : 07/13/2021 at 01:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,777 sqft
  • Baths : 3 full
Listing Agent

Rinehart Realty Corp.

Listing Agent's Description

Come live in the sought after Berewick Community;Easy access to I-485, CLT I'Natl airport & uptown. The 1.5 story open floorplan features a large family room w/gas fireplace, kitchen with a sunroom extension, dining room/flex space & 2 additional bedrooms. The elegant kitchen features stainless appliances (including a gas range/oven!), a farmhouse sink and a breakfast bar. The main level owner's ensuite is appointed with a trey ceiling. Owner's bath has dual vanities, tile surround walk-in shower & 2 owner's closets. Most of the interior is newly repainted, neutral, bright & airy w/new LVP flooring throughout the main living areas. Upstairs offers a full private bath and large bonus room great space for a media room! Community amenities are fabulous & include walking trails, volleyball, pool, manor house & playgrounds. More info at Berewickhoa.com. Shopping, restaurants & Tanger outlets are an added convenience. Nearby you will enjoy recreation onLake Wylie & the Catawba River.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Dixie - Berryhill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k283k

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

Neighborhood: Dixie - Berryhill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500Rent in $8421595

* 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
Berewick Elementary School Primary Regular 601 38 6
Kennedy Middle School Middle Regular 722 43 4
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

Berewick Elementary School

  • Education Level: Primary
  • # of students: 601
  • # of teachers: 38
6
GreatSchools Rating

Kennedy Middle School

  • Education Level: Middle
  • # of students: 722
  • # of teachers: 43
4
GreatSchools Rating

Math, Engineering, Technology And Science At Olympic High School

  • Education Level: High
  • # of students: 607
  • # of teachers: 28
7
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,389
Property Tax -$356
Property Insurance -$79
HOA -$67
Property Management Fees -$119
CASH FLOW
-$30

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.

$400,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.6%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$17,483

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $2,104

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,7753$1,9954$1,9955$2,095
$2,095
RENT COMPS ANALYSIS
  • 8924 Loch Glen Way Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,777 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,777 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 10631 Bedlington Road Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,536 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,536 Sqft ∙ Built 2007
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.70
    •  
  • 7308 Hamilton Bridge Road Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,640 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,640 Sqft ∙ Built 2016
    property image
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.76
    •  
  • 7133 Kinley Commons Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,782 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,782 Sqft ∙ Built 2011
    property image
    LEASED 02/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.72
    •  
  • 8916 Inverness Bay Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,544 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,544 Sqft ∙ Built 2016
    property image
    LEASED 04/21/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.82
    •  
PROPERTY LISTING DETAILS
Jamie Leggett
1.704.650.6345
Rinehart Realty Corp.
BESbswy