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8933 Magennis Grove Court Charlotte, NC 28216

4 Beds 3 Baths 2,644 sqft Built 1998

$295,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $111.57
  • 2 Days on Market
  • MLS # : 3678498
  • Updated Date : 11/02/2020 at 20:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,644 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

A well maintained and move-in ready home in Walden Ridge! Just minutes from I-77 & I-485, near Northlake. Convenient to everything. Welcome home! This home sits on a beautiful cul-de-sac lot with private fenced backyard. The open kitchen/living area is perfect for entertaining. Including the Living Room and Kitchen, the downstairs Includes a dining room and Office/Den area that are perfect for dinner parties and a personal office. As you head upstairs there are 4 bedrooms, 2.5 baths, the spacious Master Suite adjoins a private sitting room with 2 walk in closets. The backyard is extensively landscaped including a fabulous, covered porch that has a tiled patio with extensive stonework throughout the back yard perfect for entertaining or just relaxing. This home has it ALL! Schools, shopping, and restaurants nearby! This home has plenty of storage space. Great Value!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Long Creek Elementary School Primary Regular 455 31 6
Francis Bradley Middle School Middle Regular 1,140 59 6
Hopewell High School High Regular 1,653 87 3

Long Creek Elementary School

  • Education Level: Primary
  • # of students: 455
  • # of teachers: 31
6
GreatSchools Rating

Francis Bradley Middle School

  • Education Level: Middle
  • # of students: 1,140
  • # of teachers: 59
6
GreatSchools Rating

Hopewell High School

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

$265,500$324,500$295,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$1,088
Property Tax -$270
Property Insurance -$77
HOA -$45
Property Management Fees -$153
CASH FLOW
$67

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.

$295,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.58%

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$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$22,486

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.64

    LIST RENT PER SQFT
  • $1,884

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4953$1,6954$1,7005$2,200
$2,200
RENT COMPS ANALYSIS
  • 8933 Magennis Grove Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,644 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,644 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.64
    •  
  • 9833 Bayview Parkway Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,294 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,294 Sqft ∙ Built 2003
    property image
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.63
    •  
  • 4311 Barnside Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2013
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.65
    •  
  • 9624 Bayview Parkway Huntersville, NC 3
    • 4 beds 3 baths ∙ 2,389 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,389 Sqft ∙ Built 2006
    property image
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.71
    •  
  • 11931 Hambright Road Huntersville, NC 5
    • 5 beds 3 baths ∙ 2,433 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,433 Sqft ∙ Built 2020
    property image
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.90
    •  
PROPERTY LISTING DETAILS
Michele Weaver
1.704.903.8294
Exp Realty Llc
BESbswy