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8938 Raven Park Drive Charlotte, NC 28216

4 Beds 4 Baths 2,021 sqft Built 1994

INVESTimate

$279,000

List Price

$1,660

$1,494 - $1,826

Rent Est.

$303,943  ( +8.94%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1994
  • Price/Sqft : $138.05
  • 12 Days on Market
  • MLS # : 3652070
  • Updated Date : 08/26/2020 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,021 sqft
  • Baths : 3 full , 1 half
Listing Agent

Allen Tate Lake Norman

Listing Agent's Description

Tastefully remodeled home you don't want to miss. Kitchen updates include beautiful ivory cabinets with glazed finish, roll out storage, granite counters, tiled backsplash, and SS appliances (double oven), kitchen fridge remains. You will love the drop zone at the garage entry. Pet friendly and allergy-friendly home with wood flooring on the main and upper levels..no carpet! Bathroom updates include granite, tile and travertine. Details you will appreciate such as smooth finish ceilings, crown moldings throughout, and freshly painted interior. 4 spacious bedrooms and 3.5 baths is a rare feature. Owner's suite with a nicely updated bath and built-in organization added to the walk-in closet. Large 4th BR with ensuite bath could be a teen suite. The screened porch and covered deck are perfect for gathering with friends. Fenced yard plus a storage building for your yard tools. Popular pool community close to major roads and shopping, Whitewater Center and Latta Nature Preserve.

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: 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
 

$251,100$306,900$279,000

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

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$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$1,029
Property Tax -$253
Property Insurance -$65
HOA -$52
Property Management Fees -$149
CASH FLOW
$111

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.

$279,000

PROJECTED PRICE

$1,660

PROJECTED RENT

0.59%

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$79,685

INVESTMENT

$79,685

Down Payment
$69,750
Rehab Estimate
$5,750
Closing Costs
$4,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,750
Loan Amount $209,250
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$26,310

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,602

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5503$1,6254$1,6605$1,680
$1,680
RENT COMPS ANALYSIS
  • 8938 Raven Park Drive Charlotte, NC 4
    • 4 beds 4 baths ∙ 2,021 Sqft ∙ Built 1994 4 beds 4 baths ∙ 2,021 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.82
    •  
  • 9103 Kaladar Court Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,050 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,050 Sqft ∙ Built 1997
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.73
    •  
  • 9217 Ames Hollow Road Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,128 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,128 Sqft ∙ Built 2005
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.73
    •  
  • 8539 Piccone Brook Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 1,955 Sqft ∙ Built 4 beds 3 baths ∙ 1,955 Sqft ∙ Built
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.83
    •  
  • 9115 Whittel Place Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,924 Sqft ∙ Built 1995 4 beds 3 baths ∙ 1,924 Sqft ∙ Built 1995
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.87
    •  
PROPERTY LISTING DETAILS
Chris Carlin
1.704.236.5510
Allen Tate Lake Norman
BESbswy