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901 Stanfield Drive #33 Charlotte, NC 28210

3 Beds 2 Baths 1,651 sqft Built 1957

$465,000

List Price

$2,010

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $281.65
  • 35 Days on Market
  • MLS # : 3689479
  • Updated Date : 01/09/2021 at 14:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,651 sqft
  • Baths : 2 full
Listing Agent

Helen Adams Realty

Listing Agent's Description

This home is like an adorable cottage! It has the most cozy feel with two extremely comfortable living areas. In the living room don't miss the custom made mahogany fireplace surround. There are elegant plantation shutters throughout on many of the windows. The rear den has a wood burning fireplace and is right off the kitchen. The bathrooms have both recently been updated so there are two full bathrooms. You will love how the home is situated on the lot! The yard is professionally landscaped with lovely plantings in the very private back yard which has a wonderful deck to grill and enjoy the outdoor space. The driveway can fit several vehicles. No sign in the yard! Only mirrors in bathrooms remain.

SEE MORE

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: Madison Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $102k336k

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

Neighborhood: Madison Park

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
Pinewood Elementary School Primary Regular 557 38 4
Sedgefield Middle School Middle Regular 745 45 1
Myers Park High School High Regular 2,762 145 8

Pinewood Elementary School

  • Education Level: Primary
  • # of students: 557
  • # of teachers: 38
4
GreatSchools Rating

Sedgefield Middle School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 45
1
GreatSchools Rating

Myers Park High School

  • Education Level: High
  • # of students: 2,762
  • # of teachers: 145
8
GreatSchools Rating
 

$418,500$511,500$465,000

PURCHASE PRICE

$1,809$2,211$2,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,010
EXPENSES Loan Payment -$1,615
Property Tax -$405
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
-$188

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.

$465,000

PROJECTED PRICE

$2,010

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 9.8%
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$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$128,975

INVESTMENT

$128,975

Down Payment
$116,250
Rehab Estimate
$5,750
Closing Costs
$6,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,615

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $116,250
Loan Amount $348,750
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$14,277

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,010

    LIST RENT
  • $1.22

    LIST RENT PER SQFT
  • $2,006

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8953$2,0104$2,1005$2,150
$2,150
RENT COMPS ANALYSIS
  • 901 Stanfield Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,651 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,651 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $2,010
    • $1.22
    •  
  • 5175 Murrayhill Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1955
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.19
    •  
  • 4541 Wedgewood Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,669 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,669 Sqft ∙ Built 1959
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.14
    •  
  • 822 Faircrest Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 1958
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.32
    •  
  • 1201 Seneca Place Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,697 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,697 Sqft ∙ Built 1957
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.27
    •  
PROPERTY LISTING DETAILS
Anna Castilow
1.704.724.0159
Helen Adams Realty
BESbswy