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9013 Festival Way Charlotte, NC 28215

4 Beds 3 Baths 2,254 sqft Built 2020

$331,900

List Price

$1,660

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $147.25
  • 3 Days on Market
  • MLS # : 3688794
  • Updated Date : 12/04/2020 at 13:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,254 sqft
  • Baths : 2 full , 1 half
Listing Agent

Meritage Homes Of The Carolina

Listing Agent's Description

Brand NEW energy-efficient home ready February 2021! Enjoy dinner under the Stanton plan covered back patio. The main level primary suite is secluded from the upstairs loft and secondary bedrooms. Slate cabinets, ice white quartz countertops, cool grey EVP flooring with grey-brown carpet in our Distinct package. Conveniently located off I-485 and near downtown Mint Hill, Larkhaven Hills will soon feature a clubhouse and community pool. Known for their energy-efficient features, our homes help you live a healthier and quieter lifestyle while saving thousands of dollars on utility bills.

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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: Bradfield Farms

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $113k235k

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

Neighborhood: Bradfield Farms

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
Clear Creek Elementary School Primary Regular 647 37 6
Northeast Middle School Middle Regular 739 45 3
Rocky River High School High Regular 1,710 90 3

Clear Creek Elementary School

  • Education Level: Primary
  • # of students: 647
  • # of teachers: 37
6
GreatSchools Rating

Northeast Middle School

  • Education Level: Middle
  • # of students: 739
  • # of teachers: 45
3
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$298,710$365,090$331,900

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$1,225
Property Tax -$311
Property Insurance -$70
HOA -$75
Property Management Fees -$119
CASH FLOW
-$139

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$331,900

PROJECTED PRICE

$1,660

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.9%
Maintenance Year (1-5) 3.00%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$89,954

INVESTMENT

$89,954

Down Payment
$82,975
Rehab Estimate
$2,000
Closing Costs
$4,979

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,225

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $82,975
Loan Amount $248,925
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$9,559

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
  • $0.74

    LIST RENT PER SQFT
  • $1,629

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6453$1,6504$1,6605$1,700
$1,700
RENT COMPS ANALYSIS
  • 9013 Festival Way Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,254 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,254 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.74
    •  
  • 9828 Aventide Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,275 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,275 Sqft ∙ Built 2000
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.68
    •  
  • 12915 Longstraw Road Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,388 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,388 Sqft ∙ Built 2015
    LEASED 09/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.69
    •  
  • 12926 Longstraw Road Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,260 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,260 Sqft ∙ Built 2015
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.73
    •  
  • 11815 Bending Branch Road Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,196 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,196 Sqft ∙ Built 2008
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.77
    •  
PROPERTY LISTING DETAILS
Jimmy Mcclurg
1.704.969.0153
Meritage Homes Of The Carolina
BESbswy