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9024 Hedge Maple Road Charlotte, NC 28269

3 Beds 3 Baths 2,348 sqft Built 2001

$260,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $110.73
  • 5 Days on Market
  • MLS # : 3677739
  • Updated Date : 10/30/2020 at 18:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,348 sqft
  • Baths : 2 full , 1 half
Listing Agent

Highgarden Real Estate

Listing Agent's Description

Amazing space inside and out. Flex room on main floor for office space, study room, etc. Generous space in loft welcomes you to second floor living. New roof summer of 2020. Spacious master bedroom suite with separate shower and tub and double closets. Convenient to I-485, minutes away from great shopping. Natural privacy beyond back yard. Sellers are in process of finding their next great home and will need 60 days to process sale. Home is being sold as is. Upstairs hallway light fixtures needs repair.

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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: Davis Lake - Eastfield

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Davis Lake - Eastfield

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
Blythe Elementary School Primary Regular 1,038 67 5
J.m. Alexander Middle School Middle Regular 865 40 4
North Mecklenburg High School High Regular 1,881 101 3

Blythe Elementary School

  • Education Level: Primary
  • # of students: 1,038
  • # of teachers: 67
5
GreatSchools Rating

J.m. Alexander Middle School

  • Education Level: Middle
  • # of students: 865
  • # of teachers: 40
4
GreatSchools Rating

North Mecklenburg High School

  • Education Level: High
  • # of students: 1,881
  • # of teachers: 101
3
GreatSchools Rating
 

$234,000$286,000$260,000

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 -$959
Property Tax -$240
Property Insurance -$71
HOA -$17
Property Management Fees -$153
CASH FLOW
$259

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.

$260,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.3%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$42,941

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
  • $0.72

    LIST RENT PER SQFT
  • $1,855

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7003$1,9954$1,9955$2,000
$2,000
RENT COMPS ANALYSIS
  • 9024 Hedge Maple Road Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,348 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,348 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.72
    •  
  • 5842 Shining Oak Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,266 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,266 Sqft ∙ Built 2001
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.73
    •  
  • 7814 Meridale Forest Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 2,370 Sqft ∙ Built 2018 3 beds 2 baths ∙ 2,370 Sqft ∙ Built 2018
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.84
    •  
  • 7822 Meridale Forest Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,508 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,508 Sqft ∙ Built 2018
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.80
    •  
  • 12416 Hampton Place Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,521 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,521 Sqft ∙ Built 2006
    LEASED 09/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.79
    •  
PROPERTY LISTING DETAILS
Sandra Norman
1.704.280.0243
Highgarden Real Estate
BESbswy