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9025 Benfield Road Charlotte, NC 28269

3 Beds 2 Baths 1,900 sqft Built 1965

$245,000

List Price

$1,510

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $128.95
  • 8 Days on Market
  • MLS # : 3680118
  • Updated Date : 11/13/2020 at 15:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,900 sqft
  • Baths : 2 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

Welcome Home. This full brick ranch sets on a .86 acre lot with a fenced in backyard. The home has an extended back patio overlooking mature trees and a stone fire pit for your enjoyment. Take advantage of this great yard and the amount of outdoor space this home provides. With 3 beds, 2 full bathrooms, an open floor plan along with a bonus room/extra family room this home has a lot to offer. This homes sets less then 5 minutes from 485 and 15 minutes to the University area. Located with shops, restaurants, and gas stations within walking distance.

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: Prosperity Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Prosperity Church Road

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
Croft Community School Primary Regular 644 35 NA
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

Croft Community School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 35
NA
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$904
Property Tax -$214
Property Insurance -$63
Property Management Fees -$136
CASH FLOW
$194

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.

$245,000

PROJECTED PRICE

$1,510

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.4%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

8.75

YEARS SAVED

$34,808

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,510

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,629

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4503$1,5104$1,5255$1,850
$1,850
RENT COMPS ANALYSIS
  • 9025 Benfield Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,900 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,900 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $0.79
    •  
  • 5723 Waverly Lynn Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,736 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,736 Sqft ∙ Built 2001
    property image
    LEASED 12/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.80
    •  
  • 12152 Old Willow Road Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 1999
    property image
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.85
    •  
  • 5119 Eagle Creek Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 2003
    property image
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.85
    •  
  • 11418 Fox Hill Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,035 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,035 Sqft ∙ Built 1998
    property image
    LEASED 05/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.91
    •  
PROPERTY LISTING DETAILS
Chadwick White
1.704.412.9872
Keller Williams South Park
BESbswy