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907 Beechgrove Court #81 Charlotte, NC 28212

3 Beds 2 Baths 1,736 sqft Built 1974

$259,900

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $149.71
  • 4 Days on Market
  • MLS # : 3694802
  • Updated Date : 01/01/2021 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,736 sqft
  • Baths : 2 full
Listing Agent

Wanda Smith & Associates

Listing Agent's Description

Brick ranch traditional 3 bedroom lay-out large eat-in kitchen prime for updating. Dated interior needs paint has some newer flooring. This is an Excellent opportunity for an easy rehab. Great location easy access to Highway 74 just around the corner from Meridian cent and Mora. Current owner has been there 40 years

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: East Forest

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: East Forest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300140015001600Rent in $6771643

* 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
Rama Road Elementary School Primary Regular 591 41 4
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Rama Road Elementary School

  • Education Level: Primary
  • # of students: 591
  • # of teachers: 41
4
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$959
Property Tax -$227
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$66

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.

$259,900

PROJECTED PRICE

$1,430

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 4.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% 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 $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$23,757

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,571

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4003$1,4304$1,4955$1,800
$1,800
RENT COMPS ANALYSIS
  • 907 Beechgrove Court Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.82
    •  
  • 6216 Bainbridge Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1957
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.90
    •  
  • 6307 Forest Way Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1973
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.88
    •  
  • 1422 Thermal Road Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 1973
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.88
    •  
  • 1036 Pineborough Road Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1975
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.97
    •  
PROPERTY LISTING DETAILS
Tony Smith
1.704.366.6667
Wanda Smith & Associates
BESbswy