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911 Essex Street Charlotte, NC 28205

3 Beds 3 Baths 1,826 sqft Built 1941

$499,000

List Price

$2,310

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1941
  • Price/Sqft : $273.27
  • 24 Days on Market
  • MLS # : 3685561
  • Updated Date : 12/12/2020 at 20:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,826 sqft
  • Baths : 2 full , 1 half
Listing Agent

Kindred Realty Llc

Listing Agent's Description

Sellers are motivated and will welcome all reasonable offers. Welcome home to this meticulously maintained cottage located in NODA, on almost a quarter acre, includes an inviting front porch, and sits on a quiet cul de sac. The original house was built in 1941, added on to in 2008, is 1861 sq ft, has 3 bedrooms and 2 1/2 baths. Third bedroom is perfect for an office or nursery. As you enter the home, you will be greeted by a beautiful stone archway and large living area. The original hardwoods expand through the house. Upgrades include electrical outlets, switches, fixtures, crown molding throughout, board and batten in the dining room, and paint throughout the home. Granite countertops in the kitchen w/ tile backsplash and granite in both full baths. Bathrooms have travertine tile. The Master bath includes double sinks, a large walk-in closet, and a jetted Jacuzzi tub. For the handy person, there is a 8' x12' shed with a workbench and a 4'x8' addition on the side for extra storage.

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: NoDa

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k296k

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

Neighborhood: NoDa

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280090010001100120013001400150016001700Rent in $7821763

* 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
Highland Renaissance Academy Primary Regular 502 32 2
Martin Luther King Jr Middle School Middle Regular 1,102 57 2
Garinger High School High Regular 1,748 106 NA

Highland Renaissance Academy

  • Education Level: Primary
  • # of students: 502
  • # of teachers: 32
2
GreatSchools Rating

Martin Luther King Jr Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 57
2
GreatSchools Rating

Garinger High School

  • Education Level: High
  • # of students: 1,748
  • # of teachers: 106
NA
GreatSchools Rating
 

$449,100$548,900$499,000

PURCHASE PRICE

$2,079$2,541$2,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,310
EXPENSES Loan Payment -$1,841
Property Tax -$465
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
-$177

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$499,000

PROJECTED PRICE

$2,310

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.3%
Maintenance Year (1-5) 8.00%
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$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$137,985

INVESTMENT

$137,985

Down Payment
$124,750
Rehab Estimate
$5,750
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,841

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$17,456

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,310

    LIST RENT
  • $1.24

    LIST RENT PER SQFT
  • $2,410

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,3103$2,3994$2,5005$2,800
$2,800
RENT COMPS ANALYSIS
  • 911 Essex Street Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,861 Sqft ∙ Built 1941 3 beds 3 baths ∙ 1,861 Sqft ∙ Built 1941
    • Rent
    • Rent Per SQFT
    •  
    • $2,310
    • $1.24
    •  
  • 933 Sweet Briar Street Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2014
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.31
    •  
  • 1120 Leigh Avenue Charlotte, NC 3
    • 4 beds 2 baths ∙ 1,882 Sqft ∙ Built 1947 4 beds 2 baths ∙ 1,882 Sqft ∙ Built 1947
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,399
    • $1.27
    •  
  • 3014 Myers Street Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,989 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,989 Sqft ∙ Built 2006
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.26
    •  
  • 821 37th Street Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 1928 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 1928
    LEASED 06/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.34
    •  
PROPERTY LISTING DETAILS
Anne Monsted
1.704.968.0379
Kindred Realty Llc
BESbswy