Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

918 River Trail Road Lowell, NC 28098

3 Beds 3 Baths 1,890 sqft Built 2006

$241,900

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $127.99
  • 2 Days on Market
  • MLS # : 3678711
  • Updated Date : 11/02/2020 at 17:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,890 sqft
  • Baths : 2 full , 1 half
Listing Agent

L&e Properties

Listing Agent's Description

Attention first time home buyers! This 3 bedroom home is MOVE-IN READY! Wonderfully updated home in the well established Riverview neighborhood. Kitchen features beautiful granite countertops and stainless appliances. Neutral LVP flooring throughout. Spacious master suite features an oversized walk-in closet, double sinks and a garden tub. Fenced in backyard with a beautiful stamped concrete patio. Located just off of I-85 and also convenient to local dining and shopping. USDA eligible! This is a must see!

SEE MORE

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

Zip Code: 28098

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k213k

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

Zip Code: 28098

ZipNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6681375

* 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
Lowell Elementary School Primary Regular 537 31 4
Holbrook Middle School Middle Regular 731 40 6
Ashbrook High School High Regular 1,436 89 4

Lowell Elementary School

  • Education Level: Primary
  • # of students: 537
  • # of teachers: 31
4
GreatSchools Rating

Holbrook Middle School

  • Education Level: Middle
  • # of students: 731
  • # of teachers: 40
6
GreatSchools Rating

Ashbrook High School

  • Education Level: High
  • # of students: 1,436
  • # of teachers: 89
4
GreatSchools Rating
 

$217,710$266,090$241,900

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$893
Property Tax -$198
Property Insurance -$63
HOA -$16
Property Management Fees -$131
CASH FLOW
$160

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.

$241,900

PROJECTED PRICE

$1,460

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.0%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,854

INVESTMENT

$69,854

Down Payment
$60,475
Rehab Estimate
$5,750
Closing Costs
$3,629

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$893

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,475
Loan Amount $181,425
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$28,118

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,465

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3453$1,3454$1,4605$1,550
$1,550
RENT COMPS ANALYSIS
  • 918 River Trail Road Lowell, NC 4
    • 3 beds 3 baths ∙ 1,890 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,890 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.77
    •  
  • 714 Overlook Road Lowell, NC 1
    • 3 beds 3 baths ∙ 1,716 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,716 Sqft ∙ Built 2007
    LEASED 12/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.75
    •  
  • 607 Overlook Road Lowell, NC 2
    • 3 beds 3 baths ∙ 1,803 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,803 Sqft ∙ Built 2002
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.75
    •  
  • 545 River View Drive Lowell, NC 3
    • 4 beds 3 baths ∙ 1,716 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,716 Sqft ∙ Built 2005
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.78
    •  
  • 704 Overlook Road Lowell, NC 5
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2007
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.82
    •  
PROPERTY LISTING DETAILS
Carolyn Helms Sears
1.704.995.7462
L&e Properties
BESbswy