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9195 Foggy Meadow Road Charlotte, NC 28269

3 Beds 3 Baths 2,039 sqft Built 1998

INVESTimate

$275,000

List Price

$1,620

$1,458 - $1,782

Rent Est.

$292,325  ( +6.30%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $134.87
  • 3 Days on Market
  • MLS # : 3654725
  • Updated Date : 08/25/2020 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,039 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group Select

Listing Agent's Description

Amazing home is Eastfield Community. 3 bedrooms with 2 full baths with updates all throughout the home.2 Car garage has been converted to a Media/Man Cave area. Heated and cooled and can be converted back to garage quick.Very nice backyard with a Shed. Large Block fire pit and sitting area. Large concrete slab for a nice hot tub. Large covered deck on back of home. This home will sell fast in this location and this price point. Shed to convey with the property. This house has a brand new roof in 2019 and brand new Heating & Cooling system in 2019 Kids swing set and New 10K Hot tub can convey with the right deal.

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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: 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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,015
Property Tax -$240
Property Insurance -$66
Property Management Fees -$146
CASH FLOW
$154

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.

$275,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.30%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,015

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$32,077

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,631

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5953$1,5954$1,6205$1,625
$1,625
RENT COMPS ANALYSIS
  • 9195 Foggy Meadow Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,039 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,039 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.79
    •  
  • 5905 Waverly Lynn Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,943 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,943 Sqft ∙ Built 1998
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.77
    •  
  • 12239 Summer Creek Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,944 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,944 Sqft ∙ Built 2002
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.82
    •  
  • 9545 Birchcroft Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,084 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,084 Sqft ∙ Built 2004
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
  • 6616 White Mist Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,932 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,932 Sqft ∙ Built 1997
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.84
    •  
PROPERTY LISTING DETAILS
Ken Ledbetter
1.251.214.7909
Realty One Group Select
BESbswy