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9200 Merlot Lane #23 Charlotte, NC 28269

3 Beds 2 Baths 1,224 sqft Built 1993

$219,990

List Price

$1,320

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $179.73
  • 3 Days on Market
  • MLS # : 3699288
  • Updated Date : 01/16/2021 at 09:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,224 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

COZY THREE BED ROOMS HOME, PERFECT FOR FIRST TIME BUYER!!! BRAND NEW CABINETS, COUNTER TOPS, APPLICANCES, ROOF, VINYL SIDINGS, LAMINATE, CARPET, DOORS, LIGHTING FIXTURES, DOOR KNOBS, VANITIES, TOILETS, GARBAGE DISPOSAL AND MUCH MORE... 2019 HAVC, HOME HAS BEEN FRESHLY PAINTED!!! LAGE SIZE GREAT ROOM WITH VAULTED CEILING AND FIREPLACE.

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: 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
David Cox Road Elementary School Primary Regular 784 46 4
J.m. Alexander Middle School Middle Regular 865 40 4
North Mecklenburg High School High Regular 1,881 101 3

David Cox Road Elementary School

  • Education Level: Primary
  • # of students: 784
  • # of teachers: 46
4
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
 

$197,991$241,989$219,990

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$764
Property Tax -$192
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$195

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.

$219,990

PROJECTED PRICE

$1,320

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.3%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,047

INVESTMENT

$64,047

Down Payment
$54,998
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $54,998
Loan Amount $164,993
See What Happens When You Reinvest Cash Flow

10.25

YEARS SAVED

$32,650

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,077

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,2993$1,3204$1,3495$1,350
$1,350
RENT COMPS ANALYSIS
  • 9200 Merlot Lane Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $1.08
    •  
  • 5840 Branthurst Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,506 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,506 Sqft ∙ Built 1999
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.86
    •  
  • 9231 Aloysia Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,450 Sqft ∙ Built 2004 4 beds 3 baths ∙ 1,450 Sqft ∙ Built 2004
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.90
    •  
  • 8517 Galena View Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,495 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,495 Sqft ∙ Built 2001
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.90
    •  
  • 4328 Canipe Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,568 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,568 Sqft ∙ Built 2004
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.86
    •  
PROPERTY LISTING DETAILS
Brenda Shi
1.704.502.2726
Keller Williams Ballantyne Area
BESbswy