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9216 Crofton Springs Drive Charlotte, NC 28269

4 Beds 3 Baths 2,303 sqft Built 1992

$310,000

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1992
  • Price/Sqft : $134.61
  • 4 Days on Market
  • MLS # : 3678120
  • Updated Date : 11/02/2020 at 22:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,303 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Beautiful home on a cul-de-sac street in popular Davis Lake! Wooded, private back yard, with deck, firepit and screen porch that allows for entertaining. Backyard is great feature. Entire Home has newer Hardie Plank, Trim & Gutters all replaced by the seller. HVAC/Furnace replaced 3 years ago. KitchenAid Dishwasher, Samsung Microwave both newer. You'll love the amenities that feature a fabulous pool complex, walking trails, tennis courts, fitness center and "catch and release" lake. Ideally situated between NorthLake Mall and Concord Mills, and just minutes to I-85, 485 and 77. Convenient to Grocery, Medical & Shopping

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

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
Croft Community School Primary Regular 644 35 NA
J.m. Alexander Middle School Middle Regular 865 40 4
North Mecklenburg High School High Regular 1,881 101 3

Croft Community School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 35
NA
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
 

$279,000$341,000$310,000

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,144
Property Tax -$280
Property Insurance -$71
HOA -$62
Property Management Fees -$155
CASH FLOW
$8

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.

$310,000

PROJECTED PRICE

$1,720

PROJECTED RENT

0.55%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,900

INVESTMENT

$87,900

Down Payment
$77,500
Rehab Estimate
$5,750
Closing Costs
$4,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,144

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,500
Loan Amount $232,500
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$17,754

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,762

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,545
1$1,5452$1,6003$1,7204$1,7995$1,800
$1,800
RENT COMPS ANALYSIS
  • 9216 Crofton Springs Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,303 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,303 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.75
    •  
  • 9506 Saddle Run Trail Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 1992
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.72
    •  
  • 9911 Furlong Trail Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,110 Sqft ∙ Built 1994 3 beds 3 baths ∙ 2,110 Sqft ∙ Built 1994
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.76
    •  
  • 4537 Canipe Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,334 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,334 Sqft ∙ Built 2004
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,799
    • $0.77
    •  
  • 9733 Harris Glen Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 1992
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.76
    •  
PROPERTY LISTING DETAILS
Sharon Martin
1.843.762.9650
Keller Williams Ballantyne Area
BESbswy