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9231 Mitchell Glen Drive Charlotte, NC 28277

3 Beds 3 Baths 1,778 sqft Built 1999

$335,000

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1999
  • Price/Sqft : $188.41
  • 15 Days on Market
  • MLS # : 3674816
  • Updated Date : 10/30/2020 at 15:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,778 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Providence @485

Listing Agent's Description

LOCATION, LOCATION, LOCATION! In the desirable Ballantyne area and nearby Blakeney Shopping Center. This beautiful home is move-in-ready! Kitchen has just been remodeled w/ SS appliances and granite countertops, Roof 2020, New Carpet and updated fixtures and flooring. Great floorplan featuring 3 bedrooms and Bonus Room. Close to shopping, dining and entertainment. Highly rated schools! Easy access to I-485.

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: Provincetowne

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $116k363k

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

Neighborhood: Provincetowne

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8442138

* 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
Hawk Ridge Elementary School Primary Regular 881 49 9
Community House Middle School Middle Regular 1,750 81 9
Ardrey Kell High School High Regular 2,701 127 9

Hawk Ridge Elementary School

  • Education Level: Primary
  • # of students: 881
  • # of teachers: 49
9
GreatSchools Rating

Community House Middle School

  • Education Level: Middle
  • # of students: 1,750
  • # of teachers: 81
9
GreatSchools Rating

Ardrey Kell High School

  • Education Level: High
  • # of students: 2,701
  • # of teachers: 127
9
GreatSchools Rating
 

$301,500$368,500$335,000

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 -$1,236
Property Tax -$299
Property Insurance -$61
HOA -$23
Property Management Fees -$155
CASH FLOW
-$54

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.

$335,000

PROJECTED PRICE

$1,720

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
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-$4.0k-$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$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,236

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$14,837

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
  • $0.97

    LIST RENT PER SQFT
  • $1,742

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,7203$1,7494$1,7955$1,895
$1,895
RENT COMPS ANALYSIS
  • 9231 Mitchell Glen Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,778 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,778 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.97
    •  
  • 8605 Ducksbill Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,706 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,706 Sqft ∙ Built 1985
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.94
    •  
  • 11610 Charnwood Court Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,740 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,740 Sqft ∙ Built 1985
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,749
    • $1.01
    •  
  • 11709 Charnwood Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,850 Sqft ∙ Built 1985 4 beds 3 baths ∙ 1,850 Sqft ∙ Built 1985
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.97
    •  
  • 9400 Mitchell Glen Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,886 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,886 Sqft ∙ Built 2000
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.00
    •  
PROPERTY LISTING DETAILS
Karen Beard
1.910.352.3897
Allen Tate Providence @485
BESbswy