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9320 Atlas Cedar Drive Charlotte, NC 28215

4 Beds 3 Baths 2,993 sqft Built 2001

$296,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $98.90
  • 4 Days on Market
  • MLS # : 3698780
  • Updated Date : 01/14/2021 at 15:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,993 sqft
  • Baths : 3 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Charlotte two-story home offers a patio, and a two-car garage. This home is vacant and cleaned regularly.

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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: Silverwood

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $113k235k

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

Neighborhood: Silverwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
Reedy Creek Elementary School Primary Regular 730 44 6
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Reedy Creek Elementary School

  • Education Level: Primary
  • # of students: 730
  • # of teachers: 44
6
GreatSchools Rating

Northridge Middle School

  • Education Level: Middle
  • # of students: 779
  • # of teachers: 43
3
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$266,400$325,600$296,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$1,028
Property Tax -$258
Property Insurance -$83
HOA -$27
Property Management Fees -$119
CASH FLOW
$184

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$296,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$84,190

INVESTMENT

$84,190

Down Payment
$74,000
Rehab Estimate
$5,750
Closing Costs
$4,440

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,028

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,000
Loan Amount $222,000
See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$31,383

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.57

    LIST RENT PER SQFT
  • $1,811

    COMP ESTIMATED VALUE
  • $0.61

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,7003$1,7504$1,7505$1,950
$1,950
RENT COMPS ANALYSIS
  • 9320 Atlas Cedar Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,993 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,993 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.57
    •  
  • 9134 Atlas Cedar Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,720 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,720 Sqft ∙ Built 2002
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.59
    •  
  • 9629 Rothman Lane Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,962 Sqft ∙ Built 2007 5 beds 3 baths ∙ 2,962 Sqft ∙ Built 2007
    property image
    LEASED 08/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.59
    •  
  • 9525 Bradstreet Commons Way Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,916 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,916 Sqft ∙ Built 2007
    property image
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.60
    •  
  • 6023 Shortleaf Pine Court Charlotte, NC 5
    • 5 beds 3 baths ∙ 3,125 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,125 Sqft ∙ Built 2006
    property image
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.62
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy