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9518 Barkridge Road Mint Hill, NC 28227

3 Beds 2 Baths 1,290 sqft Built 1977

INVESTimate

$200,000

List Price

$1,100

$990 - $1,210

Rent Est.

$210,360  ( +5.18%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1977
  • Price/Sqft : $155.04
  • 5 Days on Market
  • MLS # : 3654694
  • Updated Date : 08/22/2020 at 21:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,290 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Move in Ready , fully renovated house with new HVAC, New Floorings, New Dishwasher, freshly paint . 3 Beds with 2 full baths homes waiting for new owners .

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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: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k291k

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

Neighborhood: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8421713

* 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
J.h. Gunn Elementary School Primary Regular 695 42 2
Albemarle Road Middle School Middle Regular 1,198 64 2
Independence High School High Regular 2,349 128 6

J.h. Gunn Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 42
2
GreatSchools Rating

Albemarle Road Middle School

  • Education Level: Middle
  • # of students: 1,198
  • # of teachers: 64
2
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 2,349
  • # of teachers: 128
6
GreatSchools Rating
 

$180,000$220,000$200,000

PURCHASE PRICE

$990$1,210$1,100

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,100
EXPENSES Loan Payment -$738
Property Tax -$150
Property Insurance -$51
Property Management Fees -$99
CASH FLOW
$62

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.

$200,000

PROJECTED PRICE

$1,100

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.18%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$15,401

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,100

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,103

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,1503$1,2004$1,2495$1,295
$1,295
RENT COMPS ANALYSIS
  • 9518 Barkridge Road Mint Hill, NC 1
    • 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 1977
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.85
    •  
  • 9614 Fir Knoll Road Mint Hill, NC 2
    • 3 beds 2 baths ∙ 1,385 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,385 Sqft ∙ Built 1977
    property image
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.83
    •  
  • 8729 Pence Road Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,407 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,407 Sqft ∙ Built 2019
    property image
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.85
    •  
  • 6313 Harrisburg Road Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1979
    property image
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.82
    •  
  • 6021 Scots Bluff Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,412 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,412 Sqft ∙ Built 1992
    property image
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.92
    •  
PROPERTY LISTING DETAILS
Paul Sum Sum
1.980.208.7610
Coldwell Banker Realty
BESbswy