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9831 Grasmere Drive Charlotte, NC 28270

4 Beds 3 Baths 2,066 sqft Built 1991

$405,000

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $196.03
  • 4 Days on Market
  • MLS # : 3698211
  • Updated Date : 01/15/2021 at 15:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,066 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Southpark

Listing Agent's Description

Meticulously Maintained and Updated Home on Private Wooded (.50 Acre) Cul-de-Sac Lot with Lush Mature Landscaping, Custom Deck and Aluminum Fencing – Pride of Ownership. Refinished Hardwood Floors on Main Level, Neutral Colors, New Windows (2017), Roof (2011), Gas Hot Water Heater (2015) and HVAC (2005). Open Kitchen/Den. Updated Kitchen with Custom White Cabinetry w/Under Counter LED Lighting, Center Island, Granite Countertops with Travertine Backsplash. Owner’s Suite w/Updated Bath, New White Cabinetry, Custom Mirror, New Shower, and Skylight. Updated Hall Bath w/White Single Vanity, Custom Mirror, and Tub/Shower Combination. Conveniently Located to To Top Rated Schools, Excellent Shopping, Restaurants and 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: Providence Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $116k585k

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

Neighborhood: Providence Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $8442955

* 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
Providence Spring Elementary School Primary Regular 871 45 9
Crestdale Middle School Middle Regular 868 44 7
Providence High School High Regular 1,991 94 9

Providence Spring Elementary School

  • Education Level: Primary
  • # of students: 871
  • # of teachers: 45
9
GreatSchools Rating

Crestdale Middle School

  • Education Level: Middle
  • # of students: 868
  • # of teachers: 44
7
GreatSchools Rating

Providence High School

  • Education Level: High
  • # of students: 1,991
  • # of teachers: 94
9
GreatSchools Rating
 

$364,500$445,500$405,000

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,407
Property Tax -$354
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
-$5

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.

$405,000

PROJECTED PRICE

$1,940

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 3.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.36%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$113,075

INVESTMENT

$113,075

Down Payment
$101,250
Rehab Estimate
$5,750
Closing Costs
$6,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,407

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $101,250
Loan Amount $303,750
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$26,098

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,756

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6953$1,7504$1,9405$1,995
$1,995
RENT COMPS ANALYSIS
  • 9831 Grasmere Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,066 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,066 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.94
    •  
  • 3403 Cole Mill Road Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,998 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,998 Sqft ∙ Built 2003
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.83
    •  
  • 4300 Kuykendall Road Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,006 Sqft ∙ Built 1956 4 beds 3 baths ∙ 2,006 Sqft ∙ Built 1956
    LEASED 01/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.84
    •  
  • 2020 Galty Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,067 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,067 Sqft ∙ Built 2003
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.85
    •  
  • 3540 Cole Mill Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 2001
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.86
    •  
PROPERTY LISTING DETAILS
Marlyn Jamison
1.704.363.4432
Allen Tate Southpark
BESbswy