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9922 Corrystone Drive Charlotte, NC 28277

4 Beds 4 Baths 3,180 sqft Built 1999

$500,000

List Price

$2,430

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $157.23
  • 5 Days on Market
  • MLS # : 3697824
  • Updated Date : 01/16/2021 at 07:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,180 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams South Park

Listing Agent's Description

Welcome Home!! This traditional 4 bedroom, 3.5 bath with a fenced-in yard, is full of modern updates but still holds a classic charm.  This immaculately maintained home features open floor plan, prefinished hardwood floors, crown molding, modern light fixtures, a stunning modernized kitchen with granite countertops, kitchen island with breakfast bar, built-in desk, SS appliances and crisp white cabinets. The kitchen opens up to the spacious great room, with built in shelving, a large mantel, gas log fireplace, and 2 large picture windows that fills the room with natural light. On the second level, the Owners Suite includes large tray ceilings, and a completely renovated owners master bath, with custom dual vanities, soaking tub, seamless glass shower, and custom walk-in closet.  Three additional spacious bedrooms, 2 full baths, a study, and a bonus room are also included on the second level. MULTIPLE OFFERS PLEASE SUBMIT HIGHEST AND BEST BY 10:00 SUNDAY 1/17/21.

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: Ballantyne East

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $116k438k

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

Neighborhood: Ballantyne East

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $8442519

* 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
 

$450,000$550,000$500,000

PURCHASE PRICE

$2,187$2,673$2,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,430
EXPENSES Loan Payment -$1,737
Property Tax -$457
Property Insurance -$87
HOA -$37
Property Management Fees -$119
CASH FLOW
-$6

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.

$500,000

PROJECTED PRICE

$2,430

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.7%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,250

INVESTMENT

$138,250

Down Payment
$125,000
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,737

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $125,000
Loan Amount $375,000
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$29,111

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,430

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $2,417

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,4003$2,4304$2,4455$2,495
$2,495
RENT COMPS ANALYSIS
  • 9922 Corrystone Drive Charlotte, NC 3
    • 4 beds 4 baths ∙ 3,180 Sqft ∙ Built 1999 4 beds 4 baths ∙ 3,180 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,430
    • $0.76
    •  
  • 10424 Torrelle Drive Charlotte, NC 1
    • 5 beds 4 baths ∙ 3,133 Sqft ∙ Built 2004 5 beds 4 baths ∙ 3,133 Sqft ∙ Built 2004
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.67
    •  
  • 8831 Kingston Forest Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 3,368 Sqft ∙ Built 1998 4 beds 3 baths ∙ 3,368 Sqft ∙ Built 1998
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.71
    •  
  • 8830 Kingston Forest Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 3,289 Sqft ∙ Built 1999 4 beds 3 baths ∙ 3,289 Sqft ∙ Built 1999
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,445
    • $0.74
    •  
  • 9936 Corrystone Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 3,002 Sqft ∙ Built 1999 4 beds 3 baths ∙ 3,002 Sqft ∙ Built 1999
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.83
    •  
PROPERTY LISTING DETAILS
Laurie Bell
1.704.516.1726
Keller Williams South Park
BESbswy