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Charlotte Model Home Sale-Make Offer Prices, Good Rents

February 6th, 2009 Listed Under: Everything Else

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Model homes in Charlotte were often considered the perfect investment-

a long -term quality renter, paying a good rent, on an appreciating property. Now, investors look harder at the prices, since builder often want to load the model with options, and then charge the investor for those options- which the investor normally would pass on.

These days, investor need to get the fully optioned home below the base price.  From Ryan Homes, just south of Ballantyne– a Five-Star location/ Ryahn price with options $604,000, we hear they’ll accept 549,000

Base is typically about $500K with the ground floor guest suite addition

charlotte nc model home invest

One year lease at $4,354, likely option beyond,  builder to pay utilities. I’d ask for 24 months. Here are some of the features:
4,460 Square Feet, 5 BR 4 ½ Bath; 3 Car Finished Side Entry Garage with door openers; Gourmet Kitchen, 42 Maple Cabinetry, Granite, Stainless Steel Appliances; Morning Room; Great Room with Stone Fireplace surround and 16 Coffered Ceiling;1st Floor Owners Suite with Sitting Area;1st Floor Guest Suite, 2nd Floor Bonus Room;Over ½ Acre Homesite! Club Membership to Tennis and Pool; Great South Charlotte Location near Ballantyne, Blakeney, and Ardrey Kell High School; Elon Elementary, Community House Middle and Ardrey Kell High School

Assuming a buy in at $510k, 20% DP, yields a 408K (conforming) loan, about $2450 PI at 6% 30 year fixed.

Adding taxes, insurance, and HOA would get you to about $2800, against a rent of 4,354, leaving a before tax positive cash flow of 1500. That would be about a 16% before tax return on investment- add depreciation and it only gets better.

It is quite a house, but the buy in numbers, lease term etc have to be right. tm

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Moving to the Charlotte Area?  South Charlotte, Huntersville, Uptown?  Your first Charlotte home?

I am a Charlotte real estate broker  and lead a team specializing in relocation’s, 2nd homes, investors and first time home buyers–buying and sellingTerry McDonald Charlotte Real estate real estate of all kinds- and will represent only you. My team works with Buyers and Sellers every day from Uptown to Ballantyne,  Lake Norman  to Concord-and Fort Mill SC too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not, and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.

We are working to make your relocation to the Charlotte area easier, less stressful and help you “buy smart.”

I am easy to reach, please don’t hesitate to call, no question “too small,” call me direct at 704-351-1519. Terry

Related Links

Charlotte NC  Terry’s Introduction to Charlotte, Over 10,000 views You Tube views-#1 for a search Charlotte NC,

About Charlotte NC  Charlotte Homes For Sale   Charlotte Luxury Homes For Sale  First Time Home Buyers

Fix Housing First-a Housing Stimulus plan of the NAHB  Housing Stimulus by The NAR Proposal for the 2009 housing stimulus by the National Association of Realtors

 

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Terry McDonald
I'm the owner/team leader of The McDonald Group at Wilkinson and Associates ERA Powered real estate brokers here in Charlotte NC. A transplanted Washinghtonian, my family and I came from the NYC area in 1993.
Terry McDonald
Terry McDonald

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The McDonald Group
Wilkinson and Associates ERA Powered
8604 Cliff Cameron Dr ST 110
Charlotte NC 28269
704-390-6221 Cell
704-393-0048 Office
Licensed in NC & SC
USAA Certified
ERA Luxury Home Certified

Charlotte Communities Online

Terry McDonald [email protected]   704-351-1519

Bobby McDonald [email protected] 704-351-1519