Charlotte Model Home Sale-Make Offer Prices, Good Rents
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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
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
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 selling 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.”
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