Score
0Charlotte, NC
1127 Allen St
515K
4 beds
2 baths
1,310 sqft
4 bd • 2 ba • 1,310 sf
This analysis was generated on 1/25/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$515,000
Price/Sq.Ft
$393
Year Built
1969
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
This duplex property at 1127 Allen St, Charlotte, NC offers several attractive features for investors:
1. Location: Situated just minutes from uptown Charlotte, providing excellent convenience and potential for appreciation. The proximity to the city center is a significant draw for renters.
2. Price per square foot: At $393.13/sqft, it's competitively priced compared to the Charlotte average of $245/sqft for similar properties, considering its prime location.
3. Duplex structure: With two separate units (each 2bed/1bath), it offers multiple income streams and flexibility for investors.
4. Low flood and fire risk: Both rated 1/10, significantly reducing potential insurance costs and maintenance concerns.
5. Rental potential: Based on local market data, each 2-bedroom unit could potentially rent for around $1,333/month, totaling $2,666/month for both units. This suggests a potential gross annual rental income of $31,992.
6. Price point: At $515,000, it's accessible for many investors, especially considering Charlotte's growing market.
7. Days on market: At 128 days, there might be room for price negotiation, potentially increasing the value proposition for investors.
8. Appreciation potential: Given Charlotte's rapid growth and the property's proximity to uptown, there's strong potential for value appreciation over time.
The Bad
1. Age and condition: Built in 1969, the property is 55 years old and is being sold "as-is" with no repairs offered by the seller. This suggests potential for significant renovation costs.
2. Size: At 1,310 sqft total (approximately 655 sqft per unit), the units are smaller than average, which may limit rental appeal for some tenants.
3. School ratings: Nearby schools have low ratings (Villa Heights Elementary 4/10, Eastway Middle 3/10, Garinger High School 2/10), which could deter families from renting.
4. Limited amenities: The listing mentions no specific property features, suggesting basic accommodations that may require upgrades to compete in the rental market.
5. HVAC system: Only "Forced Air" is mentioned, with no details on central air conditioning, which is crucial in Charlotte's climate.
6. Lack of parking information: No mention of parking facilities, which could be a significant drawback in a car-dependent city like Charlotte.
7. Air quality risk: Rated as moderate (3/10), which could be a concern for some tenants and may require air purification systems.
8. Extended time on market: 128 days suggests the property might have issues that are deterring buyers or that it's overpriced for its condition.
The Ugly
1. Potential major repairs: Given the age and "as-is" condition, significant systems may need immediate replacement:
- Roof replacement: Estimated $10,000 - $15,000
- HVAC system upgrade: Possibly $8,000 - $12,000 per unit
- Electrical and plumbing updates: Potentially $10,000 - $20,000
- Windows and insulation: Around $10,000 - $15,000 for energy efficiency
2. High heat risk (6/10): With 7 extremely hot days per year and temperatures reaching 104°F, cooling costs could be substantial, and inadequate AC could make units hard to rent in summer.
3. Major wind risk (5/10): This poses a critical insurance concern, potentially leading to higher premiums and maintenance costs for roof and exterior.
4. Renovation costs: To make the units competitive in the rental market, you might need to invest $30,000 - $50,000 per unit for updates, significantly impacting initial returns.
5. Potential zoning issues: As an older duplex, it may not conform to current zoning laws, which could complicate future renovations or expansions.
6. Cash flow concerns:
Estimated monthly costs:
- Mortgage (assuming 20% down, 6% interest): $2,470
- Property taxes (est. 1.25% of value): $536
- Insurance: $155
- Maintenance (1% of property value annually): $429
- Vacancy reserve (8% of rent): $213
Total: $3,803
Estimated monthly rent: $2,666
Potential monthly cash flow: -$1,137
This negative cash flow situation could be a significant financial burden for investors.
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Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for:
1. Experienced real estate investors: Those with the capital and expertise to handle extensive renovations and navigate the challenges of an older property.
2. Value-add investors: Buyers looking for a property they can significantly improve to increase rental income and property value.
3. Long-term hold investors: Those who can weather initial negative cash flow in anticipation of future appreciation and rental market improvements.
4. Contractors or handymen: Investors with the skills to personally handle renovations, significantly reducing improvement costs.
5. Local investors: Those familiar with Charlotte's market trends and neighborhood dynamics who can maximize the property's potential.
6. Risk-tolerant investors: Given the property's condition and potential issues, it's suited for those comfortable with higher-risk, higher-reward scenarios.
7. Investors with diverse portfolios: This property could complement a mix of more stable, cash-flowing properties.
8. Those with access to favorable financing: The ability to secure low-interest loans could help offset initial negative cash flow.
Not For
This property is not suitable for:
1. First-time investors: The extensive work needed and potential for negative cash flow make this too risky for novices.
2. Passive income seekers: The property will likely require active management and significant work before generating positive cash flow.
3. Low-budget investors: With potential for extensive renovation costs, this property requires substantial capital beyond the purchase price.
4. Risk-averse investors: The combination of age, condition, and market factors present numerous uncertainties.
5. Short-term flippers: The extent of renovations needed and market conditions may make a quick, profitable flip challenging.
6. Investors seeking immediate positive cash flow: The likely negative cash flow situation makes this unsuitable for those needing immediate rental income.
7. Buyers looking for a primary residence: The duplex structure and need for renovations make this impractical for most homeowners.
8. Investors without local market knowledge: The property's success heavily depends on understanding and leveraging local Charlotte market trends.
Demographics
Area Median Income
$61,525
Property History
Price History
Ownership Timeline
$0Cash Purchase
Feb 23, 2016Betty Ann Gravatt Alverson, Estate Of Melvin Sydney Alverson JrBetty Ann Gravatt Alverson, Melvin Sydeny Alverson Jr Revocable Trus
Intrafamily Transfer
Non-Arm's Length Transactions
$84,000Cash Purchase
Nov 12, 2003Haim Azizy, Kim JohnstonM Sydney Alverson Jr
Warranty Deed
Standard Sale (Purchase/Resales)
Sunlight Analysis
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Sunlight Analysis
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Risk Assessment
Climate Risks
heatMAJOR
7 extreme heat days per year
98th percentile: 104°F
windMODERATE
Insurance: Required
airMINIMAL
3 bad air quality days per year
floodMINIMAL
FEMA Zone: Minimal Risk Area
Insurance: Optional
fireMINIMAL
Insurance: Optional
Risk Analysis
1. Renovation cost overruns: Given the age and condition, unexpected issues could significantly increase renovation costs.
2. Zoning and permit challenges: Older properties may not meet current building codes, potentially complicating renovation efforts.
3. Extended vacancy during renovations: Improvements could take months, during which the property won't generate income.
4. Market shift: Charlotte's rapid growth could slow, impacting property appreciation and rental demand.
5. Neighborhood changes: The area's proximity to uptown could lead to gentrification, potentially increasing property taxes and changing the tenant pool.
6. Climate risks:
- Heat (6/10 risk): Increasing cooling costs and potential HVAC strain.
- Wind (5/10 risk): Higher insurance premiums and maintenance costs.
7. Financing challenges: The property's condition might make it difficult to secure traditional financing, potentially requiring hard money loans at higher interest rates.
8. Cash flow issues: Initial negative cash flow could strain finances if renovations or leasing take longer than expected.
9. Tenant quality: Lower-rated schools might attract a limited tenant pool, potentially leading to higher turnover or payment issues.
10. Future repair needs: Even after initial renovations, the property's age means ongoing maintenance costs could be higher than average.
11. Regulatory changes: Potential changes in local landlord-tenant laws or short-term rental regulations could impact the investment strategy.
12. Competition: New development in the area could make it harder for an older, renovated property to compete without significant upgrades.
Insurance
Annual Cost
$1,854
$155 per month
Cost & Affordability
Monthly Costs
Breakdown of estimated monthly expenses for this property
Monthly Payment
$0
* Estimated at 1% of home value annually. Actual costs may vary.
Not Included in Estimate
• Utilities (electricity, gas, water, internet)
• Home improvements and upgrades
• Landscaping and yard maintenance
• Pest control and home services
• Emergency repairs and replacements
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20.0% of purchase price
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$515 monthly
$155 monthly
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Schools
Showing top 5 of 12 schools
Northwest School Of The Arts
Public•Grades 6-12
9/10
MiddleHigh
1,083 students
Dilworth Elementary
Public•Grades K-5
7/10
Elementary
672 students
Alexander Graham Middle
Public•Grades 6-8
7/10
Middle
1,465 students
First Ward Arts Elementary
Public•Grades K-5
6/10
Elementary
577 students
Hawthorne High
Public•Grades 6-12
6/10
MiddleHigh
260 students
Financials
Monthly Costs
Market Rent (4 bed)
Get a detailed estimate on Zillow®$2,183
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$515,000
Price/sqft
$393
Layout
4 bd•2 ba
Days on market
128 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$468,133
10.0%
Your price is 10.0% above average
Median Price
$510,000
1.0%
Based on 6 recent sales
Price per Sq.Ft
$361
8.9%
Your price is 8.9% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 1517 Seigle Avenue, Charlotte, NC 28205 | $510,000 | 1,320 | 3 | 2 | $3861.7% | 10/25/2024 |
| 932 Garden District Drive #9, Charlotte, NC 28202 | $380,000 | 1,326 | 3 | 2 | $28727.1% | 9/13/2024 |
| 2114 Thurmond Place, Charlotte, NC 28205 | $522,500 | 1,372 | 3 | 2 | $3813.1% | 9/4/2024 |
| 1420 N Davidson Street N, Charlotte, NC 28206 | $368,500 | 1,149 | 3 | 2 | $32118.4% | 8/1/2024 |
| 1928 Umstead Street, Charlotte, NC 28205 | $440,000 | 1,300 | 4 | N/A | $33813.9% | 9/20/2024 |
| 1908 Parson Street, Charlotte, NC 28205 | $587,800 | 1,295 | 4 | N/A | $45415.5% | 8/23/2024 |
1517 Seigle Avenue, Charlotte, NC 28205
Price: $510,000
Sq.Ft: 1,320
Beds/Baths: 3/2
$/Sq.Ft:
$3861.7%
Sale Date: 10/25/2024
932 Garden District Drive #9, Charlotte, NC 28202
Price: $380,000
Sq.Ft: 1,326
Beds/Baths: 3/2
$/Sq.Ft:
$28727.1%
Sale Date: 9/13/2024
2114 Thurmond Place, Charlotte, NC 28205
Price: $522,500
Sq.Ft: 1,372
Beds/Baths: 3/2
$/Sq.Ft:
$3813.1%
Sale Date: 9/4/2024
1420 N Davidson Street N, Charlotte, NC 28206
Price: $368,500
Sq.Ft: 1,149
Beds/Baths: 3/2
$/Sq.Ft:
$32118.4%
Sale Date: 8/1/2024
1928 Umstead Street, Charlotte, NC 28205
Price: $440,000
Sq.Ft: 1,300
Beds/Baths: 4/N/A
$/Sq.Ft:
$33813.9%
Sale Date: 9/20/2024
1908 Parson Street, Charlotte, NC 28205
Price: $587,800
Sq.Ft: 1,295
Beds/Baths: 4/N/A
$/Sq.Ft:
$45415.5%
Sale Date: 8/23/2024
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