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11516 Willows Wisp Drive Charlotte, NC 28277

5 Beds 4 Baths 2,772 sqft Built 1994

$459,900

List Price

$2,370

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $165.91
  • 4 Days on Market
  • MLS # : 3697125
  • Updated Date : 01/14/2021 at 21:42
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,772 sqft
  • Baths : 3 full , 1 half
Listing Agent

Millennial Realty

Listing Agent's Description

ALL BRICK 5BR/3.1 BA BALLANTYNE HOME w/Owner's Suite DOWN on quiet Cul-de-Sac with BEAUTIFUL pond views from Family Room w/Vaulted Ceiling and gas fireplace. Walk-in second level area that can be an added finished bonus room. Second floor suite with full bath. Finished, oversized garage w/"bump out" can easily store a boat or large vehicle, also fenced yard with large shed. Hardwoods and recently replaced carpet, tiled bathrooms and kitchen area. Highly rated Ballantyne schools and great shopping close by. Won't last, schedule a showing TODAY!

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: Provincetowne

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $116k363k

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

Neighborhood: Provincetowne

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8442138

* 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
Polo Ridge Elementary School Primary Regular 1,036 55 NA
Jay M. Robinson Middle School Middle Regular 1,101 51 10
Ardrey Kell High School High Regular 2,701 127 9

Polo Ridge Elementary School

  • Education Level: Primary
  • # of students: 1,036
  • # of teachers: 55
NA
GreatSchools Rating

Jay M. Robinson Middle School

  • Education Level: Middle
  • # of students: 1,101
  • # of teachers: 51
10
GreatSchools Rating

Ardrey Kell High School

  • Education Level: High
  • # of students: 2,701
  • # of teachers: 127
9
GreatSchools Rating
 

$413,910$505,890$459,900

PURCHASE PRICE

$2,133$2,607$2,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,370
EXPENSES Loan Payment -$1,597
Property Tax -$426
Property Insurance -$79
HOA -$32
Property Management Fees -$119
CASH FLOW
$116

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.

$459,900

PROJECTED PRICE

$2,370

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$127,624

INVESTMENT

$127,624

Down Payment
$114,975
Rehab Estimate
$5,750
Closing Costs
$6,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,597

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $114,975
Loan Amount $344,925
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$37,952

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,370

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,370

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,2753$2,3704$2,3955$2,500
$2,500
RENT COMPS ANALYSIS
  • 11516 Willows Wisp Drive Charlotte, NC 3
    • 5 beds 4 baths ∙ 2,772 Sqft ∙ Built 1994 5 beds 4 baths ∙ 2,772 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $2,370
    • $0.85
    •  
  • 7713 Noland Woods Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,838 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,838 Sqft ∙ Built 2002
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.79
    •  
  • 11254 Coachman Circle Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,594 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,594 Sqft ∙ Built 1993
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,275
    • $0.88
    •  
  • 8019 Red Water Road Charlotte, NC 4
    • 5 beds 4 baths ∙ 2,825 Sqft ∙ Built 2011 5 beds 4 baths ∙ 2,825 Sqft ∙ Built 2011
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.85
    •  
  • 7922 Long Nook Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,778 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,778 Sqft ∙ Built 1991
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.90
    •  
PROPERTY LISTING DETAILS
Vince Librizzi
1.704.507.1740
Millennial Realty
BESbswy