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1604 Wilburn Park Lane Charlotte, NC 28269

3 Beds 3 Baths 2,045 sqft Built 2006

$277,000

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $135.45
  • 56 Days on Market
  • MLS # : 3676626
  • Updated Date : 12/18/2020 at 15:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,045 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

A home priced to fit your lifestyle! If location is important you can’t get any better than Highland Creek, a Golf Course community with pools, tennis courts, walking trails, playgrounds, and a fitness center convenient to Concord Mills Mall, restaurants, and interstate. Imagine coming home after work hitting a few balls on the golf course or range or relieving daily stress at the community gym. This home offers an entertainment size dining room for entertaining guest, a kitchen with 42' cabinets & breakfast bar, perfect for busy mornings, a large morning room, and a casual great room on the first floor. Large owners suite w/ tray ceiling, walk-in closet, double vanity, separate shower & garden tub. Big loft w/ large closet, & two spacious BR's on the second level. If you have the decorator touch, are not allergic to work, ok w/ walls that are begging for paint, & carpeting that has seen better days this could be an exceptional opportunity to live in this highly sought after community.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Dominion Trace

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Dominion Trace

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Cox Mill Elementary School Primary Regular 1,112 61 9
Harris Road Middle School Middle Regular 1,185 63 9
Cox Mill High School High Regular 1,478 76 7

Cox Mill Elementary School

  • Education Level: Primary
  • # of students: 1,112
  • # of teachers: 61
9
GreatSchools Rating

Harris Road Middle School

  • Education Level: Middle
  • # of students: 1,185
  • # of teachers: 63
9
GreatSchools Rating

Cox Mill High School

  • Education Level: High
  • # of students: 1,478
  • # of teachers: 76
7
GreatSchools Rating
 

$249,300$304,700$277,000

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,022
Property Tax -$293
Property Insurance -$65
HOA -$54
Property Management Fees -$119
CASH FLOW
$167

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.

$277,000

PROJECTED PRICE

$1,720

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.4%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,155

INVESTMENT

$79,155

Down Payment
$69,250
Rehab Estimate
$5,750
Closing Costs
$4,155

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,022

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,250
Loan Amount $207,750
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$37,269

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,714

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,582
1$1,5822$1,6503$1,6954$1,7205$1,800
$1,800
RENT COMPS ANALYSIS
  • 1604 Wilburn Park Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,022 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,022 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.85
    •  
  • 1802 Wilburn Park Lane Nw Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2003
    property image
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,582
    • $0.86
    •  
  • 9815 Waltham Court Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,025 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,025 Sqft ∙ Built 2004
    property image
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.81
    •  
  • 1942 Wilburn Park Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005
    property image
    LEASED 10/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.82
    •  
  • 1701 Wilburn Park Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2007
    property image
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.90
    •  
PROPERTY LISTING DETAILS
Heidi Hines
1.704.458.4636
Exp Realty Llc
BESbswy