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1950 Wilburn Park Lane Charlotte, NC 28269

3 Beds 3 Baths 1,982 sqft Built 2005

$295,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $148.84
  • 3 Days on Market
  • MLS # : 3692311
  • Updated Date : 12/18/2020 at 19:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,982 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Lake Norman

Listing Agent's Description

AH-MAY-ZING! You will love everything there is to love about this house. LOCATION: Cabarrus County side of Highland Creek. FRONT STYLE: charming front porch. FLOOR PLAN: open, yet cozy. FLOORING: gorgeous laminate hardwood throughout first and second floor & beautiful tile in the bathrooms. UPGRADES: Corian kitchen counters including center island, stone kitchen backsplash, fresh fixtures, farmhouse style wall, granite bathroom counters, master bathroom tile shower, neutral paint. BACKYARD: fabulous paver patio w/view of nature preserve. ENERGY EFFICIENT: Solar panels offer incredible utility savings. You will not be disappointed in this home. Perfect location to all that is great about living in Highland Creek. Wonderful amenities & activities for everyone. Convenient & easy access to shopping, dining, entertainment, sports. Easy access to all major highways: I85, I77, I485. Pergola & swing set to convey. Refrigerator can convey with acceptable offer. WELCOME HOME!

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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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,088
Property Tax -$323
Property Insurance -$64
HOA -$54
Property Management Fees -$119
CASH FLOW
-$68

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.

$295,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.54%

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$14,575

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,584

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,490
1$1,4902$1,5803$1,5954$1,6505$1,695
$1,695
RENT COMPS ANALYSIS
  • 1950 Wilburn Park Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,949 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,949 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.81
    •  
  • 10738 Haddington Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 2002
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.81
    •  
  • 1937 Wilburn Park Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 1,980 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,980 Sqft ∙ Built 2005
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.81
    •  
  • 9815 Waltham Court Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,025 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,025 Sqft ∙ Built 2004
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.81
    •  
  • 1942 Wilburn Park Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005
    LEASED 10/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.82
    •  
PROPERTY LISTING DETAILS
Consuelo Souders
1.704.965.6866
Keller Williams Lake Norman
BESbswy