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2503 Shelburne Place Mint Hill, NC 28227

4 Beds 3 Baths 2,608 sqft Built 1974

$369,999

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $141.87
  • 4 Days on Market
  • MLS # : 3722223
  • Updated Date : 03/26/2021 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,608 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

SPECTACULAR FULLY RENOVATED DREAM HOME 2 minutes from downtown Mint Hill. Located in an award winning school district situated in a mature neighborhood. Easy commute of 7 min to I-485. Ideal convenience to all shopping within 3 minutes includes grocery stores, pharmacy, library, school, restaurants, banks and more.. Nearby intersection of lawyers rd & fairview takes you to the surrounding area. NO HOA! IMPRESSIVE RENO-No detail overlooked MOVE IN READY! A grand remodel w/ luxe wood floors throughout, bronze & wood staircase, modern baths of granite counters venetian bronze fixtures & custom tile work. Gutted kitchen w/new cabinetry reaching the ceiling elegant light fixtures quartz counters custom tiled backsplash & flooring & new stainless steel appliances. Rest assured new water heater, roof, HVAC, gutters, & garage now sealed w/ epoxy coating. This home has plenty of charm w/ rebuilt front porch to relax. A Coveted Spacious level backyard awaits and plenty of parking for guests.

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: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k291k

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

Neighborhood: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8421713

* 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
Bain Elementary School Primary Regular 899 49 10
Mint Hill Middle School Middle Regular 1,249 64 5
Independence High School High Regular 2,349 128 6

Bain Elementary School

  • Education Level: Primary
  • # of students: 899
  • # of teachers: 49
10
GreatSchools Rating

Mint Hill Middle School

  • Education Level: Middle
  • # of students: 1,249
  • # of teachers: 64
5
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 2,349
  • # of teachers: 128
6
GreatSchools Rating
 

$332,999$406,999$369,999

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$1,285
Property Tax -$277
Property Insurance -$76
Property Management Fees -$119
CASH FLOW
$133

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$369,999

PROJECTED PRICE

$1,890

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,800

INVESTMENT

$103,800

Down Payment
$92,500
Rehab Estimate
$5,750
Closing Costs
$5,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,285

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,500
Loan Amount $277,499
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$31,538

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $2,184

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8903$1,9754$2,3005$2,400
$2,400
RENT COMPS ANALYSIS
  • 2503 Shelburne Place Mint Hill, NC 2
    • 4 beds 3 baths ∙ 2,608 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,608 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.72
    •  
  • 5104 Soaring Eagle Lane Mint Hill, NC 1
    • 3 beds 2 baths ∙ 2,321 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,321 Sqft ∙ Built 2006
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.78
    •  
  • 5838 Whitehawk Hill Road Mint Hill, NC 3
    • 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 2015
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.80
    •  
  • 8260 Bretton Woods Drive Mint Hill, NC 4
    • 3 beds 3 baths ∙ 2,626 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,626 Sqft ∙ Built 2019
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.88
    •  
  • 5506 Strabane Drive Matthews, NC 5
    • 5 beds 3 baths ∙ 2,647 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,647 Sqft ∙ Built 2004
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.91
    •  
PROPERTY LISTING DETAILS
Guillermo Torres
1.704.840.5850
Southern Homes Of The Carolinas
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3722223
Last Updated: 03/26/2021
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