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2821 Providence Spring Lane Charlotte, NC 28270

5 Beds 3 Baths 2,684 sqft Built 1995

$450,000

List Price

$2,430

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $167.66
  • 6 Days on Market
  • MLS # : 3683248
  • Updated Date : 12/05/2020 at 20:22
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,684 sqft
  • Baths : 2 full , 1 half
Listing Agent

Helen Adams Realty

Listing Agent's Description

Move-in ready Providence Plantation home on a large, private wooded lot with a charming covered front porch and gorgeous hardwoods throughout the very open main floor! The beautiful kitchen features an island, granite countertops, white cabinetry, a large breakfast area, & stainless steel appliances including a built-in microwave & double wall ovens. A formal dining room & office make for lovely spaces just off the foyer. The master suite features a cathedral ceiling, a walk-in closet, & an en-suite bathroom w/ brand new tile floor, new tile & glass shower, new lighting & new mirrors. Three additional spacious bedrooms plus a 5th Bedroom/Bonus complete the upstairs. Other features of the home include new Apex Energy Solution windows, a newly painted interior, newly painted exterior trim, 2 car garage, a side deck & a large back deck overlooking the backyard of the .56 acre lot. Zoned for Providence High & close to I-485, Matthews, the Arboretum, the Promenade, & Waverly too!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Providence Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $116k585k

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

Neighborhood: Providence Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $8442955

* 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
Providence Spring Elementary School Primary Regular 871 45 9
Crestdale Middle School Middle Regular 868 44 7
Providence High School High Regular 1,991 94 9

Providence Spring Elementary School

  • Education Level: Primary
  • # of students: 871
  • # of teachers: 45
9
GreatSchools Rating

Crestdale Middle School

  • Education Level: Middle
  • # of students: 868
  • # of teachers: 44
7
GreatSchools Rating

Providence High School

  • Education Level: High
  • # of students: 1,991
  • # of teachers: 94
9
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$2,187$2,673$2,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,430
EXPENSES Loan Payment -$1,660
Property Tax -$392
Property Insurance -$78
HOA -$7
Property Management Fees -$119
CASH FLOW
$174

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.

$450,000

PROJECTED PRICE

$2,430

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 3.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.36%
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$25k

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$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

8.08

YEARS SAVED

$55,277

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,430

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $2,456

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,4303$2,5004$2,5005$2,595
$2,595
RENT COMPS ANALYSIS
  • 2821 Providence Spring Lane Charlotte, NC 2
    • 5 beds 3 baths ∙ 2,684 Sqft ∙ Built 1995 5 beds 3 baths ∙ 2,684 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $2,430
    • $0.91
    •  
  • 925 Reverdy Lane Matthews, NC 1
    • 4 beds 4 baths ∙ 2,383 Sqft ∙ Built 1973 4 beds 4 baths ∙ 2,383 Sqft ∙ Built 1973
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.94
    •  
  • 718 Ashgrove Lane Charlotte, NC 3
    • 4 beds 4 baths ∙ 2,964 Sqft ∙ Built 2004 4 beds 4 baths ∙ 2,964 Sqft ∙ Built 2004
    LEASED 09/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.84
    •  
  • 2436 Tarleton Twins Terrace Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,684 Sqft ∙ Built 4 beds 3 baths ∙ 2,684 Sqft ∙ Built
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.93
    •  
  • 2634 Cotton Planter Lane Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,964 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,964 Sqft ∙ Built 1994
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $0.88
    •  
PROPERTY LISTING DETAILS
Lane Jones
1.980.228.7598
Helen Adams Realty
BESbswy