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3522 Mayspring Place Charlotte, NC 28269

3 Beds 2 Baths 1,879 sqft Built 1998

$235,000

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $125.07
  • 4 Days on Market
  • MLS # : 3690292
  • Updated Date : 12/11/2020 at 12:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,879 sqft
  • Baths : 2 full
Listing Agent

Re/max Executive

Listing Agent's Description

Spectacular ranch with an open, airy floor plan in great location! Build sweat equity by updating this charming home on a corner lot in a community with no HOA. The dining room is adorned with columns and features tall spacious ceilings. A vaulted ceiling enhances the spacious family room which opens to the kitchen and breakfast area. The huge master suite offers a trey ceiling and sitting room as well as a large WIC. The master bath is home to a double vanity, water closet, garden tub and separate shower. The secondary bedrooms are nicely sized. Just treated for termites and paperwork shows the bond is transferrable but does not show cost. This was not a rental, it was owner occupied.

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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: Prosperity Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Prosperity Church Road

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
David Cox Road Elementary School Primary Regular 784 46 4
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

David Cox Road Elementary School

  • Education Level: Primary
  • # of students: 784
  • # of teachers: 46
4
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$867
Property Tax -$243
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
$238

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.

$235,000

PROJECTED PRICE

$1,530

PROJECTED RENT

0.65%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

10.67

YEARS SAVED

$43,877

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,536

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4553$1,4994$1,5305$1,620
$1,620
RENT COMPS ANALYSIS
  • 3522 Mayspring Place Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,879 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,879 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.81
    •  
  • 3500 Mayspring Place Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,808 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,808 Sqft ∙ Built 1999
    property image
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.77
    •  
  • 3516 Mayspring Place Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,733 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,733 Sqft ∙ Built 1998
    property image
    LEASED 12/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,455
    • $0.84
    •  
  • 3403 Pondridge Court Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,918 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,918 Sqft ∙ Built 1992
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.78
    •  
  • 3325 Glamorgan Court Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,842 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,842 Sqft ∙ Built 2003
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.88
    •  
PROPERTY LISTING DETAILS
Michael Morgan
1.704.224.6941
Re/max Executive
BESbswy