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4901 Whitmore Pond Lane Charlotte, NC 28270

4 Beds 3 Baths 2,264 sqft Built 1997

$415,000

List Price

$1,870

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $183.30
  • 3 Days on Market
  • MLS # : 3698413
  • Updated Date : 01/16/2021 at 17:24
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,264 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Welcome to this beautiful home in Whitmore in South Charlotte! Conveniently located minutes from I-485 and popular shopping areas while being comfortably nestled in a quiet and established neighborhood. Beautiful hardwood floors throughout the main level (except tile kitchen) provide an elegant yet warm feel that flows into the spacious master bedroom, conveniently located on the main level. New tile backsplash, granite and stainless steel appliances add style and function to this kitchen. Breakfast area and spacious dining room offer plenty of space for dining or working. All 4 bedrooms have walk in closets, offering lots of storage. New roof in 2019 and both HVAC units replaced in 2016. Relax in one of three outdoor living spaces while enjoying the beauty of majestic oak trees and adjacent Whitmore Pond. This home has so much to offer! Don't miss the opportunity make it yours!

SEE MORE

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: 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
 

$373,500$456,500$415,000

PURCHASE PRICE

$1,683$2,057$1,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,870
EXPENSES Loan Payment -$1,441
Property Tax -$362
Property Insurance -$70
HOA -$4
Property Management Fees -$119
CASH FLOW
-$126

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.

$415,000

PROJECTED PRICE

$1,870

PROJECTED RENT

0.45%

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

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$115,725

INVESTMENT

$115,725

Down Payment
$103,750
Rehab Estimate
$5,750
Closing Costs
$6,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,441

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $103,750
Loan Amount $311,250
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$16,827

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,870

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,873

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7953$1,8704$1,9955$1,995
$1,995
RENT COMPS ANALYSIS
  • 4901 Whitmore Pond Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,870
    • $0.83
    •  
  • 2020 Galty Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,067 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,067 Sqft ∙ Built 2003
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.85
    •  
  • 6212 Gatesville Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,309 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,309 Sqft ∙ Built 2000
    LEASED 01/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.78
    •  
  • 3311 Cole Mill Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,433 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,433 Sqft ∙ Built 2002
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.82
    •  
  • 3540 Cole Mill Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 2001
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.86
    •  
PROPERTY LISTING DETAILS
Betsy King
1.704.575.6417
Coldwell Banker Realty
BESbswy