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500 Woodlawn Road E Charlotte, NC 28209

3 Beds 1 Baths 1,071 sqft Built 1952

$295,000

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $275.44
  • 3 Days on Market
  • MLS # : 3707749
  • Updated Date : 02/12/2021 at 19:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,071 sqft
  • Baths : 1 full
Listing Agent

K2 Real Estate Group

Listing Agent's Description

Great for investors, sold as is, nice home on a large corner lot.

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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: Madison Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $102k336k

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

Neighborhood: Madison Park

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
Pinewood Elementary School Primary Regular 557 38 4
Sedgefield Middle School Middle Regular 745 45 1
Myers Park High School High Regular 2,762 145 8

Pinewood Elementary School

  • Education Level: Primary
  • # of students: 557
  • # of teachers: 38
4
GreatSchools Rating

Sedgefield Middle School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 45
1
GreatSchools Rating

Myers Park High School

  • Education Level: High
  • # of students: 2,762
  • # of teachers: 145
8
GreatSchools Rating
 

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

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$1,025
Property Tax -$257
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
$12

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

$1,460

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 9.8%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$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 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

5.83

YEARS SAVED

$19,388

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $1.36

    LIST RENT PER SQFT
  • $1,478

    COMP ESTIMATED VALUE
  • $1.38

    COMP AVG. RENT PER SQFT
Comps Range
$1,425
1$1,4252$1,4503$1,4604$1,6005$1,750
$1,750
RENT COMPS ANALYSIS
  • 500 Woodlawn Road E Charlotte, NC 3
    • 3 beds 1 baths ∙ 1,071 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,071 Sqft ∙ Built 1952
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $1.36
    •  
  • 741 Manhasset Road Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1955
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $1.37
    •  
  • 4638 Murrayhill Road Charlotte, NC 2
    • 3 beds 1 baths ∙ 1,063 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,063 Sqft ∙ Built 1953
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.36
    •  
  • 4734 Old Woods Road Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1976
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.40
    •  
  • 4829 Murrayhill Road Charlotte, NC 5
    • 4 beds 2 baths ∙ 1,260 Sqft ∙ Built 1952 4 beds 2 baths ∙ 1,260 Sqft ∙ Built 1952
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.39
    •  
PROPERTY LISTING DETAILS
Olga Leggett
1.704.962.0868
K2 Real Estate Group
BESbswy