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5002 Cello Court #31 Charlotte, NC 28215

4 Beds 2 Baths 2,205 sqft Built 2001

$269,000

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 06, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $122.00
  • 3 Days on Market
  • MLS # : 3688640
  • Updated Date : 12/06/2020 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,205 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Select

Listing Agent's Description

WELCOME HOME!!! This beautiful 4bd/2ba Ranch features many updates and upgrades like LVP floors in Main areas in 11/2020. New HVAC system and new roof in 2019. Marble kitchen counter tops, white cabinets, SS appliances, light fixtures in 2018. Large two car garage.The open floor plan is great for a Great Room with Vaulted Ceiling & Fireplace opens to the Sun Room & Kitchen with Breakfast Area. The spacious Owner's Suite has Vaulted Ceiling with Room for a King Size Bed and a Sitting Area with a Walk-In closet, while Bathroom has a Garden Tub w/Separate Shower. Secondary rooms have spacious closets/walk-in Closets.

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: Bradfield Farms

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $113k235k

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

Neighborhood: Bradfield Farms

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421518

* 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
Clear Creek Elementary School Primary Regular 647 37 6
Northeast Middle School Middle Regular 739 45 3
Rocky River High School High Regular 1,710 90 3

Clear Creek Elementary School

  • Education Level: Primary
  • # of students: 647
  • # of teachers: 37
6
GreatSchools Rating

Northeast Middle School

  • Education Level: Middle
  • # of students: 739
  • # of teachers: 45
3
GreatSchools Rating

Rocky River High School

  • Education Level: High
  • # of students: 1,710
  • # of teachers: 90
3
GreatSchools Rating
 

$242,100$295,900$269,000

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 -$992
Property Tax -$235
Property Insurance -$69
HOA -$17
Property Management Fees -$119
CASH FLOW
$99

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.

$269,000

PROJECTED PRICE

$1,530

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.9%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,035

INVESTMENT

$77,035

Down Payment
$67,250
Rehab Estimate
$5,750
Closing Costs
$4,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$992

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,250
Loan Amount $201,750
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$26,689

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
  • $0.69

    LIST RENT PER SQFT
  • $1,632

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5303$1,5504$1,6505$1,695
$1,695
RENT COMPS ANALYSIS
  • 5002 Cello Court Charlotte, NC 2
    • 4 beds 2 baths ∙ 2,205 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,205 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.69
    •  
  • 7010 Duchamp Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,024 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,024 Sqft ∙ Built 1997
    property image
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.74
    •  
  • 9828 Aventide Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,275 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,275 Sqft ∙ Built 2000
    property image
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.68
    •  
  • 12926 Longstraw Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,260 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,260 Sqft ∙ Built 2015
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.73
    •  
  • 7012 Reedy Creek Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,286 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,286 Sqft ∙ Built 1997
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.74
    •  
PROPERTY LISTING DETAILS
Lorena Pujols
1.704.502.8665
Keller Williams Select
BESbswy