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5011 Riverdale Drive Charlotte, NC 28273

5 Beds 5 Baths 3,442 sqft Built 2014

$415,000

List Price

$2,350

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $120.57
  • 3 Days on Market
  • MLS # : 3688139
  • Updated Date : 12/04/2020 at 20:25
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,442 sqft
  • Baths : 4 full , 1 half
Listing Agent

Home Team Pros

Listing Agent's Description

Beautiful 5 bedroom 3 story house in Berewick subdivision!! Corner lot with common area. Office downstairs with beautiful custom cabinetry. Hardwood floors through out, two large master bedrooms with large walk in closet and bathroom. Third floor has large living room area and a guest bedroom and a separate bathroom. Outside is a large covered porch-must see! Fast growing area with restaurants, shops! Located near Charlotte Premium Outlets, easy access to 485 and minutes from CLT airport. Subdivision has great amenities such as pool(s) club house and gym!

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: Steele Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Steele Creek

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
Berewick Elementary School Primary Regular 601 38 6
Kennedy Middle School Middle Regular 722 43 4
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

Berewick Elementary School

  • Education Level: Primary
  • # of students: 601
  • # of teachers: 38
6
GreatSchools Rating

Kennedy Middle School

  • Education Level: Middle
  • # of students: 722
  • # of teachers: 43
4
GreatSchools Rating

Math, Engineering, Technology And Science At Olympic High School

  • Education Level: High
  • # of students: 607
  • # of teachers: 28
7
GreatSchools Rating
 

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

PURCHASE PRICE

$2,115$2,585$2,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,350
EXPENSES Loan Payment -$1,531
Property Tax -$371
Property Insurance -$92
HOA -$67
Property Management Fees -$119
CASH FLOW
$171

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

$2,350

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.0%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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

$1,531

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $103,750
Loan Amount $311,250
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$47,997

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,350

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $2,375

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,2953$2,3504$2,3995$2,495
$2,495
RENT COMPS ANALYSIS
  • 5011 Riverdale Drive Charlotte, NC 3
    • 5 beds 5 baths ∙ 3,442 Sqft ∙ Built 2014 5 beds 5 baths ∙ 3,442 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.68
    •  
  • 6024 Berewick Commons Parkway Charlotte, NC 1
    • 5 beds 4 baths ∙ 3,220 Sqft ∙ Built 2010 5 beds 4 baths ∙ 3,220 Sqft ∙ Built 2010
    LEASED 10/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.70
    •  
  • 6927 Agnew Drive Charlotte, NC 2
    • 5 beds 5 baths ∙ 3,300 Sqft ∙ Built 5 beds 5 baths ∙ 3,300 Sqft ∙ Built
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.70
    •  
  • 10420 Paisley Abbey Lane Charlotte, NC 4
    • 5 beds 5 baths ∙ 3,556 Sqft ∙ Built 2016 5 beds 5 baths ∙ 3,556 Sqft ∙ Built 2016
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,399
    • $0.67
    •  
  • 10203 Barrands Lane Charlotte, NC 5
    • 5 beds 4 baths ∙ 3,638 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,638 Sqft ∙ Built 2006
    LEASED 07/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.69
    •  
PROPERTY LISTING DETAILS
Tanya Kovalenko
1.704.606.5700
Home Team Pros
BESbswy