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5017 Prosperity Ridge Road Charlotte, NC 28269

3 Beds 3 Baths 2,023 sqft Built 2003

$268,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $132.48
  • 2 Days on Market
  • MLS # : 3719173
  • Updated Date : 03/20/2021 at 12:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,023 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Premier

Listing Agent's Description

Welcome home to the meticulously cared for and maintained home. Enjoy an open floorpan downstairs that includes an office/study. Kitchen has granite, stainless appliances, and an eat-in dining area. Upstairs you will find the master bedroom and 2 other generous sized bedrooms. Upstairs carpet was replaced Fall 2020. Upstairs bathrooms also have new luxury vinyl tile. Expanded patio outside to enjoy your fenced yard and beautiful landscaping. **Calling for Highest and Best Offer by Sunday, March 21 at 5PM** Back alleyway is privately maintained between neighbors through HOA dues and Assessments. Agent is related to sellers.

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: Highland Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Highland 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
Parkside Elementary School Primary Regular NA
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

Parkside Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
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
 

$241,200$294,800$268,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$931
Property Tax -$238
Property Insurance -$65
HOA -$56
Property Management Fees -$119
CASH FLOW
$231

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.

$268,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.9%
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$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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$76,770

INVESTMENT

$76,770

Down Payment
$67,000
Rehab Estimate
$5,750
Closing Costs
$4,020

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$931

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,000
Loan Amount $201,000
See What Happens When You Reinvest Cash Flow

9.83

YEARS SAVED

$38,047

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,654

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5953$1,6404$1,6455$1,785
$1,785
RENT COMPS ANALYSIS
  • 5017 Prosperity Ridge Road Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,023 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,023 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.81
    •  
  • 6601 White Mist Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,823 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,823 Sqft ∙ Built 1998
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.82
    •  
  • 9545 Birchcroft Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,084 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,084 Sqft ∙ Built 2004
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
  • 9115 Gaskill Court Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,045 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,045 Sqft ∙ Built 1998
    LEASED 12/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.80
    •  
  • 5754 Cambridge Bay Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,024 Sqft ∙ Built 1999 3 beds 3 baths ∙ 2,024 Sqft ∙ Built 1999
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,785
    • $0.88
    •  
PROPERTY LISTING DETAILS
Lindsay Faires
1.980.253.0793
Keller Williams Premier
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719173
Last Updated: 03/20/2021
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