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5101 Furman Place Charlotte, NC 28210

3 Beds 2 Baths 964 sqft Built 1956

$365,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $378.63
  • 2 Days on Market
  • MLS # : 3704882
  • Updated Date : 02/06/2021 at 23:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 964 sqft
  • Baths : 2 full
Listing Agent

Se Premier Properties Llc

Listing Agent's Description

Well Kept One Owner Home in Madison Park! This is the Good Bones, Well Cared For Never Been a Rental Home You Have Been Waiting For - Nice Location within the Community within the Myers Park School Section. Amazing Location in a Well Cared for Home that Just Needs Your Special Touches to Make it Your Own. Fenced Back Yard, Large Deck, Screened In Porch, Covered Carport and Additional Storage Building in the Back Yard. This Home Was Where a Nice Local Family Was Raised and Made Their Family Memories for Years - Put Your Specials Touches on Things and Start Making New Wonderful Memories of Your Own Here Today.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$328,500$401,500$365,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,268
Property Tax -$364
Property Insurance -$45
Property Management Fees -$119
CASH FLOW
-$146

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.

$365,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.45%

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$1.2M

PROJECTED ANNUAL CASH FLOW

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

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$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,268

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$11,173

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $1.71

    LIST RENT PER SQFT
  • $1,236

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4503$1,4504$1,5005$1,650
$1,650
RENT COMPS ANALYSIS
  • 5101 Furman Place Charlotte, NC 5
    • 3 beds 2 baths ∙ 964 Sqft ∙ Built 1956 3 beds 2 baths ∙ 964 Sqft ∙ Built 1956
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.71
    •  
  • 5009 Murrayhill Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1957
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.18
    •  
  • 5012 Furman Place Charlotte, NC 2
    • 3 beds 1 baths ∙ 1,110 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,110 Sqft ∙ Built 1954
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.31
    •  
  • 4638 Murrayhill Road Charlotte, NC 3
    • 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
    •  
  • 725 Rome Court Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1977
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.28
    •  
PROPERTY LISTING DETAILS
Andrew Sharpe
1.704.840.0923
Se Premier Properties Llc
BESbswy