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5103 Witham Pass Charlotte, NC 28215

3 Beds 3 Baths 2,482 sqft Built 1992

$380,000

List Price

$2,100

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $153.10
  • 3 Days on Market
  • MLS # : 3708047
  • Updated Date : 02/12/2021 at 19:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,482 sqft
  • Baths : 2 full , 1 half
Listing Agent

Seller's Resource Group

Listing Agent's Description

Beautiful Brick 2 Story Home on a peaceful, wooded tranquil lot with meandering creek in an Established, Desirable Northeast Charlotte Neighborhood. This lovely home boasts 3 Bedrooms and 2.5 Baths, Bonus Room over Garage, perfect for Office, or Rec Room, Laundry Room with Updated Cabinets and Floor, Updated, Fresh Half-Bath, Family Room with Brick Fireplace, New Gas Log Insert and Wood Floors. The Kitchen has Updated Cabinets, Granite Counters, Flooring and Appliances. Breakfast Area, Dining Room, with Hardwood Floors and Living Room, are freshly painted. The 2nd Floor Features a Master Suite with Updated Cabinets, Lighting, Beautiful Ceramic Tile Shower, with Glass Enclosure, Marble Floors, and Soaker Tub for Maximum Relaxation. Freshly Painted Inside and Out, This Beautiful Home Boasts a New Deck off the Breakfast Area and a New Roof (2020). This Lovely Home Sits on A Quiet Cul-de-Sac, with Pool, Tennis and clubhouse. This Home is a Must See!

SEE MORE

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: Back Creek Church Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Back Creek Church Road

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
Reedy Creek Elementary School Primary Regular 730 44 6
Northridge Middle School Middle Regular 779 43 3
Rocky River High School High Regular 1,710 90 3

Reedy Creek Elementary School

  • Education Level: Primary
  • # of students: 730
  • # of teachers: 44
6
GreatSchools Rating

Northridge Middle School

  • Education Level: Middle
  • # of students: 779
  • # of teachers: 43
3
GreatSchools Rating

Rocky River High School

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

$342,000$418,000$380,000

PURCHASE PRICE

$1,890$2,310$2,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,100
EXPENSES Loan Payment -$1,320
Property Tax -$356
Property Insurance -$74
HOA -$55
Property Management Fees -$119
CASH FLOW
$177

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.

$380,000

PROJECTED PRICE

$2,100

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.4%
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$106,450

INVESTMENT

$106,450

Down Payment
$95,000
Rehab Estimate
$5,750
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,320

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $95,000
Loan Amount $285,000
See What Happens When You Reinvest Cash Flow

7.83

YEARS SAVED

$38,799

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,100

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,153

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,875
1$1,8752$1,8953$1,9454$2,0855$2,100
$2,100
RENT COMPS ANALYSIS
  • 5103 Witham Pass Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,482 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,482 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.85
    •  
  • 12161 Old Dulin Farms Way Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.86
    •  
  • 12124 Old Dulin Farms Way Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020
    LEASED 01/19/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.87
    •  
  • 12150 Old Dulin Farms Way Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.89
    •  
  • 12125 Old Dulin Farms Way Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2020
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,085
    • $0.96
    •  
PROPERTY LISTING DETAILS
Denice Niethammer
1.828.505.0960
Seller's Resource Group
BESbswy