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5124 Sunburst Lane Charlotte, NC 28213

3 Beds 2 Baths 2,296 sqft Built 2004

$295,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $128.48
  • 3 Days on Market
  • MLS # : 3698934
  • Updated Date : 01/15/2021 at 16:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,296 sqft
  • Baths : 2 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

Ranch home in Cabarrus county with so much space! This home is move-in ready with an updated kitchen, separate office space, dining room, and a bonus area off of the main family room! All of the secondary bedrooms are large in size with ample closets. The owner's suite is separate from the other bedrooms with two closets, a walk-in shower, and a garden tub. Enjoy the large back deck with no neighbors directly behind you or bring your rocking chairs and enjoy the front porch! The tenant is moving out the last week of Febuary. Photos were taken prior to the tenant moving in.

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: Farmington Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $101k318k

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

Neighborhood: Farmington Ridge

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
Harrisburg Elementary School Primary Regular 912 53 8
Hickory Ridge Middle School Middle Regular 1,164 65 NA
Hickory Ridge High School High Regular 1,573 77 7

Harrisburg Elementary School

  • Education Level: Primary
  • # of students: 912
  • # of teachers: 53
8
GreatSchools Rating

Hickory Ridge Middle School

  • Education Level: Middle
  • # of students: 1,164
  • # of teachers: 65
NA
GreatSchools Rating

Hickory Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 77
7
GreatSchools Rating
 

$265,500$324,500$295,000

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 -$1,025
Property Tax -$226
Property Insurance -$70
HOA -$60
Property Management Fees -$119
CASH FLOW
$150

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.

$295,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.5%
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

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$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$31,773

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
  • $0.72

    LIST RENT PER SQFT
  • $1,705

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6503$1,6954$1,6955$1,795
$1,795
RENT COMPS ANALYSIS
  • 5124 Sunburst Lane Charlotte, NC 2
    • 3 beds 2 baths ∙ 2,296 Sqft ∙ Built 2004 3 beds 2 baths ∙ 2,296 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.72
    •  
  • 4307 Houldsworth Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2007
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.69
    •  
  • 16201 Hayfield Road Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2004
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.77
    •  
  • 10112 Caldwell Forest Drive Charlotte, NC 4
    • 4 beds 4 baths ∙ 2,164 Sqft ∙ Built 2006 4 beds 4 baths ∙ 2,164 Sqft ∙ Built 2006
    LEASED 03/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.78
    •  
  • 4803 Sunburst Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,472 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,472 Sqft ∙ Built 2004
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.73
    •  
PROPERTY LISTING DETAILS
Lindsay Smith
1.203.231.6131
Keller Williams South Park
BESbswy