Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

5211 Downing Creek Drive Charlotte, NC 28269

5 Beds 4 Baths 3,161 sqft Built 1993

$375,000

List Price

$2,140

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1993
  • Price/Sqft : $118.63
  • 6 Days on Market
  • MLS # : 3677166
  • Updated Date : 10/29/2020 at 09:43
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,161 sqft
  • Baths : 3 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Wonderful opportunity to make this Full Brick home in the Davis Lake community your own. This home features a two story foyer, formal living, and dining room, two story great room with wood burning fireplace, kitchen with tile backsplash, granite countertops, eat-in breakfast area, oversized walk-in laundry, master suite on main with large walk-in closet. Upstairs features 4 large bedrooms, the bed/bonus with en suite bathroom also features a large private bonus room, tons of storage and closet space, and much more!

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: Davis Lake - Eastfield

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Davis Lake - Eastfield

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
Croft Community School Primary Regular 644 35 NA
J.m. Alexander Middle School Middle Regular 865 40 4
North Mecklenburg High School High Regular 1,881 101 3

Croft Community School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 35
NA
GreatSchools Rating

J.m. Alexander Middle School

  • Education Level: Middle
  • # of students: 865
  • # of teachers: 40
4
GreatSchools Rating

North Mecklenburg High School

  • Education Level: High
  • # of students: 1,881
  • # of teachers: 101
3
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,926$2,354$2,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,140
EXPENSES Loan Payment -$1,384
Property Tax -$349
Property Insurance -$87
HOA -$62
Property Management Fees -$193
CASH FLOW
$66

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.

$375,000

PROJECTED PRICE

$2,140

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.3%
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$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$26,963

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,140

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $2,165

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,9953$2,1404$2,1455$2,300
$2,300
RENT COMPS ANALYSIS
  • 5211 Downing Creek Drive Charlotte, NC 3
    • 5 beds 4 baths ∙ 3,161 Sqft ∙ Built 1993 5 beds 4 baths ∙ 3,161 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $0.68
    •  
  • 5622 Falls Ridge Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,860 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,860 Sqft ∙ Built 2004
    LEASED 02/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.61
    •  
  • 7948 Suttonview Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,947 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,947 Sqft ∙ Built 2009
    LEASED 06/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.68
    •  
  • 7817 Pope Farm Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,992 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,992 Sqft ∙ Built 2016
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $0.72
    •  
  • 3400 Pasture View Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 3,239 Sqft ∙ Built 1998 4 beds 3 baths ∙ 3,239 Sqft ∙ Built 1998
    LEASED 09/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.71
    •  
PROPERTY LISTING DETAILS
Josh Fretz
1.704.351.6334
Re/max Executive
BESbswy