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5212 Barrington Drive Charlotte, NC 28215

3 Beds 2 Baths 1,407 sqft Built 1973

$225,000

List Price

$1,150

$1K - $1.3K

Rent Est.

PROPERTY INFO

February 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $159.91
  • 6 Days on Market
  • MLS # : 3707105
  • Updated Date : 02/09/2021 at 20:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,407 sqft
  • Baths : 1 full , 1 half
Listing Agent

Essence Realty

Listing Agent's Description

LOOKING FOR THE PERFECT TRADITIONAL RANCH, FORMAL LIVING ROOM ,DEN, WOOD BURNING FIREPLACE FOR THOSE COLD WINTER NIGHTS. HOME WITH LARGE BACKYARD? NO HOA. PLENTY OF PARKING BOTH ON STREET AND IN DRIVEWAY? LOOK NO FURTHER! CALL THIS HOUSE YOUR HOME.

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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: Eastway

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $60k235k

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

Neighborhood: Eastway

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Briarwood Academy Primary Regular 738 48 3
Martin Luther King Jr Middle School Middle Regular 1,102 57 2
Garinger High School High Unknown NA

Briarwood Academy

  • Education Level: Primary
  • # of students: 738
  • # of teachers: 48
3
GreatSchools Rating

Martin Luther King Jr Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 57
2
GreatSchools Rating

Garinger High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,035$1,265$1,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,150
EXPENSES Loan Payment -$782
Property Tax -$196
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$0

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.

$225,000

PROJECTED PRICE

$1,150

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$12,357

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,150

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,161

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,1503$1,2494$1,2505$1,350
$1,350
RENT COMPS ANALYSIS
  • 5212 Barrington Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,407 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,407 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.82
    •  
  • 1115 Farrior Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1960
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.81
    •  
  • 6273 Branch Hill Circle Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1981
    LEASED 10/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.83
    •  
  • 5819 Ruth Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1965 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1965
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.83
    •  
  • 9409 Newell Hickory Grove Road Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,632 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,632 Sqft ∙ Built 2007
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.83
    •  
PROPERTY LISTING DETAILS
Cynthia Walker
1.704.392.0005
Essence Realty
BESbswy