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5220 Milford Road Charlotte, NC 28210

3 Beds 2 Baths 1,582 sqft Built 1957

$420,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $265.49
  • 2 Days on Market
  • MLS # : 3702990
  • Updated Date : 01/30/2021 at 12:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,582 sqft
  • Baths : 2 full
Listing Agent

Helen Adams Realty

Listing Agent's Description

NEWLY-RENOVATED KITCHEN w/ SS appliances, NEW ROOF and A/C! Also NEW: tankless water heater, carpet in great room, sliding glass door, fresh paint throughout exterior and most of interior; new windows in most rooms; most appliances less than four years old; convenient to Park Rd & South Blvd shopping & amenities & minutes to I-77, but still in established, quiet neighborhood; fenced, private back yard, large deck and patio, combined with huge family room and great kitchen make it perfect for entertaining! Don't miss the large, powered workshop in the backyard!

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: 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
 

$378,000$462,000$420,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,459
Property Tax -$366
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
-$101

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.

$420,000

PROJECTED PRICE

$1,900

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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$117,050

INVESTMENT

$117,050

Down Payment
$105,000
Rehab Estimate
$5,750
Closing Costs
$6,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,459

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $105,000
Loan Amount $315,000
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$17,729

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $1,902

    COMP ESTIMATED VALUE
  • $1.2

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8953$1,9004$2,0505$2,100
$2,100
RENT COMPS ANALYSIS
  • 5220 Milford Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,582 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,582 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.20
    •  
  • 5175 Murrayhill Road Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1955
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.19
    •  
  • 4541 Wedgewood Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,669 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,669 Sqft ∙ Built 1959
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.14
    •  
  • 5122 Murrayhill Road Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,679 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,679 Sqft ∙ Built 1958
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.22
    •  
  • 822 Faircrest Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 1958
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.32
    •  
PROPERTY LISTING DETAILS
Michael Krueger
1.704.621.8097
Helen Adams Realty
BESbswy