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524 E Woodlawn Road Charlotte, NC 28209

3 Beds 1 Baths 1,000 sqft Built 1952

$284,700

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $284.70
  • 40 Days on Market
  • MLS # : 3675901
  • Updated Date : 12/05/2020 at 14:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,000 sqft
  • Baths : 1 full
Listing Agent

Premier Sotheby's International Realty

Listing Agent's Description

Price improvement! Perfect for the first-time homebuyer or the savvy investor, and just in time to be home for the holidays! Charming full brick home in desired Selwyn Park, Charlotte 28209! Live close to Park Road Shopping, South Park, South End, Phillips Place, Uptown, Ballantyne. Choose your route and even travel via Light Rail. Back at home, this 3-bedroom home boasts hardwood floors, beautiful kitchen complete with stainless steel appliances; laundry nook with washer/dryer. Fantastic details from elegant mosaic backsplash, granite counters, double farmers sink, custom millwork to plantation shutters. Bonus: save money on your electric bill as the home is beautifully showered in natural light. Large pull-around parking area displays ease of entry and parking, and room to expand to your dream home if you desire. Meantime enjoy your move in ready home, with huge fenced-in private yard, complete with a large wired shed! Welcome home to Location & Lifestyle and under 300k!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$256,230$313,170$284,700

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$1,050
Property Tax -$251
Property Insurance -$46
Property Management Fees -$119
CASH FLOW
-$46

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.

$284,700

PROJECTED PRICE

$1,420

PROJECTED RENT

0.50%

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$81,196

INVESTMENT

$81,196

Down Payment
$71,175
Rehab Estimate
$5,750
Closing Costs
$4,271

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,050

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,175
Loan Amount $213,525
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$17,456

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $1.41

    LIST RENT PER SQFT
  • $1,270

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$1,245
1$1,2452$1,2953$1,4204$1,4255$1,450
$1,450
RENT COMPS ANALYSIS
  • 524 E Woodlawn Road Charlotte, NC 3
    • 3 beds 1 baths ∙ 1,006 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,006 Sqft ∙ Built 1952
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $1.41
    •  
  • 4727 Gilmore Drive Charlotte, NC 1
    • 3 beds 1 baths ∙ 1,075 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,075 Sqft ∙ Built 1952
    property image
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $1.16
    •  
  • 4819 Gilmore Drive Charlotte, NC 2
    • 4 beds 2 baths ∙ 1,118 Sqft ∙ Built 1954 4 beds 2 baths ∙ 1,118 Sqft ∙ Built 1954
    property image
    LEASED 12/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.16
    •  
  • 741 Manhasset Road Charlotte, NC 4
    • 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1955
    property image
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $1.37
    •  
  • 4638 Murrayhill Road Charlotte, NC 5
    • 3 beds 1 baths ∙ 1,063 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,063 Sqft ∙ Built 1953
    property image
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.36
    •  
PROPERTY LISTING DETAILS
Cherylanne Mclean Kohnert
1.980.322.5117
Premier Sotheby's International Realty
BESbswy