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5403 Mcchesney Drive Charlotte, NC 28269

5 Beds 3 Baths 3,460 sqft Built 1998

$398,700

List Price

$2,100

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $115.23
  • 3 Days on Market
  • MLS # : 3682680
  • Updated Date : 11/20/2020 at 19:23
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,460 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

This floor plan has everything you could ask for - and all huge rooms! Light filled 2 story foyer. Spacious living room opens up into first floor office - divided by glass french doors. The largest family room you will find! Bright & airy w/ french doors opening up to the deck. Kitchen has a full sized gas oven PLUS a wall oven. New dishwasher 2017. Formal Dining Room w/ butler's panty. Ginormous 19x11 bonus room (2 closets so could be a 5th bedroom) over the family room, plus 4 other bedrooms. Master bedroom is generous size w/ box tray ceiling. House is entirely hardwood floors with the exception of the bathrooms upstairs & the updated laundry room. Deck has been enlarged and has a new roof. New fence in 2018. New water heater 2020. New paint! Updated exterior lights. Smart thermostat to convey. The attic space is great! Two words - master closet. Private back yard with trees recently removed for usability. This is a lifelong house - won't outgrow this one! Get home for the holidays!

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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: McChesney

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $116k335k

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

Neighborhood: McChesney

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442031

* 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
Highland Creek Elementary School Primary Regular 1,105 57 7
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

Highland Creek Elementary School

  • Education Level: Primary
  • # of students: 1,105
  • # of teachers: 57
7
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$358,830$438,570$398,700

PURCHASE PRICE

$1,890$2,310$2,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,100
EXPENSES Loan Payment -$1,471
Property Tax -$388
Property Insurance -$92
HOA -$54
Property Management Fees -$189
CASH FLOW
-$94

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.

$398,700

PROJECTED PRICE

$2,100

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.4%
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-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,406

INVESTMENT

$111,406

Down Payment
$99,675
Rehab Estimate
$5,750
Closing Costs
$5,981

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,471

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,675
Loan Amount $299,025
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$14,579

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,100

    LIST RENT
  • $0.61

    LIST RENT PER SQFT
  • $2,180

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,1003$2,1004$2,1505$2,350
$2,350
RENT COMPS ANALYSIS
  • 5403 Mcchesney Drive Charlotte, NC 3
    • 5 beds 3 baths ∙ 3,460 Sqft ∙ Built 1998 5 beds 3 baths ∙ 3,460 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.61
    •  
  • 4017 Kalispell Lane Charlotte, NC 1
    • 5 beds 3 baths ∙ 3,450 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,450 Sqft ∙ Built 2006
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.58
    •  
  • 8124 Pelorus Lane Charlotte, NC 2
    • 4 beds 4 baths ∙ 3,262 Sqft ∙ Built 1997 4 beds 4 baths ∙ 3,262 Sqft ∙ Built 1997
    property image
    LEASED 02/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.64
    •  
  • 1216 Dunblane Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 3,425 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,425 Sqft ∙ Built 2004
    property image
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.63
    •  
  • 8719 Whistlers Chase Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 3,500 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,500 Sqft ∙ Built 2006
    property image
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.67
    •  
PROPERTY LISTING DETAILS
Robin Mann
1.843.670.9377
Exp Realty Llc
BESbswy