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5407 Venado Street Charlotte, NC 28215

3 Beds 2 Baths 2,408 sqft Built 1962

$169,900

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1962
  • Price/Sqft : $70.56
  • 3 Days on Market
  • MLS # : 3679342
  • Updated Date : 11/06/2020 at 16:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,408 sqft
  • Baths : 2 full
Listing Agent

Bee Home Solutions, Inc.

Listing Agent's Description

Looking for your next rehab project? Look no further than this very large home (2318 heated sq. ft, 2493 total) in need of a full property renovation. This property is a clean slate just waiting on your visioin and sweat equity. This home is currently configured as a 5-6 bedroom home. There are numerous possibilities with this home, even potential for a rear access in-law suite for short term vacation rentals. Original hardwoods, partial brick, fenced yard, etc. Nice cul-de-sac lot and convenient to The Plaza, NoDa and uptown.

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: 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 Regular 1,748 106 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: 1,748
  • # of teachers: 106
NA
GreatSchools Rating
 

$152,910$186,890$169,900

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$627
Property Tax -$148
Property Insurance -$72
Property Management Fees -$143
CASH FLOW
$599

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.

$169,900

PROJECTED PRICE

$1,590

PROJECTED RENT

0.94%

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$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,774

INVESTMENT

$50,774

Down Payment
$42,475
Rehab Estimate
$5,750
Closing Costs
$2,549

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$627

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $42,475
Loan Amount $127,425
See What Happens When You Reinvest Cash Flow

17.58

YEARS SAVED

$58,696

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $2,071

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,299
1$1,2992$1,5903$2,499
$2,499
RENT COMPS ANALYSIS
  • 5407 Venado Street Charlotte, NC 2
    • 3 beds 2 baths ∙ 2,408 Sqft ∙ Built 1962 3 beds 2 baths ∙ 2,408 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.66
    •  
  • 5508 Sunfield Drive Charlotte, NC 1
    • 4 beds 2 baths ∙ 2,236 Sqft ∙ Built 1971 4 beds 2 baths ∙ 2,236 Sqft ∙ Built 1971
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.58
    •  
  • 3133 Maywood Drive Charlotte, NC 3
    • 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 2006
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,499
    • $1.14
    •  
PROPERTY LISTING DETAILS
Nathalie Fabbricatore
1.704.904.1747
Bee Home Solutions, Inc.
BESbswy