Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

5500 Davis Ridge Drive Charlotte, NC 28269

3 Beds 2 Baths 2,005 sqft Built 2001

$270,000

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $134.66
  • 2 Days on Market
  • MLS # : 3691262
  • Updated Date : 12/26/2020 at 20:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,005 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Lake Norman

Listing Agent's Description

Fantastic 1 story ranch home with finished bonus over garage features lots and lots of updates! All new appliances in KT, black stainless steel electric range/oven, OTR microwave, dishwasher, plus refrigerator! Granite counter tops in KT and baths. New LVP flooring on main level in KT, Dining, LR, BRs. Large owner suite with tray ceiling, walk in closet. Updated master bath with tiled tub wall and shower with seamless glass door. Gas logs in FP in LR. New roof in 2018. Corner lot. Come and see!

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: Davis Lake - Eastfield

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Davis Lake - Eastfield

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
Croft Community School Primary Regular 644 35 NA
J.m. Alexander Middle School Middle Regular 865 40 4
North Mecklenburg High School High Regular 1,881 101 3

Croft Community School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 35
NA
GreatSchools Rating

J.m. Alexander Middle School

  • Education Level: Middle
  • # of students: 865
  • # of teachers: 40
4
GreatSchools Rating

North Mecklenburg High School

  • Education Level: High
  • # of students: 1,881
  • # of teachers: 101
3
GreatSchools Rating
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$996
Property Tax -$236
Property Insurance -$65
HOA -$18
Property Management Fees -$119
CASH FLOW
$96

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.

$270,000

PROJECTED PRICE

$1,530

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.3%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$30,204

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,569

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5303$1,5454$1,5455$1,595
$1,595
RENT COMPS ANALYSIS
  • 5500 Davis Ridge Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 2,005 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,005 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.76
    •  
  • 9522 Saddle Run Trail Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,849 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,849 Sqft ∙ Built 1991
    property image
    LEASED 02/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.81
    •  
  • 9506 Saddle Run Trail Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 1992
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.72
    •  
  • 9201 Aloysia Lane Charlotte, NC 4
    • 4 beds 4 baths ∙ 1,976 Sqft ∙ Built 2004 4 beds 4 baths ∙ 1,976 Sqft ∙ Built 2004
    property image
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.78
    •  
  • 5614 Falls Ridge Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,075 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,075 Sqft ∙ Built 2001
    property image
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
PROPERTY LISTING DETAILS
Tom Mattox
1.704.724.8401
Keller Williams Lake Norman
BESbswy