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5519 Hickory Grove Road Charlotte, NC 28215

3 Beds 2 Baths 1,762 sqft Built 1956

$269,900

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $153.18
  • 6 Days on Market
  • MLS # : 3697883
  • Updated Date : 01/15/2021 at 10:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,762 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Updated brick ranch on over a half an acre. This 3 bedroom/2 bathroom home offers a large living room, spacious kitchen with island, granite, stainless steel appliances, beautiful hardwoods and LVP throughout. Neutral paint throughout, new light fixtures and updated bathrooms. The sunroom offers a great additional living space. The exterior was recently painted, offers a large flat lot, large deck, 1 car carport, 1 car garage with storage, plus lots of parking space. Great location close to shopping, dining and interstates. Hurry, this one won't last!

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: Farm Pond

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Farm Pond

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
Lawrence Orr Elementary School Primary Regular NA
Cochrane Collegiate Academy Middle Regular 702 48 2
Cochrane Collegiate Academy High Regular 702 48 2

Lawrence Orr Elementary School

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

Cochrane Collegiate Academy

  • Education Level: Middle
  • # of students: 702
  • # of teachers: 48
2
GreatSchools Rating

Cochrane Collegiate Academy

  • Education Level: High
  • # of students: 702
  • # of teachers: 48
2
GreatSchools Rating
 

$242,910$296,890$269,900

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 -$937
Property Tax -$235
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$69

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.

$269,900

PROJECTED PRICE

$1,420

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.7%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$937

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$20,504

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
  • $0.83

    LIST RENT PER SQFT
  • $1,349

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4003$1,4204$1,4255$1,499
$1,499
RENT COMPS ANALYSIS
  • 5519 Hickory Grove Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,718 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,718 Sqft ∙ Built 1956
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.83
    •  
  • 4604 Gaynelle Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,890 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,890 Sqft ∙ Built 1986
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.74
    •  
  • 6911 Lakeside Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,916 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,916 Sqft ∙ Built 1956
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.73
    •  
  • 6613 Lawyers Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,750 Sqft ∙ Built 2018 4 beds 3 baths ∙ 1,750 Sqft ∙ Built 2018
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.81
    •  
  • 3924 Dunwoody Drive Charlotte, NC 5
    • 4 beds 2 baths ∙ 1,806 Sqft ∙ Built 1970 4 beds 2 baths ∙ 1,806 Sqft ∙ Built 1970
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.83
    •  
PROPERTY LISTING DETAILS
Krista Cutler
1.704.737.6975
Exp Realty Llc
BESbswy