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5541 Versage Drive Mint Hill, NC 28227

3 Beds 3 Baths 2,919 sqft Built 2007

$325,000

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $111.34
  • 5 Days on Market
  • MLS # : 3681666
  • Updated Date : 11/14/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,919 sqft
  • Baths : 2 full , 1 half
Listing Agent

Trade Street Properties

Listing Agent's Description

Your buyers will love this well maintained, move-in ready home in popular Versage! The whole interior is neutral and freshly painted. The kitchen is not only upgraded with cherry cabinets, granite and an undermount sink, it also boasts a large island, an abundance of countertop space and a walk-in pantry. Downstairs living space is large enough for an office, dining room, and family room. Upstairs is a huge loft suitable for home study space, play area, and media room. The very large owners suite offers enough room for the largest of furniture, a trey ceiling and two closets. The owners bath has been upgraded with a raised double vanity and a marble slab shower with frameless glass. The secondary bedrooms are spacious as well. Outside you will find a fully fenced in back yard and covered patio. Enjoy the neighborhood pool, clubhouse and walking trails. This home is convenient to all Mint Hill has to offer. Only minutes away from I-485, restaurants, shopping and more.

SEE MORE

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: Versage

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k291k

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

Neighborhood: Versage

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8421846

* 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
Lebanon Road Elementary School Primary Regular 781 54 6
Northeast Middle School Middle Regular 739 45 3
Independence High School High Regular 2,349 128 6

Lebanon Road Elementary School

  • Education Level: Primary
  • # of students: 781
  • # of teachers: 54
6
GreatSchools Rating

Northeast Middle School

  • Education Level: Middle
  • # of students: 739
  • # of teachers: 45
3
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 2,349
  • # of teachers: 128
6
GreatSchools Rating
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,199
Property Tax -$243
Property Insurance -$82
HOA -$30
Property Management Fees -$160
CASH FLOW
$65

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$325,000

PROJECTED PRICE

$1,780

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 6.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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$14k

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$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$21,817

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.61

    LIST RENT PER SQFT
  • $1,817

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7803$1,7954$1,8005$2,295
$2,295
RENT COMPS ANALYSIS
  • 5541 Versage Drive Mint Hill, NC 2
    • 3 beds 3 baths ∙ 2,919 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,919 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.61
    •  
  • 9210 Camberwell Road Mint Hill, NC 1
    • 3 beds 2 baths ∙ 2,900 Sqft ∙ Built 2007 3 beds 2 baths ∙ 2,900 Sqft ∙ Built 2007
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.59
    •  
  • 5902 Brightstar Valley Road Mint Hill, NC 3
    • 3 beds 3 baths ∙ 2,969 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,969 Sqft ∙ Built 2005
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.60
    •  
  • 7627 Kuck Road Mint Hill, NC 4
    • 4 beds 3 baths ∙ 3,030 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,030 Sqft ∙ Built 2006
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.59
    •  
  • 11930 Jumper Drive Mint Hill, NC 5
    • 4 beds 4 baths ∙ 3,239 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,239 Sqft ∙ Built 2006
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.71
    •  
PROPERTY LISTING DETAILS
Karen Nunziata
1.704.488.7357
Trade Street Properties
BESbswy