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5618 Alanhurst Place Charlotte, NC 28217

4 Beds 3 Baths 2,340 sqft Built 1970

$345,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $147.44
  • 3 Days on Market
  • MLS # : 3694738
  • Updated Date : 01/02/2021 at 10:13
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,340 sqft
  • Baths : 3 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

Kick off your New Year with this Montclaire South jewel as your new home: minutes from Uptown, shopping, entertainment, the light rail and 485/I-77 highway access. This spacious property (4 bedrooms and three full bathrooms) also includes a formal dining room and a separate family room with vintage fireplace. The kitchen has new counter tops, sink & faucet, complemented by new flooring extending into the foyer. Take a tour and decide on what additional touches will make Alanhurst Place your own sanctuary. Enjoy! (Please follow all Covid19 protocols including wearing a mask at all times, and wiping down doorknobs and surfaces upon departure. Wear booties or remove shoes during tour.)

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: Montclaire South

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $56k235k

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

Neighborhood: Montclaire South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6691518

* 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
Montclaire Elementary School Primary Regular 640 45 5
Sedgefield Middle School Middle Regular 745 45 1
Myers Park High School High Regular 2,762 145 8

Montclaire Elementary School

  • Education Level: Primary
  • # of students: 640
  • # of teachers: 45
5
GreatSchools Rating

Sedgefield Middle School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 45
1
GreatSchools Rating

Myers Park High School

  • Education Level: High
  • # of students: 2,762
  • # of teachers: 145
8
GreatSchools Rating
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,273
Property Tax -$310
Property Insurance -$71
Property Management Fees -$119
CASH FLOW
$27

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.

$345,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.4%
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$1.2M

PROJECTED ANNUAL CASH FLOW

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

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$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,273

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$25,369

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,790

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,598
1$1,5982$1,6803$1,6954$1,8005$1,950
$1,950
RENT COMPS ANALYSIS
  • 5618 Alanhurst Place Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 1970 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.77
    •  
  • 1249 Allegiance Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,096 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,096 Sqft ∙ Built 2008
    LEASED 05/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,598
    • $0.76
    •  
  • 1515 Burnley Road Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,434 Sqft ∙ Built 1960 4 beds 3 baths ∙ 2,434 Sqft ∙ Built 1960
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.69
    •  
  • 6210 Candlewood Drive Charlotte, NC 3
    • 4 beds 2 baths ∙ 2,125 Sqft ∙ Built 1960 4 beds 2 baths ∙ 2,125 Sqft ∙ Built 1960
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.80
    •  
  • 7107 Thornrose Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 2019
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.81
    •  
PROPERTY LISTING DETAILS
Faith Triggs
1.704.578.7595
Keller Williams South Park
BESbswy