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5623 Falls Ridge Lane Charlotte, NC 28269

3 Beds 2 Baths 1,592 sqft Built 2001

$255,000

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $160.18
  • 3 Days on Market
  • MLS # : 3686191
  • Updated Date : 11/28/2020 at 09:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,592 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Multiple Offers Received. Highest and Best by 10am on Sunday November 29th. Updated RANCH in Desirable Davis Ridge Neighborhood. New Architectural Shingle Roof 2020. Newer HVAC Unit. Freshly Painted Interior. Engineered Wood Flooring in Main Living Areas. Tile Flooring in Kitchen, Both Bathrooms and Laundry. Corner Lot with Private Sitting Area on Patio and Newly Painted Storage Shed. Spacious Master Bedroom Suite with Large Bathroom and Walk-In Closet. Two Additional Secondary Bedrooms both with Ample Room. New Bathroom Vanity in Full Guest Bathroom. Laundry Room enters from Garage and gives space for a Drop Zone. Home is in Move-In Ready Condition! Schedule a showing TODAY. Seller is licensed NC Real Estate Agent.

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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: 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
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$941
Property Tax -$222
Property Insurance -$57
HOA -$18
Property Management Fees -$123
CASH FLOW
$9

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.

$255,000

PROJECTED PRICE

$1,370

PROJECTED RENT

0.54%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$15,233

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,421

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,2993$1,3704$1,4495$1,495
$1,495
RENT COMPS ANALYSIS
  • 5623 Falls Ridge Lane Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,592 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,592 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.86
    •  
  • 5840 Branthurst Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,506 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,506 Sqft ∙ Built 1999
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.86
    •  
  • 9231 Aloysia Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 1,450 Sqft ∙ Built 2004 4 beds 3 baths ∙ 1,450 Sqft ∙ Built 2004
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.90
    •  
  • 4732 Canipe Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 2005
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.83
    •  
  • 4902 Windchase Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,656 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,656 Sqft ∙ Built 1998
    property image
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.90
    •  
PROPERTY LISTING DETAILS
Catherine Webb
1.704.591.3003
Exp Realty Llc
BESbswy