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

5700 Parkstone Drive Matthews, NC 28104

5 Beds 3 Baths 3,344 sqft Built 2006

$369,900

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $110.62
  • 4 Days on Market
  • MLS # : 3705354
  • Updated Date : 02/06/2021 at 19:52
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,344 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Indian Land

Listing Agent's Description

Welcome home. After putting away groceries and prepping for a dinner party, you step into the downstairs office/bedroom and update your Facebook status. You decide to go upstairs and take a shower with endless hot water in your new custom tile shower. After realizing it is getting late, you reluctantly pull yourself out and get dressed. Perfect timing, the doorbell rings. You greet your guests and they admire your new floors and open space for entertaining. After showing them around, you get your food and head out to the grill. While cooking everyone decides to join you outside and dines on the large covered deck. As dusk settles in you all enjoy lively conversation and the sounds of nature coming from the large wooded area behind the property. Someone notices a doe and her fawn as they eat grass along the edge of the trees and everyone marvels at the beauty. As the evening winds down, you say goodnight to everyone and retreat to your master suite and sleep soundly.

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

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k349k

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

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442033

* 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
Indian Trail Elementary School Primary Regular 682 41 9
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Indian Trail Elementary School

  • Education Level: Primary
  • # of students: 682
  • # of teachers: 41
9
GreatSchools Rating

Sun Valley Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 69
6
GreatSchools Rating

Sun Valley High School

  • Education Level: High
  • # of students: 1,306
  • # of teachers: 76
7
GreatSchools Rating
 

$332,910$406,890$369,900

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,285
Property Tax -$245
Property Insurance -$90
HOA -$33
Property Management Fees -$119
CASH FLOW
$247

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.

$369,900

PROJECTED PRICE

$2,020

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.2%
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$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$103,774

INVESTMENT

$103,774

Down Payment
$92,475
Rehab Estimate
$5,750
Closing Costs
$5,549

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,285

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,475
Loan Amount $277,425
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$47,017

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $0.6

    LIST RENT PER SQFT
  • $2,107

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9503$1,9954$2,0205$2,050
$2,050
RENT COMPS ANALYSIS
  • 5700 Parkstone Drive Matthews, NC 4
    • 5 beds 3 baths ∙ 3,344 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,344 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.60
    •  
  • 1006 Linstead Drive Indian Trail, NC 1
    • 4 beds 4 baths ∙ 3,067 Sqft ∙ Built 2001 4 beds 4 baths ∙ 3,067 Sqft ∙ Built 2001
    property image
    LEASED 08/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.62
    •  
  • 1017 Hollyhedge Lane Indian Trail, NC 2
    • 4 beds 3 baths ∙ 3,220 Sqft ∙ Built 2002 4 beds 3 baths ∙ 3,220 Sqft ∙ Built 2002
    property image
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.61
    •  
  • 5611 Falkland Lane Matthews, NC 3
    • 5 beds 3 baths ∙ 3,087 Sqft ∙ Built 2007 5 beds 3 baths ∙ 3,087 Sqft ∙ Built 2007
    property image
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.65
    •  
  • 1139 Briarmore Drive Indian Trail, NC 5
    • 5 beds 3 baths ∙ 3,224 Sqft ∙ Built 1996 5 beds 3 baths ∙ 3,224 Sqft ∙ Built 1996
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.64
    •  
PROPERTY LISTING DETAILS
Jeffrey Langdon
1.704.281.3364
Allen Tate Indian Land
BESbswy