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5710 Old Meadow Road Charlotte, NC 28227

4 Beds 3 Baths 2,340 sqft Built 2015

$290,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $123.93
  • 3 Days on Market
  • MLS # : 3717979
  • Updated Date : 03/12/2021 at 20:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,340 sqft
  • Baths : 2 full , 1 half
Listing Agent

Excel Real Estate

Listing Agent's Description

Great investor Opportunity! Home already has tenant. 2 story home recently upgraded! Home has 4 bedrooms and 2.5 baths. Master bedroom and bath separated garden tub and shower. Fenced back yard, community pool! Close to Highway 485 and Highway 77. Close to Concord Mills. This property will not last long.

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: Becton Park

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Becton Park

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
J.h. Gunn Elementary School Primary Regular 695 42 2
Albemarle Road Middle School Middle Regular 1,198 64 2
Independence High School High Regular 2,349 128 6

J.h. Gunn Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 42
2
GreatSchools Rating

Albemarle Road Middle School

  • Education Level: Middle
  • # of students: 1,198
  • # of teachers: 64
2
GreatSchools Rating

Independence High School

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

$261,000$319,000$290,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$1,007
Property Tax -$253
Property Insurance -$71
HOA -$33
Property Management Fees -$119
CASH FLOW
$267

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.

$290,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.8%
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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$41,087

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,837

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,6453$1,6954$1,7505$1,750
$1,750
RENT COMPS ANALYSIS
  • 5710 Old Meadow Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 2015
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.75
    •  
  • 9324 Sloan Forest Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019
    property image
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.78
    •  
  • 9332 Sloan Forest Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019
    property image
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.78
    •  
  • 9524 Blue Knoll Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2019
    property image
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.80
    •  
  • 5026 Abode Lily Lane Charlotte, NC 4
    • 3 beds 2 baths ∙ 2,181 Sqft ∙ Built 2007 3 beds 2 baths ∙ 2,181 Sqft ∙ Built 2007
    property image
    LEASED 12/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.80
    •  
PROPERTY LISTING DETAILS
Kenny Mccuien
1.803.212.8661
Excel Real Estate
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717979
Last Updated: 03/12/2021
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