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5736 Carmel Station Avenue Charlotte, NC 28226

4 Beds 3 Baths 2,413 sqft Built 1984

$437,000

List Price

$2,260

$2K - $2.5K

Rent Est.

PROPERTY INFO

January 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $181.10
  • 7 Days on Market
  • MLS # : 3693098
  • Updated Date : 01/06/2021 at 16:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,413 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Charlotte two-story home offers a patio, granite countertops, and a two-car garage. This home is vacant and cleaned regularly.

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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

Neighborhood: Carmel

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $116k374k

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

Neighborhood: Carmel

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442083

* 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
Smithfield Elementary School Primary Regular 646 44 6
Quail Hollow Middle School Middle Regular 946 51 3
South Mecklenburg High School High Regular 2,913 147 7

Smithfield Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 44
6
GreatSchools Rating

Quail Hollow Middle School

  • Education Level: Middle
  • # of students: 946
  • # of teachers: 51
3
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$393,300$480,700$437,000

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$1,518
Property Tax -$381
Property Insurance -$73
Property Management Fees -$119
CASH FLOW
$170

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.

$437,000

PROJECTED PRICE

$2,260

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.6%
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$1.4M

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$121,555

INVESTMENT

$121,555

Down Payment
$109,250
Rehab Estimate
$5,750
Closing Costs
$6,555

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,518

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $109,250
Loan Amount $327,750
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$42,679

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,260

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $2,528

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2603$2,3004$2,4955$2,895
$2,895
RENT COMPS ANALYSIS
  • 5736 Carmel Station Avenue Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,413 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,413 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,260
    • $0.94
    •  
  • 2939 Notchview Court Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 1991
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.94
    •  
  • 9905 Chimney Corner Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,216 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,216 Sqft ∙ Built 1989
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.04
    •  
  • 5733 Connor Boulevard Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,384 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,384 Sqft ∙ Built 1978
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.05
    •  
  • 5810 Carmel Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,504 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,504 Sqft ∙ Built 2019
    property image
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $1.16
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy