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5800 Charing Place Charlotte, NC 28211

4 Beds 3 Baths 1,900 sqft Built 1967

$365,000

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $192.11
  • 5 Days on Market
  • MLS # : 3711698
  • Updated Date : 02/26/2021 at 14:54
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,900 sqft
  • Baths : 2 full , 1 half
Listing Agent

United Real Estate-queen City

Listing Agent's Description

A perfect opportunity to own RENOVATED split level home nestled in an established neighborhood with no HOA. Upper level features master bed/ ENSUITE BATH that is fully updated- TILES ON FLOOR & WALL, NEW TUB, VANITY, TOILET & much more. It has additional two good size bedrooms and completely renovated bath in the upper level. Main level features a living room and kitchen LOADED with NEW STAINLESS APPLIANCES, NEW CABINETS, GRANITE COUNTER TOPS/ BACKSPLASH & some other updates- NEW FLOOR, NEW FAUCETS ETC. You will find additional bedroom & half bath & SPACIOUS DEN with FIREPLACE in the lower level. All bedrooms have NEW CARPETS. Other updates include- NEW HVAC (2021), WATER HEATER (2017), FRESH PAINT, NEW DOORS & NEW LIGHT FIXTURES. PRIME LOCATION- close to Uptown, Southpark, Cotswold & MoRa. Please schedule your showing.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Stonehaven

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $116k361k

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

Neighborhood: Stonehaven

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
Rama Road Elementary School Primary Regular 591 41 4
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Rama Road Elementary School

  • Education Level: Primary
  • # of students: 591
  • # of teachers: 41
4
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$328,500$401,500$365,000

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,268
Property Tax -$318
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
$22

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.

$365,000

PROJECTED PRICE

$1,790

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.2%
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

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$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,268

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

5.92

YEARS SAVED

$24,375

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $2,066

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,790
1$1,7902$1,8503$1,9954$2,1995$2,200
$2,200
RENT COMPS ANALYSIS
  • 5800 Charing Place Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 1967 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.94
    •  
  • 5219 Silabert Avenue Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,819 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,819 Sqft ∙ Built 2001
    LEASED 12/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.02
    •  
  • 1319 Lynbrook Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1959
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.12
    •  
  • 5900 Kirkpatrick Road Charlotte, NC 4
    • 4 beds 2 baths ∙ 2,100 Sqft ∙ Built 1969 4 beds 2 baths ∙ 2,100 Sqft ∙ Built 1969
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,199
    • $1.05
    •  
  • 910 Longbow Road Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,904 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,904 Sqft ∙ Built 1961
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.16
    •  
PROPERTY LISTING DETAILS
Durga Khatri
1.336.988.8169
United Real Estate-queen City
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3711698
Last Updated: 02/26/2021
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