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5807 Falls Ridge Lane Charlotte, NC 28269

4 Beds 3 Baths 2,373 sqft Built 2000

$289,900

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $122.17
  • 4 Days on Market
  • MLS # : 3696375
  • Updated Date : 01/09/2021 at 07:34
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,373 sqft
  • Baths : 2 full , 1 half
Listing Agent

Carolinas Realty

Listing Agent's Description

Lovely and spacious 2 story home with attached 2 car garage. Open kitchen with stainless steel appliances and granite counter top. Downstairs feature custom paint, laminate wood flooring, formal living room, dining room. Private office is a great space for those who work from home. Cozy gas log fireplace in Living room. Bay windowed breakfast area. Upper level features a fantastic huge bonus room/bedroom, spacious master bedroom and additional 2 bedrooms. fantastic flat fenced backyard. Home located on a dead end street with no cut-through traffic. Don't miss this hot property

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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: 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
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$1,007
Property Tax -$253
Property Insurance -$72
HOA -$18
Property Management Fees -$119
CASH FLOW
$232

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.

$289,900

PROJECTED PRICE

$1,700

PROJECTED RENT

0.59%

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$200k$400k$600k$800k$1.0M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% 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 $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$39,946

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,685

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6353$1,7004$1,7455$1,799
$1,799
RENT COMPS ANALYSIS
  • 5807 Falls Ridge Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,373 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,373 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.72
    •  
  • 5611 Branthurst Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,317 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,317 Sqft ∙ Built 1998
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.67
    •  
  • 4801 Canipe Drive Charlotte, NC 2
    • 5 beds 3 baths ∙ 2,258 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,258 Sqft ∙ Built 2006
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,635
    • $0.72
    •  
  • 9229 Heritage Woods Place Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,550 Sqft ∙ Built 1990 3 beds 3 baths ∙ 2,550 Sqft ∙ Built 1990
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.68
    •  
  • 4537 Canipe Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,334 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,334 Sqft ∙ Built 2004
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,799
    • $0.77
    •  
PROPERTY LISTING DETAILS
Benoy Peters
1.704.763.3964
Carolinas Realty
BESbswy