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5810 Falls Ridge Lane Charlotte, NC 28269

4 Beds 3 Baths 2,350 sqft Built 2004

$270,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $114.89
  • 3 Days on Market
  • MLS # : 3680690
  • Updated Date : 11/14/2020 at 18:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,350 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Beautiful MOVE-IN ready home in Davis Ridge, conveniently located near I-77, I-485, schools, shopping mall, restaurants and much more. Home is freshly painted and has brand new carpet in all bedrooms! LVP flooring on main floor, tiles in the kitchen and bathrooms, and hardwood stairs. Sunken family room features 9ft ceiling, recessed lighting and a wood burning fireplace. Tray ceiling in Master bedroom with separate shower and garden tub in Master bathroom leading straight into the large & spacious walk-in closet. Secondary bedrooms boast tray ceilings as well. Bonus room is spacious with a walk-in closet and can be used as a 4th bedroom. Come quickly before it's gone!

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: 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
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$996
Property Tax -$247
Property Insurance -$71
HOA -$18
Property Management Fees -$144
CASH FLOW
$124

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.

$270,000

PROJECTED PRICE

$1,600

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$27,622

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,716

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6003$1,6354$1,7995$1,800
$1,800
RENT COMPS ANALYSIS
  • 5810 Falls Ridge Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.68
    •  
  • 5611 Branthurst Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,317 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,317 Sqft ∙ Built 1998
    property image
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.67
    •  
  • 4801 Canipe Drive Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,258 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,258 Sqft ∙ Built 2006
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,635
    • $0.72
    •  
  • 4537 Canipe Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,334 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,334 Sqft ∙ Built 2004
    property image
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,799
    • $0.77
    •  
  • 9733 Harris Glen Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 1992
    property image
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.76
    •  
PROPERTY LISTING DETAILS
Pang Chang
1.704.231.9242
Wilkinson Era Real Estate
BESbswy