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5811 Gold Wagon Lane Mint Hill, NC 28227

4 Beds 3 Baths 2,757 sqft Built 1985

$365,000

List Price

$2,150

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $132.39
  • 10 Days on Market
  • MLS # : 3688822
  • Updated Date : 12/12/2020 at 12:21
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,757 sqft
  • Baths : 2 full , 1 half
Listing Agent

1st Choice Properties, Inc.

Listing Agent's Description

Start off the New Year in your New Home!. Over half acre w/ fenced back yard, no HOA & an abundance of level parking or sport court area. Beautiful wood floors flow through upstairs & down. Move in ready as whole house has just been painted. A formal LRM w/ glass French doors flows into the formal DRM. The kitchen offers solid surface counters, pendant & track lighting & a large bay window area for a breakfast nook overlooking the screen porch that is almost 400 SF. A drop zone area just inside the back door & garage is perfect for anything from mail to backpacks & more. Spacious but cozy den w/ brick wood burning FP will be the perfect space for relaxing or entertaining. Upstairs a LRG bonus rm greets you at the top of the stairs. Down the hall is 3 secondary brms plus a LRG Master. The Master offers a LRG walk in closet, attached bath w/ dual vanity, separate shower & tub. Use your imagination for the unfinished third floor attic space of 664 SF. The potential is endless!

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: Farmwood

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k324k

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

Neighborhood: Farmwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441811

* 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
Lebanon Road Elementary School Primary Regular 781 54 6
Northeast Middle School Middle Regular 739 45 3
Independence High School High Regular 2,349 128 6

Lebanon Road Elementary School

  • Education Level: Primary
  • # of students: 781
  • # of teachers: 54
6
GreatSchools Rating

Northeast Middle School

  • Education Level: Middle
  • # of students: 739
  • # of teachers: 45
3
GreatSchools Rating

Independence High School

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

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

PURCHASE PRICE

$1,935$2,365$2,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,150
EXPENSES Loan Payment -$1,347
Property Tax -$315
Property Insurance -$79
Property Management Fees -$119
CASH FLOW
$290

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

$2,150

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 9.4%
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$25k

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$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 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,347

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$59,909

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,150

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,944

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,8003$1,8954$2,0005$2,150
$2,150
RENT COMPS ANALYSIS
  • 5811 Gold Wagon Lane Mint Hill, NC 5
    • 4 beds 3 baths ∙ 2,757 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,757 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.78
    •  
  • 5828 Gold Wagon Lane Mint Hill, NC 1
    • 3 beds 3 baths ∙ 2,483 Sqft ∙ Built 1987 3 beds 3 baths ∙ 2,483 Sqft ∙ Built 1987
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.66
    •  
  • 6337 Lebanon Road Mint Hill, NC 2
    • 5 beds 3 baths ∙ 2,741 Sqft ∙ Built 1970 5 beds 3 baths ∙ 2,741 Sqft ∙ Built 1970
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.66
    •  
  • 6025 Storehouse Road Mint Hill, NC 3
    • 4 beds 2 baths ∙ 2,461 Sqft ∙ Built 1979 4 beds 2 baths ∙ 2,461 Sqft ∙ Built 1979
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.77
    •  
  • 8035 Goodall Court Mint Hill, NC 4
    • 4 beds 3 baths ∙ 2,795 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,795 Sqft ∙ Built 2015
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.72
    •  
PROPERTY LISTING DETAILS
Anna Granger
1.704.650.5707
1st Choice Properties, Inc.
BESbswy