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5827 Whitingham Drive Charlotte, NC 28215

4 Beds 2 Baths 1,257 sqft Built 1963

$230,000

List Price

$1,110

$999 - $1.2K

Rent Est.

PROPERTY INFO

February 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $182.98
  • 5 Days on Market
  • MLS # : 3707571
  • Updated Date : 02/13/2021 at 21:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,257 sqft
  • Baths : 2 full
Listing Agent

Capital Precision

Listing Agent's Description

THIS PROPERTY WILL NOT BE AVAILABLE TO SHOW UNTIL 2/21/21. A quiet jewel, nestled minutes from downtown and I-85 Interstate, in close proximately to many fine shops and businesses. A perfect home to start a family or live quietly when the hustle and bustle of the inner city life is not desired. This home offers many attractive features, such as: uniquely refinished, original hardwood floors, an alluring living room with a large and enticing picture window, the dinning room presents newly installed French doors that opens out to a charming sitting area. The kitchen has been upgraded with new lighting, all new appliances, new cabinets and granite counter tops with a double stainless steel sink and upgraded faucets. Both full bathrooms have been upgraded. This is a jewel for the price and will not last long. You must see to believe.

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: Eastway

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $60k235k

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

Neighborhood: Eastway

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Briarwood Academy Primary Regular 738 48 3
Martin Luther King Jr Middle School Middle Regular 1,102 57 2
Garinger High School High Unknown NA

Briarwood Academy

  • Education Level: Primary
  • # of students: 738
  • # of teachers: 48
3
GreatSchools Rating

Martin Luther King Jr Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 57
2
GreatSchools Rating

Garinger High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$207,000$253,000$230,000

PURCHASE PRICE

$999$1,221$1,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,110
EXPENSES Loan Payment -$799
Property Tax -$201
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
-$59

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.

$230,000

PROJECTED PRICE

$1,110

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$8,463

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,110

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,109

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,110
1$1,1102$1,1503$1,2504$1,2505$1,300
$1,300
RENT COMPS ANALYSIS
  • 5827 Whitingham Drive Charlotte, NC 1
    • 4 beds 2 baths ∙ 1,257 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,257 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,110
    • $0.88
    •  
  • 1115 Farrior Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1960
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.81
    •  
  • 5500 Larchmont Avenue Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1965
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.96
    •  
  • 5819 Ruth Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1965 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1965
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.83
    •  
  • 5221 Delivau Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1973
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.93
    •  
PROPERTY LISTING DETAILS
Edith Herron
1.704.606.4356
Capital Precision
BESbswy