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5830 Barrington Drive #8 Charlotte, NC 28215

4 Beds 3 Baths 1,775 sqft Built 1967

$295,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $166.20
  • 13 Days on Market
  • MLS # : 3681051
  • Updated Date : 11/18/2020 at 16:58
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,775 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Remodeled to perfection! This beautiful 4 bedrooms, 2 1/2 bathrooms, home is just minutes away from plaza Midwood, uptown, university, shopping, dining and a park. Here are just a few of its completely remodeled features: new modern kitchen offering, new kitchen cabinets, mosaic backsplash, quartz island top with plenty of storage, new country porcelain sink, electric stove and microwave, marble tile, modern lighting throughout the house, dining area has nice glass sliding doors that lead to the deck, new wooden tile flooring, completely remodeled bathrooms with marble tiles, the master bedroom offering a frameless glass shower door giving it a clean and sleek look, and plenty of closet storage, completely new electrical, pvc plumbing, energy efficient windows, new furnace, A.C, and a concrete driveway.

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 Regular 1,748 106 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: 1,748
  • # of teachers: 106
NA
GreatSchools Rating
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$1,088
Property Tax -$257
Property Insurance -$61
Property Management Fees -$135
CASH FLOW
-$41

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.

$295,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.51%

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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$11,724

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,420

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2003$1,2504$1,3505$1,500
$1,500
RENT COMPS ANALYSIS
  • 5830 Barrington Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,775 Sqft ∙ Built 1967 4 beds 3 baths ∙ 1,775 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.85
    •  
  • 1115 Farrior Drive Charlotte, NC 1
    • 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
    •  
  • 6615 Farmway Place Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 1970
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.73
    •  
  • 5819 Ruth Drive Charlotte, NC 3
    • 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
    •  
  • 9409 Newell Hickory Grove Road Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,632 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,632 Sqft ∙ Built 2007
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.83
    •  
PROPERTY LISTING DETAILS
Mike Crespo
1.704.254.2413
Wilkinson Era Real Estate
BESbswy