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5835 Winburn Lane Charlotte, NC 28226

4 Beds 3 Baths 2,481 sqft Built 1977

INVESTimate

$400,000

List Price

$2,200

$1,980 - $2,420

Rent Est.

$422,400  ( +5.60%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1977
  • Price/Sqft : $161.23
  • 8 Days on Market
  • MLS # : 3652769
  • Updated Date : 08/20/2020 at 13:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,481 sqft
  • Baths : 3 full
Listing Agent

Allen Tate Providence @485

Listing Agent's Description

Move In READY home near Carmel Rd. A peaceful hidden gem on a wooded lot with over half an acre in Sturnbridge subdivision. This home has Hardwood floors throughout, Master on main that connects to a private screened in porch. The entire house has been freshly painted. The Kitchen and Bathrooms have been updated. Lots of closet space and there is a walk in attic with over 175 Sqft to store or convert to another room! Home Office on main with built in bookshelves. As you drive up the brand New concrete driveway you will see a New open front porch which is so relaxing. Under the house the owner has made a huge workshop with an Atmox Ventilation system! This home will not last long! **Showings begin on Saturday August 22.**

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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: Carmel

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $116k374k

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

Neighborhood: Carmel

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442083

* 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
Smithfield Elementary School Primary Regular 646 44 6
Quail Hollow Middle School Middle Regular 946 51 3
South Mecklenburg High School High Regular 2,913 147 7

Smithfield Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 44
6
GreatSchools Rating

Quail Hollow Middle School

  • Education Level: Middle
  • # of students: 946
  • # of teachers: 51
3
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,476
Property Tax -$352
Property Insurance -$74
HOA -$13
Property Management Fees -$198
CASH FLOW
$88

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.

$400,000

PROJECTED PRICE

$2,200

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.60%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

5.92

YEARS SAVED

$32,289

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,258

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,1953$2,2004$2,3505$2,495
$2,495
RENT COMPS ANALYSIS
  • 5835 Winburn Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,481 Sqft ∙ Built 1977 4 beds 3 baths ∙ 2,481 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.89
    •  
  • 9104 Cameron Wood Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 1991
    LEASED 03/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.86
    •  
  • 9128 Arbor Glen Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,610 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,610 Sqft ∙ Built 1993
    LEASED 04/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.84
    •  
  • 4833 Dawnridge Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,640 Sqft ∙ Built 1986 3 beds 3 baths ∙ 2,640 Sqft ∙ Built 1986
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.89
    •  
  • 5733 Connor Boulevard Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,384 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,384 Sqft ∙ Built 1978
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.05
    •  
PROPERTY LISTING DETAILS
Gary Burkart
1.704.236.4836
Allen Tate Providence @485
BESbswy