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5845 Wilgrove Mint Hill Road Mint Hill, NC 28227

3 Beds 2 Baths 1,634 sqft Built 1946

$329,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1946
  • Price/Sqft : $201.35
  • 2 Days on Market
  • MLS # : 3700725
  • Updated Date : 01/23/2021 at 19:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,634 sqft
  • Baths : 2 full
Listing Agent

James Custom Homes Inc

Listing Agent's Description

Charming 2 Story Updated Quality Built Craftsman on almost 1/2 acre level Corner Lot w/Great Front Setback and Beautiful Backyard. Covered Front Porch. New Architectural Shingles 2020, Fresh Exterior Paint. Family Room w/Wood Burning FP. Family Room Open to Spacious Updated Kitchen:Granite Tops, Subway Tile Backsplash, White Cabinets w/Soft-close Drawers/Doors, Large Single Bowl Stainless Sink, Stainless Gas Range, Dishwasher & Microwave, Large Floor Tiles. Fresh Interior Paint, Beautiful Moldings & Trim, Gleaming Wood Floors. Updated Baths w/New Vanities/Fixtures. 2 Large Bedrooms + Bath on Main. 3rd Bedroom and Separate Living Area could be Office/REC/Play Room (possibly 4th BR) + Full Bath Upstairs. Beautiful Custom 3 Car Carport Addition also serves as a Great Outdoor Entertainment Area. Long Drive w/2 Entrances + Tons of Parking. Detached Barn/Workshop + Detached Storage Bldig. Easy Commute to Uptown Charlotte + Only Mins. to Booming Downtown Mint Hill. Move-In Ready. N0 HOA/Fees.

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: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k291k

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

Neighborhood: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8421713

* 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
 

$296,100$361,900$329,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$1,143
Property Tax -$246
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
-$146

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$329,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$92,935

INVESTMENT

$92,935

Down Payment
$82,250
Rehab Estimate
$5,750
Closing Costs
$4,935

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,143

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,250
Loan Amount $246,750
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$8,080

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,413

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,3003$1,4204$1,6505$1,700
$1,700
RENT COMPS ANALYSIS
  • 5845 Wilgrove Mint Hill Road Mint Hill, NC 3
    • 3 beds 2 baths ∙ 1,634 Sqft ∙ Built 1946 3 beds 2 baths ∙ 1,634 Sqft ∙ Built 1946
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.87
    •  
  • 8729 Pence Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,407 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,407 Sqft ∙ Built 2019
    property image
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.85
    •  
  • 6530 Lake Road Mint Hill, NC 2
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1958
    property image
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.84
    •  
  • 5837 Wilgrove Mint Hill Road Mint Hill, NC 4
    • 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 1959
    property image
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.87
    •  
  • 8008 Truelight Church Road Mint Hill, NC 5
    • 3 beds 2 baths ∙ 1,880 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,880 Sqft ∙ Built 1968
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.90
    •  
PROPERTY LISTING DETAILS
Michael Wright
1.704.534.1030
James Custom Homes Inc
BESbswy