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5904 Chalyce Lane Charlotte, NC 28270

4 Beds 4 Baths 2,675 sqft Built 2016

$498,000

List Price

$2,390

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $186.17
  • 13 Days on Market
  • MLS # : 3708216
  • Updated Date : 02/27/2021 at 10:21
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,675 sqft
  • Baths : 3 full , 1 half
Listing Agent

Allen Tate Providence @485

Listing Agent's Description

Welcome to the newest home to be built in desirable Bishops Ridge by more than a decade! Pulled straight from the pages of a magazine this beautiful home will stun you. Rich hardwood floors throughout the main living area welcome you in and the vaulted great room, open concept and designer kitchen will keep you there. The first owner's suite is located on the main level with an ensuite featuring an oversized shower and closet. The second floor features a spacious loft, second owners suite and two additional bedrooms. Upgraded molding, trim and custom paint features are hidden around every corner. HOA fees include Pool, Tennis, Clubhouse and Water. This one won't last long and you wont' want to miss it! Showings to begin 2/27.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Sardis Forest

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $116k351k

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

Neighborhood: Sardis Forest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441978

* 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
Lansdowne Elementary School Primary Regular 643 41 5
Mcclintock Middle School Middle Regular 855 55 3
East Mecklenburg High School High Regular 1,840 111 6

Lansdowne Elementary School

  • Education Level: Primary
  • # of students: 643
  • # of teachers: 41
5
GreatSchools Rating

Mcclintock Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 55
3
GreatSchools Rating

East Mecklenburg High School

  • Education Level: High
  • # of students: 1,840
  • # of teachers: 111
6
GreatSchools Rating
 

$448,200$547,800$498,000

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$1,730
Property Tax -$434
Property Insurance -$76
HOA -$118
Property Management Fees -$119
CASH FLOW
-$87

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.

$498,000

PROJECTED PRICE

$2,390

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.3%
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-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$137,720

INVESTMENT

$137,720

Down Payment
$124,500
Rehab Estimate
$5,750
Closing Costs
$7,470

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,730

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,500
Loan Amount $373,500
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$21,843

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,319

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$2,045
1$2,0452$2,3003$2,3004$2,3905$2,600
$2,600
RENT COMPS ANALYSIS
  • 5904 Chalyce Lane Charlotte, NC 4
    • 4 beds 4 baths ∙ 2,606 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,606 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $0.92
    •  
  • 6232 Garamond Court Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,484 Sqft ∙ Built 1993 3 beds 3 baths ∙ 2,484 Sqft ∙ Built 1993
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,045
    • $0.82
    •  
  • 6200 Cedar Croft Drive Charlotte, NC 2
    • 4 beds 2 baths ∙ 2,520 Sqft ∙ Built 1958 4 beds 2 baths ∙ 2,520 Sqft ∙ Built 1958
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.91
    •  
  • 2701 Rea Road Charlotte, NC 3
    • 3 beds 2 baths ∙ 2,446 Sqft ∙ Built 1956 3 beds 2 baths ∙ 2,446 Sqft ∙ Built 1956
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.94
    •  
  • 1426 Jules Court Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,916 Sqft ∙ Built 1983 3 beds 3 baths ∙ 2,916 Sqft ∙ Built 1983
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.89
    •  
PROPERTY LISTING DETAILS
Jeremy Ordan
1.704.609.9300
Allen Tate Providence @485
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3708216
Last Updated: 02/27/2021
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