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613 Canary Court Wingate, NC 28174

3 Beds 2 Baths 1,032 sqft Built 1997

$210,000

List Price

$1,050

$945 - $1.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $203.49
  • 2 Days on Market
  • MLS # : 3715406
  • Updated Date : 03/06/2021 at 14:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,032 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Select

Listing Agent's Description

Beautiful three bedroom two bath home in a desirable neighborhood. Move in ready with two car ports, a great private level yard with an extended porch. Come and enjoy your new home with no HOA.

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

Zip Code: 28174

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210kPrice in $103k213k

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

Zip Code: 28174

ZipNIR Market*CityMarket2010Year20002019 Q275080085090095010001050110011501200125013001350Rent in $7141375

* 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
Wingate Elementary School Primary Regular 616 61 6
East Union Middle School Middle Regular 908 59 3
Forest Hills High School High Regular 937 63 2

Wingate Elementary School

  • Education Level: Primary
  • # of students: 616
  • # of teachers: 61
6
GreatSchools Rating

East Union Middle School

  • Education Level: Middle
  • # of students: 908
  • # of teachers: 59
3
GreatSchools Rating

Forest Hills High School

  • Education Level: High
  • # of students: 937
  • # of teachers: 63
2
GreatSchools Rating
 

$189,000$231,000$210,000

PURCHASE PRICE

$945$1,155$1,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,050
EXPENSES Loan Payment -$729
Property Tax -$160
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
-$5

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.

$210,000

PROJECTED PRICE

$1,050

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.0%
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$100k$200k$300k$400k$500k$600k$700k$800k

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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$729

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$11,209

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,050

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $984

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,2003$1,2004$1,300
$1,300
RENT COMPS ANALYSIS
  • 613 Canary Court Wingate, NC 1
    • 3 beds 2 baths ∙ 1,032 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,032 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $1.02
    •  
  • 2822 Bobwhite Circle Wingate, NC 2
    • 4 beds 2 baths ∙ 1,248 Sqft ∙ Built 1991 4 beds 2 baths ∙ 1,248 Sqft ∙ Built 1991
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.96
    •  
  • 109 Colonial Circle Wingate, NC 3
    • 3 beds 2 baths ∙ 1,311 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,311 Sqft ∙ Built 1994
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.92
    •  
  • 3205 Bobwhite Circle Wingate, NC 4
    • 3 beds 2 baths ∙ 1,333 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,333 Sqft ∙ Built 1994
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.98
    •  
PROPERTY LISTING DETAILS
Morgan Mayfield
1.980.290.0195
Keller Williams Select
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3715406
Last Updated: 03/06/2021
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