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7300 Winnington Circle Charlotte, NC 28226

3 Beds 2 Baths 1,302 sqft Built 1985

$260,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $199.69
  • 5 Days on Market
  • MLS # : 3702898
  • Updated Date : 03/06/2021 at 13:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,302 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Come and see this lovely, rare 3BR2BA patio home with attached garage! Perfect location - situated on a double cul-de-sac, your new house is close to the Arboretum, South Park and Strawberry Hill. Walking distance to the community amenities (pool, clubhouse, playground, basketball court, tennis courts, fishing pond and walking trails) and around the corner from the grocery store. This home has a vaulted great room with wood burning fireplace open to the dining room. Large tiled kitchen with painted cabinets, plantation shutters, backsplash, gas stove, and granite. Owners' suite features a walk in shower and two closets.Two bedrooms and a hall bath complete this floor plan. The fenced in patio could be your new outdoor room! HOA takes care of landscaping and paints exterior every five years. Washer/Dryer/Fridge convey. HVAC 2015

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: Wessex Square

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $116k394k

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

Neighborhood: Wessex Square

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8442180

* 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
Olde Providence Elementary School Primary Regular 717 39 9
Carmel Middle School Middle Regular 1,050 58 7
Myers Park High School High Regular 2,762 145 8

Olde Providence Elementary School

  • Education Level: Primary
  • # of students: 717
  • # of teachers: 39
9
GreatSchools Rating

Carmel Middle School

  • Education Level: Middle
  • # of students: 1,050
  • # of teachers: 58
7
GreatSchools Rating

Myers Park High School

  • Education Level: High
  • # of students: 2,762
  • # of teachers: 145
8
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$903
Property Tax -$233
Property Insurance -$52
HOA -$55
Property Management Fees -$119
CASH FLOW
$238

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.

$260,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

10.25

YEARS SAVED

$38,690

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $1,406

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6003$1,6954$1,7005$1,750
$1,750
RENT COMPS ANALYSIS
  • 7300 Winnington Circle Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.23
    •  
  • 7228 Swans Run Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1996
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.05
    •  
  • 7417 Alexander Road Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,550 Sqft ∙ Built 1953 3 beds 3 baths ∙ 1,550 Sqft ∙ Built 1953
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.09
    •  
  • 1708 Lawton Bluff Road Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1978
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.12
    •  
  • 6724 Castlegate Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,646 Sqft ∙ Built 1966 4 beds 3 baths ∙ 1,646 Sqft ∙ Built 1966
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.06
    •  
PROPERTY LISTING DETAILS
Susie Verrill
1.704.207.9207
Coldwell Banker Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3702898
Last Updated: 03/06/2021
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