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10023 Grand Junction Road Mint Hill, NC 28227

3 Beds 3 Baths 1,691 sqft Built 1983

$269,888

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $159.60
  • 3 Days on Market
  • MLS # : 3695523
  • Updated Date : 01/15/2021 at 08:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,691 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Beautiful Mint Hill renovation!! New interior & exterior paint, new laminate wood flooring/tile/carpet, kitchen with new cabs/granite counters/backsplash/SS appliances, baths have had new granite vanities & tile floors installed (owners suite has new tile walk-in shower with frameless glass door. Don't miss this! New replacement windows, AC is 2013 (furnace is assumed to be same age), roof is 2010+/- (per previous owner). No showings till 1/17/21. Fireplace is for decorative purposes only and it sold in as-is condition (could be converted to vent-less gas logs). Open house Sunday 1/17 from 1-3

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$242,899$296,877$269,888

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$937
Property Tax -$202
Property Insurance -$59
HOA -$8
Property Management Fees -$119
CASH FLOW
$145

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.

$269,888

PROJECTED PRICE

$1,470

PROJECTED RENT

0.54%

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

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$77,270

INVESTMENT

$77,270

Down Payment
$67,472
Rehab Estimate
$5,750
Closing Costs
$4,048

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$937

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,472
Loan Amount $202,416
See What Happens When You Reinvest Cash Flow

7.83

YEARS SAVED

$27,447

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,463

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4703$1,5504$1,6505$1,700
$1,700
RENT COMPS ANALYSIS
  • 10023 Grand Junction Road Mint Hill, NC 2
    • 3 beds 3 baths ∙ 1,691 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,691 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.87
    •  
  • 9306 Peckham Rye Road Mint Hill, NC 1
    • 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1986
    LEASED 07/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.86
    •  
  • 9223 Aylesbury Lane Mint Hill, NC 3
    • 3 beds 2 baths ∙ 1,863 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,863 Sqft ∙ Built 1988
    LEASED 04/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.83
    •  
  • 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
    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
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.90
    •  
PROPERTY LISTING DETAILS
Michael Seaton
1.704.572.1384
Re/max Executive
BESbswy