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1022 Chalk Hill Lane Charlotte, NC 28214

5 Beds 3 Baths 2,400 sqft Built 2003

$199,995

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2003
  • Price/Sqft : $83.33
  • 4 Days on Market
  • MLS # : 3679984
  • Updated Date : 11/07/2020 at 15:42
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,400 sqft
  • Baths : 2 full , 1 half
Listing Agent

Better Homes And Gardens Real Estate Paracle

Listing Agent's Description

Beautiful home with open floorplan. Stunning kitchen tile backsplash. Whirlpool in master bath. Smooth-top range and double ovens, built-in microwave. Upstairs Loft and Laundry Rm. Near U.S. Nat'l Whitewater Center! Priced to sell; won't last long! Book your showing now!

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: Harwood Lane

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $107k235k

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

Neighborhood: Harwood Lane

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8351518

* 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
River Oaks Academy Primary Regular 611 36 5
Coulwood Middle School Middle Regular 694 45 7
West Mecklenburg High School High Regular 2,040 108 1

River Oaks Academy

  • Education Level: Primary
  • # of students: 611
  • # of teachers: 36
5
GreatSchools Rating

Coulwood Middle School

  • Education Level: Middle
  • # of students: 694
  • # of teachers: 45
7
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$179,996$219,995$199,995

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$738
Property Tax -$213
Property Insurance -$72
HOA -$26
Property Management Fees -$140
CASH FLOW
$361

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.

$199,995

PROJECTED PRICE

$1,550

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.4%
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$900k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,749

INVESTMENT

$58,749

Down Payment
$49,999
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,999
Loan Amount $149,996
See What Happens When You Reinvest Cash Flow

12.58

YEARS SAVED

$46,845

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $1,626

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,399
1$1,3992$1,5003$1,5504$1,5655$1,695
$1,695
RENT COMPS ANALYSIS
  • 1022 Chalk Hill Lane Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,400 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,400 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.65
    •  
  • 10223 Seedling Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,080 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,080 Sqft ∙ Built 2002
    LEASED 12/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.67
    •  
  • 711 Pawley Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2001
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.68
    •  
  • 11539 Carnsore Court Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,364 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,364 Sqft ∙ Built 2003
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,565
    • $0.66
    •  
  • 10603 Shanon Darby Lane Charlotte, NC 5
    • 4 beds 4 baths ∙ 2,520 Sqft ∙ Built 2011 4 beds 4 baths ∙ 2,520 Sqft ∙ Built 2011
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.67
    •  
PROPERTY LISTING DETAILS
Steven Morgan
1.704.430.3748
Better Homes And Gardens Real Estate Paracle
BESbswy