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10221 Misty Moss Court Mint Hill, NC 28227

3 Beds 3 Baths 2,370 sqft Built 2005

$355,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $149.79
  • 5 Days on Market
  • MLS # : 3676388
  • Updated Date : 11/02/2020 at 15:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,370 sqft
  • Baths : 3 full
Listing Agent

Allen Tate Matthews/mint Hill

Listing Agent's Description

Prestine ranch in sought after Brighton Park. Second floor has large bonus room with full bth. Charming front porch welcomes you to this lovely home. Foyer and dining room have picture frame and crown molding. Kitchen has corian counter tops, 42 in. cabinets, tile back splash and breakfastbar all open to large greatroom with gas fireplace and high tray ceiling. Pleanty windows all with plantation shutters make this a light and bright room. Master bedroom has a bay window sitting area perfect for reading and relaxing. Master bath has tile floor, garden tub and seperate shower. This is a split bedroom plan with a full bath. Hardwood floors throughtout the home and tile in the bathrooms. Manicured fenced yard. Outside recently painted, all windows have plantation shutters. Irrigation, HVAC surviced twice a year, new roof in 2020. Refriferator, washer and dryer and play set remains. Home is being sold "As is/Where is". Closing after Nov 25, 2020.

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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: Downtown Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Downtown Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Bain Elementary School Primary Regular 899 49 10
Mint Hill Middle School Middle Regular 1,249 64 5
Independence High School High Regular 2,349 128 6

Bain Elementary School

  • Education Level: Primary
  • # of students: 899
  • # of teachers: 49
10
GreatSchools Rating

Mint Hill Middle School

  • Education Level: Middle
  • # of students: 1,249
  • # of teachers: 64
5
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 2,349
  • # of teachers: 128
6
GreatSchools Rating
 

$319,500$390,500$355,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,310
Property Tax -$274
Property Insurance -$72
HOA -$42
Property Management Fees -$166
CASH FLOW
-$23

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.

$355,000

PROJECTED PRICE

$1,840

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.7%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,310

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$18,870

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,855

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8003$1,8404$1,9755$2,100
$2,100
RENT COMPS ANALYSIS
  • 10221 Misty Moss Court Mint Hill, NC 3
    • 3 beds 3 baths ∙ 2,370 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,370 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.78
    •  
  • 6417 Hove Road Mint Hill, NC 1
    • 4 beds 3 baths ∙ 2,397 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,397 Sqft ∙ Built 2007
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.75
    •  
  • 5104 Soaring Eagle Lane Mint Hill, NC 2
    • 3 beds 2 baths ∙ 2,321 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,321 Sqft ∙ Built 2006
    property image
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.78
    •  
  • 5838 Whitehawk Hill Road Mint Hill, NC 4
    • 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 2015
    property image
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.80
    •  
  • 10333 Misty Moss Court Mint Hill, NC 5
    • 3 beds 3 baths ∙ 2,540 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,540 Sqft ∙ Built 2005
    property image
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.83
    •  
PROPERTY LISTING DETAILS
Cookie Ullrich
1.704.534.3456
Allen Tate Matthews/mint Hill
BESbswy