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10320 Country Lane Charlotte, NC 28214

3 Beds 3 Baths 2,772 sqft Built 1973

$330,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $119.05
  • 7 Days on Market
  • MLS # : 3697572
  • Updated Date : 01/11/2021 at 13:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,772 sqft
  • Baths : 2 full , 1 half
Listing Agent

Moss Realty

Listing Agent's Description

Unique property with much to offer. Home is situated on a 1.31+/- acre lot the back up to a pond that is shared with other adjoining owners. There is a deck and patio on the front and the rear of the home, the read patio and deck have great pond views. The floor plan is spacious and is works great for entertaining. The office could potentially be a 4th bedroom. Home needs updating but is a rare find with the large lot and pond.

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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: 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
 

$297,000$363,000$330,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,146
Property Tax -$288
Property Insurance -$79
Property Management Fees -$119
CASH FLOW
$48

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.

$330,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.51%

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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$93,200

INVESTMENT

$93,200

Down Payment
$82,500
Rehab Estimate
$5,750
Closing Costs
$4,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,146

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,500
Loan Amount $247,500
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$21,001

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.61

    LIST RENT PER SQFT
  • $1,871

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6803$1,6954$1,6955$1,995
$1,995
RENT COMPS ANALYSIS
  • 10320 Country Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,772 Sqft ∙ Built 1973 3 beds 3 baths ∙ 2,772 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.61
    •  
  • 9540 Brighthaven Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,430 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,430 Sqft ∙ Built 2006
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.66
    •  
  • 12433 Morning Creek Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,476 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,476 Sqft ∙ Built 2002
    LEASED 02/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.68
    •  
  • 10603 Shanon Darby Lane Charlotte, NC 4
    • 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
    •  
  • 10143 Garman Hill Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,872 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,872 Sqft ∙ Built 2008
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.69
    •  
PROPERTY LISTING DETAILS
Greg Holland
1.704.616.4880
Moss Realty
BESbswy