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10622 Quarrier Drive Cornelius, NC 28031

3 Beds 3 Baths 2,675 sqft Built 2004

$369,500

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

December 17, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $138.13
  • 8 Days on Market
  • MLS # : 3691002
  • Updated Date : 12/17/2020 at 10:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,675 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

Large 3 Bedroom with additional loft/bonus area on upper level, Formal Dining and Living room with hardwood flooring on lower level and spacious family room with fireplace. The Kitchen is newly remolded with Granite Counters, Stone look tile backsplash and the kitchen and family room are getting new waterproof wood plank flooring on Tuesday Dec 15th. The Subdivision is close to everything and has many recreation features as well as shopping and dining options located at the Subdivision entrance.

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: Oakhurst

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Oakhurst

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441891

* 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
J.v. Washam Elementary School Primary Regular 992 49 8
Bailey Middle School Middle Regular 1,616 77 9
William Amos Hough High School High Regular 2,453 120 8

J.v. Washam Elementary School

  • Education Level: Primary
  • # of students: 992
  • # of teachers: 49
8
GreatSchools Rating

Bailey Middle School

  • Education Level: Middle
  • # of students: 1,616
  • # of teachers: 77
9
GreatSchools Rating

William Amos Hough High School

  • Education Level: High
  • # of students: 2,453
  • # of teachers: 120
8
GreatSchools Rating
 

$332,550$406,450$369,500

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,363
Property Tax -$272
Property Insurance -$78
Property Management Fees -$119
CASH FLOW
$18

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.

$369,500

PROJECTED PRICE

$1,850

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.1%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$103,668

INVESTMENT

$103,668

Down Payment
$92,375
Rehab Estimate
$5,750
Closing Costs
$5,543

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,363

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $92,375
Loan Amount $277,125
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$30,220

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $2,006

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8503$1,9004$1,9355$2,050
$2,050
RENT COMPS ANALYSIS
  • 10622 Quarrier Drive Cornelius, NC 2
    • 3 beds 3 baths ∙ 2,675 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,675 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.69
    •  
  • 9932 Westmoreland Road Cornelius, NC 1
    • 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2001
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.69
    •  
  • 10139 Allison Taylor Court Cornelius, NC 3
    • 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2005
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.74
    •  
  • 18714 Coverdale Court Cornelius, NC 4
    • 3 beds 3 baths ∙ 2,520 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,520 Sqft ∙ Built 2003
    LEASED 12/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,935
    • $0.77
    •  
  • 18810 Coachmans Trace Cornelius, NC 5
    • 3 beds 3 baths ∙ 2,497 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,497 Sqft ∙ Built 2003
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.82
    •  
PROPERTY LISTING DETAILS
Kevin Corzine
1.704.200.5450
Southern Homes Of The Carolinas
BESbswy