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10830 Sycamore Club Drive Mint Hill, NC 28227

4 Beds 3 Baths 2,801 sqft Built 2001

$355,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $126.74
  • 3 Days on Market
  • MLS # : 3680048
  • Updated Date : 11/06/2020 at 10:23
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,801 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Beautiful move in ready 4b/2.5b home in Olde Sycamore Golf Plantation sparkles with fresh white paint. Located in sought-after Bain Elementary school district! Great room w/fireplace over looks serene view of wooded lot. Kitchen boasts SS appliances, gorgeous large farm sink, granite countertops, tile backsplash, tons of counter space & cabinets storage. Casual breakfast rm w/bay area. Master on main w/tray ceiling & walk-in closet. Master bath w/tile floor, dual vanity, deep tub & over-sized shower. Upper level holds 3 bedrooms, huge bonus room or 5th bedroom & 2nd full bath. Ample attic storage space with shelves. Back Yard fully fenced with black aluminum fencing. Back & side yards are a relaxing oasis w/Paver patios, pergola, greenhouse & more! Roof replaced 2014, HVAC 2020 & 2014. Olde Sycamore is perfect for those seeking an active lifestyle. HOA Included Amenities include pool, tennis, golf clubhouse w/a restaurant, and social activities throughout the year. Easy access to 485!

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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: Olde Sycamore

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $118k385k

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

Neighborhood: Olde Sycamore

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900200021002200Rent in $8442203

* 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

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,310
Property Tax -$298
Property Insurance -$80
HOA -$45
Property Management Fees -$185
CASH FLOW
$132

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

$2,050

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.6%
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$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$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 45% 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

6.58

YEARS SAVED

$33,769

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,045

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$2,0003$2,0004$2,050
$2,050
RENT COMPS ANALYSIS
  • 10830 Sycamore Club Drive Mint Hill, NC 4
    • 4 beds 3 baths ∙ 2,801 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,801 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.73
    •  
  • 9525 Brief Road Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,519 Sqft ∙ Built 1968 3 beds 3 baths ∙ 2,519 Sqft ∙ Built 1968
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.71
    •  
  • 10303 Club Field Court Mint Hill, NC 2
    • 4 beds 4 baths ∙ 2,660 Sqft ∙ Built 1997 4 beds 4 baths ∙ 2,660 Sqft ∙ Built 1997
    LEASED 05/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.75
    •  
  • 6520 Long Road Mint Hill, NC 3
    • 4 beds 3 baths ∙ 3,000 Sqft ∙ Built 4 beds 3 baths ∙ 3,000 Sqft ∙ Built
    LEASED 06/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.67
    •  
PROPERTY LISTING DETAILS
Mercedes Dockery
1.704.345.2150
Exp Realty Llc
BESbswy