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1119 Chalk Hill Lane Charlotte, NC 28214

3 Beds 3 Baths 2,414 sqft Built 2002

$270,000

List Price

$1,570

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $111.85
  • 3 Days on Market
  • MLS # : 3708078
  • Updated Date : 02/13/2021 at 16:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,414 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Premier

Listing Agent's Description

Welcome home!!! Beautiful 2 story home with space! Large loft/great room on 2nd level and office/flex space on the first level. Upgrades that includes granite countertops, LVF, ceramic tile, and stainless steel appliances! Oversized master suite has a trey ceiling, two large closets. The master bath has a soaking tub, separate shower and upgraded ceramic tile flooring. The 2nd and 3rd bedrooms nicely sized w/large closets. The lot backs up to a wooded common area. These items remain refrigerator, blinds, washer, dryer, lawn equipment in garage, and all mounted televisions EXCEPT the master bedroom TV and main floor living room TV, THEY BELONG TO THE TENANT. THE DRAPES SHALL NOT REMAIN BELONGS TO TENANT.

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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: 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
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,413$1,727$1,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,570
EXPENSES Loan Payment -$938
Property Tax -$235
Property Insurance -$73
HOA -$33
Property Management Fees -$119
CASH FLOW
$172

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.

$270,000

PROJECTED PRICE

$1,570

PROJECTED RENT

0.58%

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

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$938

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$28,904

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $1,611

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,399
1$1,3992$1,5003$1,5654$1,5705$1,595
$1,595
RENT COMPS ANALYSIS
  • 1119 Chalk Hill Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,414 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,414 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $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
    property image
    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
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.68
    •  
  • 11539 Carnsore Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,364 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,364 Sqft ∙ Built 2003
    property image
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,565
    • $0.66
    •  
  • 1516 Bray Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,542 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,542 Sqft ∙ Built 2007
    property image
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.63
    •  
PROPERTY LISTING DETAILS
Pertina Potts
1.704.236.6914
Keller Williams Premier
BESbswy