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11422 Heritage Green Drive Cornelius, NC 28031

3 Beds 3 Baths 1,350 sqft Built 2004

$259,900

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

January 31, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $192.52
  • 2 Days on Market
  • MLS # : 3703634
  • Updated Date : 01/31/2021 at 00:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,350 sqft
  • Baths : 2 full , 1 half
Listing Agent

Northgroup Real Estate, Inc.

Listing Agent's Description

This home won't last long!!! Owners have updated this beautiful home. An incredible opportunity in a great community and wonderful location. A quaint and cozy home featuring a semi-open floor plan on the lower level which flows nicely from family room to the kitchen. Kitchen space is nice and spacious and has 42-inch painted white maple cabinets, breakfast nook with bay window, and stainless steel appliances. Fenced backyard which backs up to a nice private, partially wooded space behind the home. This is a great neighborhood, nicely developed with wonderful amenities like a pool, playground, clubhouse, grilling space/rec area, and walking trails. New Gas Furnace installed Dec 2018.and new a/c unit 2020. All new vinyl plank flooring, new lighting, updated bathrooms, no carpet and newly painted in BM Revere Pewter. Show like a decorators home!!!! Agent Remarks: . Fireplace sold as-is. *

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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: Heritage Green

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Heritage Green

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
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$903
Property Tax -$192
Property Insurance -$53
HOA -$48
Property Management Fees -$119
CASH FLOW
$76

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.

$259,900

PROJECTED PRICE

$1,390

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.2%
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

PROJECTED ANNUAL CASH FLOW

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$22,906

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,478

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,390
1$1,3902$1,4753$1,4954$1,4955$266,400
$266,400
RENT COMPS ANALYSIS
  • 11422 Heritage Green Drive Cornelius, NC 1
    • 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $1.03
    •  
  • 21345 Aftonshire Drive Cornelius, NC 2
    • 3 beds 3 baths ∙ 1,340 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,340 Sqft ∙ Built 2001
    property image
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.10
    •  
  • 19015 Long Pond Lane Cornelius, NC 3
    • 3 beds 3 baths ∙ 1,343 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,343 Sqft ∙ Built 2003
    property image
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.11
    •  
  • 11133 Aprilia Lane Cornelius, NC 4
    • 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 2004
    property image
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.07
    •  
  • 21202 Pine Ridge Drive Cornelius, NC 5
    • 3 beds 2 baths ∙ 1,454 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,454 Sqft ∙ Built 1988
    property image
    LEASED 01/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $266,400
    • $183.22
    •  
PROPERTY LISTING DETAILS
Ann Stiles
1.704.929.9415
Northgroup Real Estate, Inc.
BESbswy