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11645 Clingman Lane Charlotte, NC 28214

4 Beds 3 Baths 3,315 sqft Built 2002

$399,000

List Price

$2,100

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 15, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $120.36
  • 8 Days on Market
  • MLS # : 3682607
  • Updated Date : 11/15/2020 at 15:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,315 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lake Norman Agents Llc

Listing Agent's Description

Beautiful 3 CAR GARAGE home in Mt. Isle Harbor waterfront community! This home features 4 bedrooms + BONUS room on the main floor. Beautifully renovated kitchen with white cabinets, NEW GRANITE, NEW double WALL OVEN, NEW microwave, NEW stainless steel dishwasher. NEW carpet upstairs and newly stained HARDWOODS on the main. Main floor features a living room, dining room, office, kitchen with large ISLAND, family room, sunroom, and a bonus room. Great location in a quiet CUL-DE-SAC not far from the boat storage and boat launch. The neighborhood amenities include Pool, Clubhouse, Tennis courts, Sidewalk streets, Playgrounds, Soccer field, Basketball court, and Lake. Also conveniently located to uptown (10 miles), White water center (9 miles), and new development (Riverbend Village).

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: 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
Mountain Island Lake Academy Primary Regular 727 47 3
Hopewell High School High Regular 1,653 87 3

Mountain Island Lake Academy

  • Education Level: Primary
  • # of students: 727
  • # of teachers: 47
3
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating
 

$359,100$438,900$399,000

PURCHASE PRICE

$1,890$2,310$2,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,100
EXPENSES Loan Payment -$1,472
Property Tax -$371
Property Insurance -$90
HOA -$49
Property Management Fees -$189
CASH FLOW
-$70

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.

$399,000

PROJECTED PRICE

$2,100

PROJECTED RENT

0.53%

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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,485

INVESTMENT

$111,485

Down Payment
$99,750
Rehab Estimate
$5,750
Closing Costs
$5,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,472

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,750
Loan Amount $299,250
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$13,527

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,100

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $2,122

    COMP ESTIMATED VALUE
  • $0.64

    COMP AVG. RENT PER SQFT
Comps Range
$1,915
1$1,9152$2,1003$2,200
$2,200
RENT COMPS ANALYSIS
  • 11645 Clingman Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 3,315 Sqft ∙ Built 2002 4 beds 3 baths ∙ 3,315 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.63
    •  
  • 11629 Clingman Lane Charlotte, NC 1
    • 5 beds 3 baths ∙ 3,424 Sqft ∙ Built 2002 5 beds 3 baths ∙ 3,424 Sqft ∙ Built 2002
    LEASED 12/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,915
    • $0.56
    •  
  • 2627 Shady Reach Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 3,079 Sqft ∙ Built 1999 4 beds 3 baths ∙ 3,079 Sqft ∙ Built 1999
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.71
    •  
PROPERTY LISTING DETAILS
Adam Barton
1.704.999.6265
Lake Norman Agents Llc
BESbswy