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11839 Carmel Lakes Drive Charlotte, NC 28226

3 Beds 2 Baths 1,232 sqft Built 1979

$250,000

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $202.92
  • 4 Days on Market
  • MLS # : 3713821
  • Updated Date : 03/05/2021 at 13:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,232 sqft
  • Baths : 2 full
Listing Agent

Honeybee Real Estate

Listing Agent's Description

Hurry, or you'll miss out on this almost impossible to find, move-in ready, 3 bed/2 bath home near Pineville and Ballantyne for only $250K! Enjoy the sounds and sights of nature from the expansive back porch overlooking the almost 1 acre property that adjoins the McMullen Creek Greenway! Home has fresh paint throughout, new laminate wood flooring in the 2-story living room and downstairs owner's bedroom, new carpet upstairs, new range, disposal and water heater, and newly planked front and back porches. Refrigerator w/ ice maker connection and washer/dryer remain. One car garage, wood burning stone fireplace with fan system (not used in many years), mostly fenced backyard, water filtration system. Incredible location in South Meck High School district, with easy access to 485, 77, and 51 - yet your gently rolling yard is surrounded by the peaceful Greenway forests! Seller is offering $500 CHOICE Plus Home Warranty. MULTIPLE OFFERS RECEIVED: Deadline for submission is Sun March 7, 4 PM.

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: McAlpine

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $94k318k

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

Neighborhood: McAlpine

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Endhaven Elementary School Primary Regular 713 41 6
Quail Hollow Middle School Middle Regular 946 51 3
South Mecklenburg High School High Regular 2,913 147 7

Endhaven Elementary School

  • Education Level: Primary
  • # of students: 713
  • # of teachers: 41
6
GreatSchools Rating

Quail Hollow Middle School

  • Education Level: Middle
  • # of students: 946
  • # of teachers: 51
3
GreatSchools Rating

South Mecklenburg High School

  • Education Level: High
  • # of students: 2,913
  • # of teachers: 147
7
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$868
Property Tax -$224
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$78

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.

$250,000

PROJECTED PRICE

$1,340

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.8%
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$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$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$22,578

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,334

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3403$1,4004$1,4505$1,575
$1,575
RENT COMPS ANALYSIS
  • 11839 Carmel Lakes Drive Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $1.09
    •  
  • 11623 Green Willow Lane Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1980
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.09
    •  
  • 8205 Meadowind Circle Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 3 beds 2 baths ∙ 1,404 Sqft ∙ Built
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.00
    •  
  • 11800 Mirror Lake Drive Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1974
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.12
    •  
  • 11411 Misty Valley Court Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1984
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.13
    •  
PROPERTY LISTING DETAILS
Kendra Eades
1.704.491.7944
Honeybee Real Estate
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3713821
Last Updated: 03/05/2021
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