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12200 Palomar Drive Huntersville, NC 28078

4 Beds 3 Baths 3,125 sqft Built 2006

$363,000

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

January 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $116.16
  • 5 Days on Market
  • MLS # : 3700260
  • Updated Date : 01/22/2021 at 10:55
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,125 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Huntersville two-story cul-de-sac home offers granite countertops, and a two-car garage. This home is vacant and cleaned regularly.

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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: Tanners Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Tanners Creek

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
Barnette Elementary School Primary Unknown 640 38 NA
Francis Bradley Middle School Middle Regular 1,140 59 6
Hopewell High School High Regular 1,653 87 3

Barnette Elementary School

  • Education Level: Primary
  • # of students: 640
  • # of teachers: 38
NA
GreatSchools Rating

Francis Bradley Middle School

  • Education Level: Middle
  • # of students: 1,140
  • # of teachers: 59
6
GreatSchools Rating

Hopewell High School

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

$326,700$399,300$363,000

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,261
Property Tax -$291
Property Insurance -$86
HOA -$41
Property Management Fees -$119
CASH FLOW
$62

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.

$363,000

PROJECTED PRICE

$1,860

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.9%
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$1.2M

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$101,945

INVESTMENT

$101,945

Down Payment
$90,750
Rehab Estimate
$5,750
Closing Costs
$5,445

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,261

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $90,750
Loan Amount $272,250
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$27,343

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.6

    LIST RENT PER SQFT
  • $2,016

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$1,745
1$1,7452$1,7653$1,7954$1,8605$2,185
$2,185
RENT COMPS ANALYSIS
  • 12200 Palomar Drive Huntersville, NC 4
    • 4 beds 3 baths ∙ 3,125 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,125 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.60
    •  
  • 15614 Carrington Ridge Drive Huntersville, NC 1
    • 5 beds 4 baths ∙ 2,882 Sqft ∙ Built 2003 5 beds 4 baths ∙ 2,882 Sqft ∙ Built 2003
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.61
    •  
  • 7006 Tanners Creek Drive Huntersville, NC 2
    • 3 beds 3 baths ∙ 2,785 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,785 Sqft ∙ Built 2005
    LEASED 08/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,765
    • $0.63
    •  
  • 7305 Stillbrook Bend Court Huntersville, NC 3
    • 3 beds 3 baths ∙ 2,884 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,884 Sqft ∙ Built 2004
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.62
    •  
  • 6812 April Mist Trail Huntersville, NC 5
    • 4 beds 3 baths ∙ 3,038 Sqft ∙ Built 2001 4 beds 3 baths ∙ 3,038 Sqft ∙ Built 2001
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,185
    • $0.72
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy