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12702 Landing Green Drive Charlotte, NC 28277

5 Beds 3 Baths 2,635 sqft Built 1992

$499,900

List Price

$2,310

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $189.72
  • 12 Days on Market
  • MLS # : 3700474
  • Updated Date : 01/30/2021 at 00:06
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,635 sqft
  • Baths : 3 full
Listing Agent

Platt Real Estate Services Inc

Listing Agent's Description

Beautifully Updated Home in the Desirable Area Code of 28277. Hunters Gate Community is a Tree Lined Neighborhood with Sidewalks and Excellent School Ratings. 5 Bedrooms with new carpeting and fixtures/fans. Master Bedroom has LVP and Tiled Master Bathroom. Luxury Walk-In Shower in the Master Bath with Double Vanity. Secondary Full Bath Upstairs has a Double Vanity With Granite and Tub with Tile Shower Surround. Entire Home has Had The Popcorn Ceiling Removed. The Garage is Large with, Ceiling Fan, Multiple Storage Areas, High Ceiling and Drywall.

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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: Providence Country Club

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k476k

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

Neighborhood: Providence Country Club

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400260028003000Rent in $8443026

* 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
Polo Ridge Elementary School Primary Regular 1,036 55 NA
Jay M. Robinson Middle School Middle Regular 1,101 51 10
Ardrey Kell High School High Regular 2,701 127 9

Polo Ridge Elementary School

  • Education Level: Primary
  • # of students: 1,036
  • # of teachers: 55
NA
GreatSchools Rating

Jay M. Robinson Middle School

  • Education Level: Middle
  • # of students: 1,101
  • # of teachers: 51
10
GreatSchools Rating

Ardrey Kell High School

  • Education Level: High
  • # of students: 2,701
  • # of teachers: 127
9
GreatSchools Rating
 

$449,910$549,890$499,900

PURCHASE PRICE

$2,079$2,541$2,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,310
EXPENSES Loan Payment -$1,736
Property Tax -$436
Property Insurance -$77
HOA -$18
Property Management Fees -$119
CASH FLOW
-$75

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.

$499,900

PROJECTED PRICE

$2,310

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.2%
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$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

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$138,224

INVESTMENT

$138,224

Down Payment
$124,975
Rehab Estimate
$5,750
Closing Costs
$7,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,736

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,975
Loan Amount $374,925
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$24,036

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,310

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,273

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0453$2,1004$2,3105$2,495
$2,495
RENT COMPS ANALYSIS
  • 12702 Landing Green Drive Charlotte, NC 4
    • 5 beds 3 baths ∙ 2,635 Sqft ∙ Built 1992 5 beds 3 baths ∙ 2,635 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $2,310
    • $0.88
    •  
  • 11606 Borchetta Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,450 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,450 Sqft ∙ Built 1998
    LEASED 01/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.81
    •  
  • 6947 Royce Court Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,360 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,360 Sqft ∙ Built 1994
    LEASED 11/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,045
    • $0.87
    •  
  • 6610 Lyndonville Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,449 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,449 Sqft ∙ Built 1992
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.86
    •  
  • 8504 Tonawanda Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1994
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.91
    •  
PROPERTY LISTING DETAILS
Richard Platt
1.704.620.0785
Platt Real Estate Services Inc
BESbswy