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13000 Lanecrest Road Midland, NC 28107

3 Beds 2 Baths 1,841 sqft Built 1940

$289,900

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1940
  • Price/Sqft : $157.47
  • 10 Days on Market
  • MLS # : 3698493
  • Updated Date : 01/21/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,841 sqft
  • Baths : 2 full
Listing Agent

Debbie Clontz Real Estate Llc

Listing Agent's Description

Updated ranch home offers a spacious owner's suite with large walk in closet and French doors that lead to the back deck. This adorable home features shiplap in the kitchen, hall bathroom and owner's bedroom closet. Beautiful kitchen features granite countertops, new white cabinets, stainless steel appliances and updated light fixtures. The floorplan of this home flows nicely with the owners suite off of the large family room with vaulted ceiling, the two secondary bedrooms on the other side of the home, with large dining, kitchen and foyer all open in the center of the home. Both bathrooms have been updated with all new fixtures, vanities and tile. Enjoy the large covered front porch in the morning with a cup of coffee. Fenced in backyard and small utility building with additional parking. This home is so convenient to Charlotte and no HOA!

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

Zip Code: 28107

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $108k240k

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

Zip Code: 28107

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8371375

* 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
Bethel Elementary School Primary Regular 620 34 4
C C Griffin Middle School Middle Regular 1,092 70 4
Central Cabarrus High School High Regular 1,416 88 4

Bethel Elementary School

  • Education Level: Primary
  • # of students: 620
  • # of teachers: 34
4
GreatSchools Rating

C C Griffin Middle School

  • Education Level: Middle
  • # of students: 1,092
  • # of teachers: 70
4
GreatSchools Rating

Central Cabarrus High School

  • Education Level: High
  • # of students: 1,416
  • # of teachers: 88
4
GreatSchools Rating
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$1,007
Property Tax -$168
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$95

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.

$289,900

PROJECTED PRICE

$1,450

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.2%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$24,642

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,615

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4503$1,5504$1,5505$1,575
$1,575
RENT COMPS ANALYSIS
  • 13000 Lanecrest Road Midland, NC 2
    • 3 beds 2 baths ∙ 1,841 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,841 Sqft ∙ Built 1940
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.79
    •  
  • 12990 Hill Pine Road Midland, NC 1
    • 3 beds 3 baths ∙ 1,679 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,679 Sqft ∙ Built 2019
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.86
    •  
  • 3221 Saddlebrook Drive Midland, NC 3
    • 3 beds 2 baths ∙ 1,671 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,671 Sqft ∙ Built 2012
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.93
    •  
  • 3852 Tersk Drive Midland, NC 4
    • 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 2020
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.91
    •  
  • 12888 Brandenburg Lane Midland, NC 5
    • 3 beds 3 baths ∙ 2,086 Sqft ∙ Built 2011 3 beds 3 baths ∙ 2,086 Sqft ∙ Built 2011
    LEASED 08/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.76
    •  
PROPERTY LISTING DETAILS
Jennifer Hoyle
1.704.363.4823
Debbie Clontz Real Estate Llc
BESbswy