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14224 Crown Harbor Drive Charlotte, NC 28278

4 Beds 4 Baths 2,234 sqft Built 1997

$285,000

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1997
  • Price/Sqft : $127.57
  • 20 Days on Market
  • MLS # : 3672203
  • Updated Date : 10/30/2020 at 15:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,234 sqft
  • Baths : 3 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Welcome home to the lakefront community of Harbor Club! Features of this home include 4 bedrooms, 3.5 bathrooms, a formal living and dining room, wood floors in the kitchen and great room, built-in's in the great room and gas fireplace with brick surround, the kitchen offers a gas range, Corian kitchen countertops, and all kitchen appliances convey. The master bedroom has a tray ceiling and walk in closet. The master bath has dual vanity, garden tub and separate shower. The partially finished basement has a bonus room, a place for an exercise room, a workshop and full bathroom. Community offers lake access and community dock. Conveniently located just 25 minutes from Charlotte Center City!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Steele Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Steele 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
Winget Park Elementary School Primary Regular 451 28 4
Southwest Middle School Middle Regular 1,403 72 6
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

Winget Park Elementary School

  • Education Level: Primary
  • # of students: 451
  • # of teachers: 28
4
GreatSchools Rating

Southwest Middle School

  • Education Level: Middle
  • # of students: 1,403
  • # of teachers: 72
6
GreatSchools Rating

Math, Engineering, Technology And Science At Olympic High School

  • Education Level: High
  • # of students: 607
  • # of teachers: 28
7
GreatSchools Rating
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,052
Property Tax -$268
Property Insurance -$69
HOA -$57
Property Management Fees -$156
CASH FLOW
$128

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.

$285,000

PROJECTED PRICE

$1,730

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.0%
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-$2.0k$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$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,052

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$28,287

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,798

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5953$1,7304$1,7505$1,850
$1,850
RENT COMPS ANALYSIS
  • 14224 Crown Harbor Drive Charlotte, NC 3
    • 4 beds 4 baths ∙ 2,234 Sqft ∙ Built 1997 4 beds 4 baths ∙ 2,234 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.77
    •  
  • 15704 Lakepoint Forest Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2007
    LEASED 07/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.77
    •  
  • 15236 Edgewater Forest Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,072 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,072 Sqft ∙ Built 2005
    LEASED 09/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
  • 14030 Millers Creek Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,196 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,196 Sqft ∙ Built 2005
    LEASED 06/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.80
    •  
  • 13221 Winslow Hills Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 2,066 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,066 Sqft ∙ Built 2005
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.90
    •  
PROPERTY LISTING DETAILS
Brian Belcher
1.704.287.3868
Re/max Executive
BESbswy