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14724 Colonial Park Drive Huntersville, NC 28078

4 Beds 4 Baths 2,888 sqft Built 2007

$349,900

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $121.16
  • 4 Days on Market
  • MLS # : 3678868
  • Updated Date : 11/07/2020 at 17:42
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,888 sqft
  • Baths : 3 full , 1 half
Listing Agent

Lead 2 Real Estate Group

Listing Agent's Description

Perfect Home to Entertain in the Desirable Centennial Community with Tons of Amenities. The Open Concept Home features a Soaring 2 Story Great Room and Beautiful Eat-in Kitchen with 42" Cabinets, Stainless Steel Appliances and a Convenient Wet Bar that flows to a Formal Dining Room and Private Office/Potential 5th Bedroom with Walk-in Closet. Generously sized, Main Level Owner's Suite with Trey Ceiling, Dual Sinks, Separate Shower & Soaking Tub and Large Walk-in Closet. Upstairs, you will find 3 Spacious Bedrooms and a Large Bonus Room. Beautifully Landscaped, Fenced Backyard, complete with an Extended Patio and Pergola perfect for dinner parties. 2 Car, Finish Garage with Epoxy Floor. New Roof 2017. You get all of this just Steps from the Community Pool & Playground and Conveniently Located to all Huntersville & the Lake Norman Area have to offer.

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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: Huntersville

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Huntersville

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
Blythe Elementary School Primary Regular 1,038 67 5
J.m. Alexander Middle School Middle Regular 865 40 4
North Mecklenburg High School High Regular 1,881 101 3

Blythe Elementary School

  • Education Level: Primary
  • # of students: 1,038
  • # of teachers: 67
5
GreatSchools Rating

J.m. Alexander Middle School

  • Education Level: Middle
  • # of students: 865
  • # of teachers: 40
4
GreatSchools Rating

North Mecklenburg High School

  • Education Level: High
  • # of students: 1,881
  • # of teachers: 101
3
GreatSchools Rating
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,291
Property Tax -$298
Property Insurance -$82
Property Management Fees -$175
CASH FLOW
$94

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.

$349,900

PROJECTED PRICE

$1,940

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.4%
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$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$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$30,049

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $2,108

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,940
1$1,9402$2,0003$2,0454$2,0955$2,145
$2,145
RENT COMPS ANALYSIS
  • 14724 Colonial Park Drive Huntersville, NC 1
    • 4 beds 4 baths ∙ 2,888 Sqft ∙ Built 2007 4 beds 4 baths ∙ 2,888 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.67
    •  
  • 15207 Colonial Park Drive Huntersville, NC 2
    • 4 beds 3 baths ∙ 2,807 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,807 Sqft ∙ Built 2015
    LEASED 08/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.71
    •  
  • 12803 Regent Grove Lane Huntersville, NC 3
    • 4 beds 3 baths ∙ 2,893 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,893 Sqft ∙ Built 2005
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,045
    • $0.71
    •  
  • 15120 Liberty Ridge Lane Huntersville, NC 4
    • 4 beds 3 baths ∙ 2,985 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,985 Sqft ∙ Built 2017
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.70
    •  
  • 13305 Banner Court Lane Huntersville, NC 5
    • 4 beds 3 baths ∙ 2,818 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,818 Sqft ∙ Built 2009
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $0.76
    •  
PROPERTY LISTING DETAILS
Boston Reid
1.704.975.6742
Lead 2 Real Estate Group
BESbswy