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1514 Callender Lane #477 Charlotte, NC 28269

3 Beds 2 Baths 2,086 sqft Built 2004

$299,900

List Price

$1,660

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $143.77
  • 6 Days on Market
  • MLS # : 3681145
  • Updated Date : 11/14/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,086 sqft
  • Baths : 2 full
Listing Agent

Lantern Realty & Development Llc

Listing Agent's Description

This is the one you've been waiting for! Fantastic 3 bedroom plus loft home on the Cabarrus side of Highland Creek! Fenced yard with patio and brand new deck, lots of shady trees, great for entertaining, even a gas line run for your grill!

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

Neighborhood: Dominion Trace

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Dominion Trace

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
Cox Mill Elementary School Primary Regular 1,112 61 9
Harris Road Middle School Middle Regular 1,185 63 9
Cox Mill High School High Regular 1,478 76 7

Cox Mill Elementary School

  • Education Level: Primary
  • # of students: 1,112
  • # of teachers: 61
9
GreatSchools Rating

Harris Road Middle School

  • Education Level: Middle
  • # of students: 1,185
  • # of teachers: 63
9
GreatSchools Rating

Cox Mill High School

  • Education Level: High
  • # of students: 1,478
  • # of teachers: 76
7
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$1,107
Property Tax -$317
Property Insurance -$66
HOA -$54
Property Management Fees -$149
CASH FLOW
-$33

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.

$299,900

PROJECTED PRICE

$1,660

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.4%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

3.83

YEARS SAVED

$13,112

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,726

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6503$1,6604$1,6955$1,700
$1,700
RENT COMPS ANALYSIS
  • 1514 Callender Lane Charlotte, NC 3
    • 3 beds 2 baths ∙ 2,086 Sqft ∙ Built 2004 3 beds 2 baths ∙ 2,086 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.80
    •  
  • 1937 Wilburn Park Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,980 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,980 Sqft ∙ Built 2005
    property image
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.81
    •  
  • 9815 Waltham Court Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,025 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,025 Sqft ∙ Built 2004
    property image
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.81
    •  
  • 1942 Wilburn Park Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005
    property image
    LEASED 10/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.82
    •  
  • 9749 Waltham Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,956 Sqft ∙ Built 2004 4 beds 3 baths ∙ 1,956 Sqft ∙ Built 2004
    property image
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.87
    •  
PROPERTY LISTING DETAILS
Julie Nutter
1.240.888.7493
Lantern Realty & Development Llc
BESbswy