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15642 Normans Landing Drive Charlotte, NC 28273

4 Beds 3 Baths 2,928 sqft Built 2007

$320,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $109.29
  • 5 Days on Market
  • MLS # : 3676885
  • Updated Date : 11/02/2020 at 18:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,928 sqft
  • Baths : 2 full , 1 half
Listing Agent

Premier Sothebys International Realty

Listing Agent's Description

Charming two-story home located on a quiet cul-de-sac street in the Hamilton Lakes neighborhood. This 4-bedroom, 2.5-bathroom home boasts an open, transitional floor plan with over 2,900 heated square feet. The large kitchen features an island, stainless steel appliances, recessed lighting, backsplash and tons of cabinet and counter space. The huge master bedroom offers a tray ceiling, ceiling fan, and walk-in closet. The loft area is the perfect space for an office setup, play area, or an additional living/hangout space. There are three spacious secondary bedrooms upstairs. There is no shortage of storage space or natural light in the home. One of the best features of the home is the oversized deck that is the ideal setup for entertaining in your private, tree-lined backyard. Living here, you are conveniently located to all of the restaurants and retail at Rivergate, I-77, Carowinds, Lake Wylie, the Charlotte Premium Outlets and so much more. One year home warranty included.

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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: Yorkshire

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $103k318k

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

Neighborhood: Yorkshire

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
River Gate Elementary School Primary Regular 828 44 7
Southwest Middle School Middle Regular 1,403 72 6
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

River Gate Elementary School

  • Education Level: Primary
  • # of students: 828
  • # of teachers: 44
7
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
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,181
Property Tax -$304
Property Insurance -$82
HOA -$20
Property Management Fees -$162
CASH FLOW
$51

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.

$320,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.2%
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

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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$22,698

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.61

    LIST RENT PER SQFT
  • $1,998

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8003$1,9004$2,0455$2,150
$2,150
RENT COMPS ANALYSIS
  • 15642 Normans Landing Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,928 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,928 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.61
    •  
  • 14516 Brotherly Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,732 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,732 Sqft ∙ Built 2015
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.66
    •  
  • 15622 Normans Landing Drive Charlotte, NC 3
    • 4 beds 4 baths ∙ 3,105 Sqft ∙ Built 2007 4 beds 4 baths ∙ 3,105 Sqft ∙ Built 2007
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.61
    •  
  • 16215 Long Talon Way Charlotte, NC 4
    • 5 beds 4 baths ∙ 2,942 Sqft ∙ Built 2006 5 beds 4 baths ∙ 2,942 Sqft ∙ Built 2006
    LEASED 10/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,045
    • $0.70
    •  
  • 13134 Reunion Street Charlotte, NC 5
    • 5 beds 4 baths ∙ 2,817 Sqft ∙ Built 2012 5 beds 4 baths ∙ 2,817 Sqft ∙ Built 2012
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.76
    •  
PROPERTY LISTING DETAILS
Crystal Cox
1.704.451.7102
Premier Sothebys International Realty
BESbswy