Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

16123 Lakeside Loop Lane #29 Cornelius, NC 28031

3 Beds 3 Baths 2,071 sqft Built 2017

$449,000

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $216.80
  • 14 Days on Market
  • MLS # : 3695293
  • Updated Date : 01/15/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,071 sqft
  • Baths : 3 full
Listing Agent

Allen Tate Lake Norman

Listing Agent's Description

One of the nicest Epcon communities for 55 and older! Open floorplan with upgraded kitchen! Beautifully furnished clubhouse with exercise room and pool! Lake Norman water access for lake activities (paddle boarding, canoe or kayaking). Walking distance to Ramsey Creek Public Beach and Park and walking distance to great shopping and restaurants! Zero threshold Master shower with Sun Tunnel for extra light in the bathroom! Upstairs bedroom and full bath can also be used as a bonus room or guest suit. All lawn areas except the enclosed courtyard are maintained by the HOA (lawn mowing & seeding, mulching & planting flowers twice a year). Garage is wired for an electric car. Most furniture is for sale and may be purchased separately. Washer, dryer and refrigerator (all only 3 years old will convey). All window treatments will convey.

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: Cornelius

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Cornelius

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441960

* 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
J.v. Washam Elementary School Primary Regular 992 49 8
Bailey Middle School Middle Regular 1,616 77 9
William Amos Hough High School High Regular 2,453 120 8

J.v. Washam Elementary School

  • Education Level: Primary
  • # of students: 992
  • # of teachers: 49
8
GreatSchools Rating

Bailey Middle School

  • Education Level: Middle
  • # of students: 1,616
  • # of teachers: 77
9
GreatSchools Rating

William Amos Hough High School

  • Education Level: High
  • # of students: 2,453
  • # of teachers: 120
8
GreatSchools Rating
 

$404,100$493,900$449,000

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,560
Property Tax -$389
Property Insurance -$66
HOA -$280
Property Management Fees -$119
CASH FLOW
-$113

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.

$449,000

PROJECTED PRICE

$2,300

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.2%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$124,735

INVESTMENT

$124,735

Down Payment
$112,250
Rehab Estimate
$5,750
Closing Costs
$6,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,560

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,250
Loan Amount $336,750
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$15,652

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,879

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,785
1$1,7852$1,8003$1,8504$2,1005$2,300
$2,300
RENT COMPS ANALYSIS
  • 16123 Lakeside Loop Lane Cornelius, NC 5
    • 3 beds 3 baths ∙ 2,071 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,071 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.11
    •  
  • 17636 Harbor Walk Drive Cornelius, NC 1
    • 4 beds 3 baths ∙ 1,984 Sqft ∙ Built 2007 4 beds 3 baths ∙ 1,984 Sqft ∙ Built 2007
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,785
    • $0.90
    •  
  • 8806 Westmoreland Lake Drive Cornelius, NC 2
    • 3 beds 3 baths ∙ 1,939 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,939 Sqft ∙ Built 2005
    property image
    LEASED 12/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.93
    •  
  • 17540 Harbor Walk Drive Cornelius, NC 3
    • 3 beds 3 baths ∙ 2,124 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,124 Sqft ∙ Built 2008
    property image
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.87
    •  
  • 17719 Mesa Range Drive Cornelius, NC 4
    • 3 beds 3 baths ∙ 2,252 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,252 Sqft ∙ Built 1998
    property image
    LEASED 01/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.93
    •  
PROPERTY LISTING DETAILS
Jan Cameron
1.704.724.3792
Allen Tate Lake Norman
BESbswy