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17412 Snug Harbor Road #PL 86 Charlotte, NC 28278

4 Beds 4 Baths 2,790 sqft Built 2021

$403,038

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $144.46
  • 3 Days on Market
  • MLS # : 3690656
  • Updated Date : 12/11/2020 at 15:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,790 sqft
  • Baths : 3 full , 1 half
Listing Agent

Lennar Sales Corp

Listing Agent's Description

THE PALISADES…Resort-Style Living at it’s best; Private Residents Club featuring swimming pools, a fitness center, tot lot, sport courts and much more. Enjoy the relaxed lifestyle of the beautiful 4 Bed/3.5 Bath Hunter Plan in The Lanterns Community. The 1st floor offers casual, open-concept living by giving full sightline from the spacious Kitchen through the Breakfast Room and into the large Family Room with Fireplace and built-ins…Perfect for entertaining family and friends. When it's time for a little work, this home has a private Study on the main level, as well. The 2nd floor’s Owner’s Suite is a true retreat with its spa-like bath and double walk-in closets. It is joined by 3 additional Beds, 2 full Baths and a Laundry Room.

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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: Pleasant Hill Road

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $116k346k

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

Neighborhood: Pleasant Hill Road

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441854

* 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
Palisades Park Elementary School Primary Unknown 687 36 NA
Southwest Middle School Middle Regular 1,403 72 6
Math, Engineering, Technology And Science At Olympic High School High Regular 607 28 7

Palisades Park Elementary School

  • Education Level: Primary
  • # of students: 687
  • # of teachers: 36
NA
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
 

$362,734$443,342$403,038

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 -$1,487
Property Tax -$333
Property Insurance -$80
HOA -$88
Property Management Fees -$119
CASH FLOW
$193

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$403,038

PROJECTED PRICE

$2,300

PROJECTED RENT

0.57%

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) 3.00%
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$0.0$5.0k$10k$15k$20k

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$108,805

INVESTMENT

$108,805

Down Payment
$100,760
Rehab Estimate
$2,000
Closing Costs
$6,046

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,487

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $100,760
Loan Amount $302,279
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$54,263

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
  • $0.82

    LIST RENT PER SQFT
  • $2,302

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$2,025
1$2,0252$2,3003$2,4004$2,4005$2,495
$2,495
RENT COMPS ANALYSIS
  • 17412 Snug Harbor Road Charlotte, NC 2
    • 4 beds 4 baths ∙ 2,790 Sqft ∙ Built 2021 4 beds 4 baths ∙ 2,790 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.82
    •  
  • 16711 Cozy Cove Road Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,654 Sqft ∙ Built 4 beds 3 baths ∙ 2,654 Sqft ∙ Built
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,025
    • $0.76
    •  
  • 15014 Cordelia Drive Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,914 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,914 Sqft ∙ Built 2020
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.82
    •  
  • 17219 Snug Harbor Drive Charlotte, NC 4
    • 4 beds 4 baths ∙ 2,713 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,713 Sqft ∙ Built 2020
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.88
    •  
  • 9410 Segundo Lane Charlotte, NC 5
    • 5 beds 4 baths ∙ 2,978 Sqft ∙ Built 2018 5 beds 4 baths ∙ 2,978 Sqft ∙ Built 2018
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.84
    •  
PROPERTY LISTING DETAILS
Angela Kruger
1.704.400.8326
Lennar Sales Corp
BESbswy