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17426 Westmill Lane Charlotte, NC 28277

3 Beds 2 Baths 1,775 sqft Built 2002

INVESTimate

$325,000

List Price

$1,720

$1,548 - $1,892

Rent Est.

$347,230  ( +6.84%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2002
  • Price/Sqft : $183.10
  • 69 Days on Market
  • MLS # : 3632309
  • Updated Date : 08/21/2020 at 11:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,775 sqft
  • Baths : 2 full
Listing Agent

Bipin Parekh Realty, Llc

Listing Agent's Description

**** HOUSE JUST UPGRADED WITH NEW GRANITE COUNTER TOPS, NEW SUBWAY TILE Backsplash and FRESHLY PAINTED to GIVE 2020 LOOK on 7/30/2020. ***** Single storied RANCH HOUSE in Great Neighborhood and Convenient Location in BALLANTYNE Area. Very close to top ranked Schools (with in two miles), Shopping centers, Doctor offices, Entertainment, etc. Open concept Great Room with Gas Fireplace, Formal Dining, Kitchen with Breakfast Area, Spacious Bedrooms with Ceiling Fans and two car Garage. The back yard faces to woods and includes covered Porch to enjoy those morning sunrise and sunsets. Hardwood through out the house and Upgraded bath rooms. New garage door,and opener in 2016 All Whirlpool Appliances in 2016. New wood floors in 2015. New quality porcelain tiles in laundry and bathrooms in 2015. New roof 2014. New water heater in 2019. Washer and dryer also included.

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: Southampton

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $116k329k

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

Neighborhood: Southampton

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441882

* 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
Elon Park Elementary School Primary Regular 1,115 62 9
Community House Middle School Middle Regular 1,750 81 9
Ardrey Kell High School High Regular 2,701 127 9

Elon Park Elementary School

  • Education Level: Primary
  • # of students: 1,115
  • # of teachers: 62
9
GreatSchools Rating

Community House Middle School

  • Education Level: Middle
  • # of students: 1,750
  • # of teachers: 81
9
GreatSchools Rating

Ardrey Kell High School

  • Education Level: High
  • # of students: 2,701
  • # of teachers: 127
9
GreatSchools Rating
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,199
Property Tax -$335
Property Insurance -$61
HOA -$48
Property Management Fees -$155
CASH FLOW
-$78

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.

$325,000

PROJECTED PRICE

$1,720

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.84%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$11,524

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,731

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,485
1$1,4852$1,6903$1,6954$1,7205$1,800
$1,800
RENT COMPS ANALYSIS
  • 17426 N Westmill Lane Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,775 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,775 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.97
    •  
  • 9441 Graywell Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,658 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,658 Sqft ∙ Built 2004
    LEASED 10/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,485
    • $0.90
    •  
  • 9815 Highlands Crossing Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 1999
    LEASED 09/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.97
    •  
  • 9337 Longstone Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,714 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,714 Sqft ∙ Built 2003
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.99
    •  
  • 17418 Westmill Lane Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,731 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,731 Sqft ∙ Built 2005
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.04
    •  
PROPERTY LISTING DETAILS
Padma Kalidindi
1.980.833.2939
Bipin Parekh Realty, Llc
BESbswy