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18111 Train Station Drive #188 Cornelius, NC 28031

4 Beds 3 Baths 2,431 sqft Built 2010

$345,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2010
  • Price/Sqft : $141.92
  • 2 Days on Market
  • MLS # : 3699296
  • Updated Date : 01/16/2021 at 08:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,431 sqft
  • Baths : 2 full , 1 half
Listing Agent

East Coast Auction & Realty Inc

Listing Agent's Description

MUST SEE move in ready house in highly desirable Caldwell Station subdivision.! This beautiful well maintained home offers, New updated flooring in all the bathrooms, New LVP flooring in the living room, and New staircase treads. Updated kitchen cabinets and hardware, and back splash. Added full bar area W/ cabinet and Kegerator. new updated lighting fixtures. New mirrors and updates fixtures in the bathrooms. Fresh paint throughout most of the home. Rocking chair front porch, large level yard for relaxing or entertaining. Screened porch out back. Inside this house offers a formal dining room, office, open concept in common area of kitchen. eat in kitchen, and living room. Large owner's suite with private bath, 2 additional 2nd floor bedrooms, a large bonus / bedroom above the garage. Conveniently located to everything that Cornelius has to offer.

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: Caldwell Station

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Caldwell Station

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441891

* 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
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,198
Property Tax -$254
Property Insurance -$73
HOA -$48
Property Management Fees -$119
CASH FLOW
$207

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.

$345,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.5%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,198

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$41,047

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,890

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8503$1,9004$1,9955$2,150
$2,150
RENT COMPS ANALYSIS
  • 18111 Train Station Drive Cornelius, NC 3
    • 4 beds 3 baths ∙ 2,431 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,431 Sqft ∙ Built 2010
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.78
    •  
  • 10712 Trolley Run Drive Cornelius, NC 1
    • 4 beds 4 baths ∙ 2,530 Sqft ∙ Built 2008 4 beds 4 baths ∙ 2,530 Sqft ∙ Built 2008
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.71
    •  
  • 18706 Coachmans Trace Cornelius, NC 2
    • 3 beds 3 baths ∙ 2,416 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,416 Sqft ∙ Built 2003
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.77
    •  
  • 10105 Grimbsy Court Huntersville, NC 4
    • 4 beds 3 baths ∙ 2,514 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,514 Sqft ∙ Built 1997
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.79
    •  
  • 17216 Knoxwood Drive Huntersville, NC 5
    • 4 beds 3 baths ∙ 2,551 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,551 Sqft ∙ Built 2002
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.84
    •  
PROPERTY LISTING DETAILS
Roy Pegram
1.704.450.6770
East Coast Auction & Realty Inc
BESbswy