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1812 Crabapple Tree Lane Charlotte, NC 28214

3 Beds 3 Baths 1,683 sqft Built 2005

$290,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $172.31
  • 4 Days on Market
  • MLS # : 3709861
  • Updated Date : 02/19/2021 at 07:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,683 sqft
  • Baths : 2 full , 1 half
Listing Agent

Select Premium Properties Inc

Listing Agent's Description

Welcome Home!!! Beautiful home located in the booming Mountain Island Lake area. Easy access to 485, 15 minutes from Uptown Charlotte and CLT Airport. This well-kept home features a new roof and upgraded Aquaguard Laminate Flooring throughout main level. Kitchen features beautiful cherry 42" cabinets with breakfast bar and bay window in the dining room. Large master suite features dual walk-in closets, large soaking garden tub, dual vanities and separate shower with upgraded glass door. Two other large bedrooms, one with full bath access, both rooms feature large closets and great windows for natural sunlight. Fenced backyard has well-maintained professional landscaping, firepit area and irrigation system. Friendly neighborhood features large Olympic size swimming pool with volleyball court, two playgrounds and sidewalks throughout.

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: Harwood Lane

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $107k235k

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

Neighborhood: Harwood Lane

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8351518

* 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
Mountain Island Lake Academy Primary Regular 727 47 3
Hopewell High School High Regular 1,653 87 3
Mountain Island Lake Academy Primary Unknown NA

Mountain Island Lake Academy

  • Education Level: Primary
  • # of students: 727
  • # of teachers: 47
3
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating

Mountain Island Lake Academy

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$261,000$319,000$290,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$1,007
Property Tax -$253
Property Insurance -$59
HOA -$52
Property Management Fees -$119
CASH FLOW
$10

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$290,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$15,368

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,498

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,459
1$1,4592$1,4953$1,5004$1,5455$1,550
$1,550
RENT COMPS ANALYSIS
  • 1812 Crabapple Tree Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,683 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,683 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.89
    •  
  • 1711 Crabapple Tree Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,644 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,644 Sqft ∙ Built 2004
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,459
    • $0.89
    •  
  • 10122 Old Carolina Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2002
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.90
    •  
  • 2207 Winding River Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,727 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,727 Sqft ∙ Built 2006
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.89
    •  
  • 10627 Secret Garden Lane Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,768 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,768 Sqft ∙ Built 2001
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.88
    •  
PROPERTY LISTING DETAILS
Stephanie Smith
1.910.795.1821
Select Premium Properties Inc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3709861
Last Updated: 02/19/2021
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