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18200 Harbor Mist Road Cornelius, NC 28031

5 Beds 3 Baths 2,709 sqft Built 2003

$379,500

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $140.09
  • 4 Days on Market
  • MLS # : 3694805
  • Updated Date : 12/31/2020 at 18:38
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,709 sqft
  • Baths : 3 full
Listing Agent

Home Ventures Realty

Listing Agent's Description

Grab this one before its gone! This 5 bedroom floor plan in the ever-popular Victoria Bay has been fitted with brand new neutral paint throughout, laminate hardwoods on the main (minus the bedroom - new carpet) & new carpeting &/or laminate on the second. All major systems have been replaced within last 5 years (water heater 2015, total hvac 2017, roof 2018, new dishwasher 2019) Its almost like moving into a new construction home! Kitchen features stainless steel appliances, gas range, granite countertops, tile backsplash, a large pantry & white cabinets. Open floor plan flows beautifully between different living spaces. Enjoy the large back deck in your fenced yard looking over a treed space & creek below. Upstairs you will find the owners bedroom & sitting room with large ensuite bathroom with standup shower & garden tub. 3 additional bedrooms, 2nd full bath & laundry room. Victoria Bay is a diverse & active community, chock full of fun community eventa. Close to I77 & town center!

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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: 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
Cornelius Elementary School Primary Regular 589 31 8
Bailey Middle School Middle Regular 1,616 77 9
William Amos Hough High School High Regular 2,453 120 8

Cornelius Elementary School

  • Education Level: Primary
  • # of students: 589
  • # of teachers: 31
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
 

$341,550$417,450$379,500

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,400
Property Tax -$280
Property Insurance -$78
HOA -$67
Property Management Fees -$119
CASH FLOW
$136

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.

$379,500

PROJECTED PRICE

$2,080

PROJECTED RENT

0.55%

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

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$106,318

INVESTMENT

$106,318

Down Payment
$94,875
Rehab Estimate
$5,750
Closing Costs
$5,693

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,400

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $94,875
Loan Amount $284,625
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$42,746

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,248

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$2,0003$2,0804$2,5005$2,650
$2,650
RENT COMPS ANALYSIS
  • 18200 Harbor Mist Road Cornelius, NC 3
    • 5 beds 3 baths ∙ 2,709 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,709 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.77
    •  
  • 20443 Willow Pond Road Cornelius, NC 1
    • 4 beds 3 baths ∙ 2,612 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,612 Sqft ∙ Built 1992
    property image
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.73
    •  
  • 20111 Washam Street Cornelius, NC 2
    • 4 beds 3 baths ∙ 2,641 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,641 Sqft ∙ Built 2004
    property image
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.76
    •  
  • 20221 Harroway Drive Cornelius, NC 4
    • 4 beds 3 baths ∙ 2,888 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,888 Sqft ∙ Built 2002
    property image
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.87
    •  
  • 19701 Valiant Way Cornelius, NC 5
    • 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1997
    property image
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.96
    •  
PROPERTY LISTING DETAILS
Erin Garvey
1.704.975.8444
Home Ventures Realty
BESbswy