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18627 Victoria Bay Drive Cornelius, NC 28031

3 Beds 3 Baths 1,643 sqft Built 2003

$285,000

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2003
  • Price/Sqft : $173.46
  • 2 Days on Market
  • MLS # : 3677338
  • Updated Date : 11/02/2020 at 17:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,643 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Victoria Bay is perhaps one of the most prestigious communities in the quaint little town of Cornelius. Cornelius is located right off I-77 at exit #28. The town is located approximately 25 minutes, from Charlotte and literally minutes from from Davidson, Mooresville and Lake Norman. The infamous Birkdale Village with its fine dining and upscale shopping is moments away. This very well maintained home has newly installed laminate flooring on the main floor. The home features a nice open floor plan with a large 2 story great room with vaulted ceiling and a fireplace. In the kitchen you have an island with a breakfast area and lots of counter space. A large dining room and walk-in laundry room finish out the main floor. The second floor of this home features a large master bedroom with an exceptionally large master bath and two additional bedrooms and full bathroom. The fenced in back yard offers a huge back patio and a beautiful natural area making it great for entertainment.

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: 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
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$1,052
Property Tax -$216
Property Insurance -$58
HOA -$70
Property Management Fees -$138
CASH FLOW
-$4

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.

$285,000

PROJECTED PRICE

$1,530

PROJECTED RENT

0.54%

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

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,052

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$15,745

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,512

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,5003$1,5004$1,5305$1,595
$1,595
RENT COMPS ANALYSIS
  • 18627 Victoria Bay Drive Cornelius, NC 4
    • 3 beds 3 baths ∙ 1,643 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,643 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.93
    •  
  • 19600 Smith Circle Cornelius, NC 1
    • 3 beds 1 baths ∙ 1,559 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,559 Sqft ∙ Built 1950
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.80
    •  
  • 21233 Pine Street Cornelius, NC 2
    • 3 beds 3 baths ∙ 1,594 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,594 Sqft ∙ Built 2004
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.94
    •  
  • 241 Faust Road Davidson, NC 3
    • 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 2002
    property image
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.01
    •  
  • 18702 Victoria Bay Drive Cornelius, NC 5
    • 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 2003
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.93
    •  
PROPERTY LISTING DETAILS
Dan Gibby
1.704.608.1863
Coldwell Banker Realty
BESbswy