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18710 Coachmans Trace Cornelius, NC 28031

4 Beds 3 Baths 2,533 sqft Built 2003

$349,500

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $137.98
  • 3 Days on Market
  • MLS # : 3686839
  • Updated Date : 11/27/2020 at 08:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,533 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Concord

Listing Agent's Description

Come and see this immaculate home today located in the heart of Cornelius! This 4BR, 21/2BA home includes an open floor plan with the kitchen open to the great room, a huge master bedroom and walk in closet, a back yard made for family nights & fire pits, & a front porch and terrace to enjoy the evenings. 2020-NEW lower HVAC, NEW interior & exterior paint, NEW side deck added, NEW fire pit area added, NEW bathroom light fixtures. 2019-NEW wood tile in bathrooms & laundry room, NEW concrete patio in backyard. 2017-NEW laminate wood in downstairs. 2015-NEW roof. Community offers a pool, playground and sidewalks for morning and evening walks. Make an appointment to see today! Sellers have not used the in ground irrigation system - therefore being sold as-is.

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: Oakhurst

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Oakhurst

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
 

$314,550$384,450$349,500

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,290
Property Tax -$278
Property Insurance -$75
HOA -$42
Property Management Fees -$157
CASH FLOW
-$100

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.

$349,500

PROJECTED PRICE

$1,740

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.1%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,368

INVESTMENT

$98,368

Down Payment
$87,375
Rehab Estimate
$5,750
Closing Costs
$5,243

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,290

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,375
Loan Amount $262,125
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$12,230

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,893

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7403$1,7504$1,8505$2,050
$2,050
RENT COMPS ANALYSIS
  • 18710 Coachmans Trace Cornelius, NC 2
    • 4 beds 3 baths ∙ 2,533 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,533 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.69
    •  
  • 18635 Coachmans Trace Cornelius, NC 1
    • 3 beds 3 baths ∙ 2,384 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,384 Sqft ∙ Built 2004
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.71
    •  
  • 9932 Westmoreland Road Cornelius, NC 3
    • 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2001
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.69
    •  
  • 18706 Coachmans Trace Cornelius, NC 4
    • 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
    •  
  • 18810 Coachmans Trace Cornelius, NC 5
    • 3 beds 3 baths ∙ 2,497 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,497 Sqft ∙ Built 2003
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.82
    •  
PROPERTY LISTING DETAILS
Vanessa Miles
1.704.490.9096
Allen Tate Concord
BESbswy