Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

18816 Victoria Bay Drive Cornelius, NC 28031

3 Beds 3 Baths 2,067 sqft Built 2002

$340,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $164.49
  • 2 Days on Market
  • MLS # : 3720431
  • Updated Date : 03/20/2021 at 21:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,067 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ivester Jackson Distinctive Properties

Listing Agent's Description

Welcome home to the most charming, well appointed home in Cornelius surrounded by Lake Norman with tons of neighborhood amenities & walkable to restaurants, shops, & more! OTPH is around the corner with live music & trivia night, walk to Jazz Fest, Food Truck events, & so much more- plus a 400 seat theater is opening down the street at the Cain Center for the Arts soon! This 3 bedroom, 2.5 bath home features an open concept floorplan, master on the main, separate office/study, new roof in 2018, 2 car garage, fenced in yard, covered patio, mature landscaping, gas logs fireplace, and so much more! Kayak & paddle board lake access, walking trails around the lake, community pool, tennis court, basketball court, playground, & more! The home also comes with ALL kitchen appliances and washer/dryer plus a security system, Ring Video Doorbell, all custom curtains & curtain rods (except in master & patio) and so many other perks too like a 1 Year Home Warranty! This home won't last long! Hurry!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$306,000$374,000$340,000

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,181
Property Tax -$251
Property Insurance -$72
HOA -$67
Property Management Fees -$119
CASH FLOW
$290

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.

$340,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.58%

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$95,850

INVESTMENT

$95,850

Down Payment
$85,000
Rehab Estimate
$5,750
Closing Costs
$5,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $85,000
Loan Amount $255,000
See What Happens When You Reinvest Cash Flow

10.08

YEARS SAVED

$49,453

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,226

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,980
1$1,9802$2,0003$2,2004$2,3005$2,500
$2,500
RENT COMPS ANALYSIS
  • 18816 Victoria Bay Drive Cornelius, NC 1
    • 3 beds 3 baths ∙ 2,400 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,400 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.83
    •  
  • 20264 Harroway Drive Cornelius, NC 2
    • 3 beds 3 baths ∙ 2,535 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,535 Sqft ∙ Built 2015
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.79
    •  
  • 19950 Catamaran Court Cornelius, NC 3
    • 4 beds 3 baths ∙ 2,290 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,290 Sqft ∙ Built 1994
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.96
    •  
  • 19902 Catamaran Court Cornelius, NC 4
    • 4 beds 3 baths ∙ 2,290 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,290 Sqft ∙ Built 1996
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.00
    •  
  • 21516 Delftmere Drive Cornelius, NC 5
    • 4 beds 3 baths ∙ 2,498 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,498 Sqft ∙ Built 1978
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.00
    •  
PROPERTY LISTING DETAILS
Beth Hahn
1.704.999.7196
Ivester Jackson Distinctive Properties
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3720431
Last Updated: 03/20/2021
BESbswy