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18821 Victoria Bay Drive Cornelius, NC 28031

3 Beds 3 Baths 2,169 sqft Built 2002

$397,500

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $183.26
  • 4 Days on Market
  • MLS # : 3709891
  • Updated Date : 02/20/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,169 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Lake Norman

Listing Agent's Description

A rare opportunity for lakeside living in the heart of Cornelius! Water views of Lake Cornelius from your deck, sunroom, and bedroom, and just steps from the lakefront walking trail. Large bedrooms and lots of space with a front office, plus a sunroom off the kitchen. Luxury finishes throughout. Vessel sinks, frameless shower, modern tile, stylish light fixtures, and plumbing fixtures. Smart internet fridge, washer, and dryer remain. Living near the center of Old Town Cornelius has its perks. Stroll over to OTPH for music and trivia night, grab that forgotten recipe ingredient in a flash at the nearby market, walk to town events like the Jazz Festival at Smithville Park, 2nd Friday, and Food Truck Invitational. When the Cain Center for the Arts opens, you will have a world-class art and community facility right down the street. The vision for the center is a 400 seat theater, gallery space, event spaces, classrooms, and community green space. It doesn't get much better than this!

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
 

$357,750$437,250$397,500

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$1,381
Property Tax -$293
Property Insurance -$68
HOA -$67
Property Management Fees -$119
CASH FLOW
-$157

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.

$397,500

PROJECTED PRICE

$1,770

PROJECTED RENT

0.45%

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-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,088

INVESTMENT

$111,088

Down Payment
$99,375
Rehab Estimate
$5,750
Closing Costs
$5,963

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,381

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,375
Loan Amount $298,125
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$12,322

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,941

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,770
1$1,7702$1,7953$1,7954$1,8005$1,900
$1,900
RENT COMPS ANALYSIS
  • 18821 Victoria Bay Drive Cornelius, NC 1
    • 3 beds 3 baths ∙ 2,169 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,169 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.82
    •  
  • 18624 Victoria Bay Drive Cornelius, NC 2
    • 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 2003
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.88
    •  
  • 18829 Victoria Bay Drive Cornelius, NC 3
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2002
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.90
    •  
  • 18632 Victoria Bay Drive Cornelius, NC 4
    • 3 beds 3 baths ∙ 2,075 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,075 Sqft ∙ Built 2003
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.87
    •  
  • 18607 Victoria Bay Drive Cornelius, NC 5
    • 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 2003
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.93
    •  
PROPERTY LISTING DETAILS
Chris Carlin
1.704.236.5510
Allen Tate Lake Norman
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3709891
Last Updated: 02/20/2021
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