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18914 Victoria Bay Drive #57 Cornelius, NC 28031

4 Beds 3 Baths 1,992 sqft Built 2001

$325,000

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $163.15
  • 3 Days on Market
  • MLS # : 3705122
  • Updated Date : 02/06/2021 at 18:18
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,992 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

Beautiful well maintained 4 bd, 2.5 bath home in the lovely Victoria Bay Community! Newly Painted kitchen Cabinets with Granite Counters. Newer Roof 2014! Leaf Guard Gutters, Newly Painted Fence and Wooden Deck installed, New Carpet, Engineered Hardwood Floor and Tile throughout main living level, Professional Landscaping with New Plants/Shrubs/Flowers and inground Irrigation System, French Drain/ River Stones. Enjoy a lush, green private backyard. Home is directly across the street from a Walking Trail around Lake Davidson. Launch Kayaks or have a picnic! Community has Pool, Playground, Tennis courts and Walking Trails. Easy to show. This home is even prettier in person!

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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,129
Property Tax -$240
Property Insurance -$65
HOA -$67
Property Management Fees -$119
CASH FLOW
$231

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.

$325,000

PROJECTED PRICE

$1,850

PROJECTED RENT

0.57%

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$41,990

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,833

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,7953$1,8504$1,8755$1,900
$1,900
RENT COMPS ANALYSIS
  • 18914 Victoria Bay Drive Cornelius, NC 3
    • 4 beds 3 baths ∙ 1,992 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,992 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.93
    •  
  • 18624 Victoria Bay Drive Cornelius, NC 1
    • 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 2
    • 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
    •  
  • 18907 Harbor Cove Lane Cornelius, NC 4
    • 3 beds 3 baths ∙ 1,980 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,980 Sqft ∙ Built 2002
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.95
    •  
  • 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
Kelly Meyer
1.704.819.2774
Keller Williams Mooresville
BESbswy