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1921 Double Cedar Drive Charlotte, NC 28214

3 Beds 3 Baths 2,302 sqft Built 2006

$280,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $121.63
  • 3 Days on Market
  • MLS # : 3720362
  • Updated Date : 03/20/2021 at 10:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,302 sqft
  • Baths : 2 full , 1 half
Listing Agent

Adam Blake Properties

Listing Agent's Description

Beautiful, open floor plan with 3 bedrooms plus a large loft that could be enclosed to become 4th bedroom. Kitchen is perfect for entertaining with granite countertops, walk around center island and cherry cabinets. Breakfast area between kitchen and great room with view of back yard. Great room w/gas logs. Formal living room could double as an office or additional dining area. All bedrooms on upper level as well as multi-use loft area. Laundry on upper level. Two-car attached garage, Super convenient to uptown Charlotte via Hwy 16 or easy trip to S. Charlotte and Huntersville/Cornelius via I485.

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: Harwood Lane

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $107k235k

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

Neighborhood: Harwood Lane

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8351518

* 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
River Oaks Academy Primary Regular 611 36 5
Coulwood Middle School Middle Regular 694 45 7
West Mecklenburg High School High Regular 2,040 108 1

River Oaks Academy

  • Education Level: Primary
  • # of students: 611
  • # of teachers: 36
5
GreatSchools Rating

Coulwood Middle School

  • Education Level: Middle
  • # of students: 694
  • # of teachers: 45
7
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$973
Property Tax -$244
Property Insurance -$71
HOA -$21
Property Management Fees -$119
CASH FLOW
$113

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$280,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$973

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$24,014

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,588

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,525
1$1,5252$1,5403$1,5654$1,5955$1,795
$1,795
RENT COMPS ANALYSIS
  • 1921 Double Cedar Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,302 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,302 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.67
    •  
  • 3222 Lemongrass Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,282 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,282 Sqft ∙ Built 2009
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.67
    •  
  • 11539 Carnsore Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,364 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,364 Sqft ∙ Built 2003
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,565
    • $0.66
    •  
  • 9540 Brighthaven Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,430 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,430 Sqft ∙ Built 2006
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.66
    •  
  • 2805 Winding River Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,330 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,330 Sqft ∙ Built 2001
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.77
    •  
PROPERTY LISTING DETAILS
Christine Hazlip
1.704.661.3300
Adam Blake Properties
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3720362
Last Updated: 03/20/2021
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