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19337 Pocono Lane # 461 Cornelius, NC 28031

4 Beds 3 Baths 2,100 sqft Built 2009

INVESTimate

$310,000

List Price

$1,720

$1,548 - $1,892

Rent Est.

$332,196  ( +7.16%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2009
  • Price/Sqft : $147.62
  • 5 Days on Market
  • MLS # : 3654559
  • Updated Date : 08/25/2020 at 14:02
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,100 sqft
  • Baths : 3 full
Listing Agent

Sun Valley Realty

Listing Agent's Description

Move in ready home that features a ranch style floorplan, w/ 3 bed down/ 2 full bath. A large 4th bed/ bonus up w/ full bath & large walk-in closet! Conveniently located shopping & entertainment, as well as community amenities like clubhouse, pool and a playground! Other features include enclosed porch w/ a custom fire pit, SS appliances, granite countertops/ custom backsplash, hardwoods throughout main floor, and trey ceiling master and cathedral ceiling living area!

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: Heritage Green

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Heritage Green

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
 

$279,000$341,000$310,000

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,144
Property Tax -$249
Property Insurance -$67
HOA -$38
Property Management Fees -$155
CASH FLOW
$68

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.

$310,000

PROJECTED PRICE

$1,720

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.16%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,900

INVESTMENT

$87,900

Down Payment
$77,500
Rehab Estimate
$5,750
Closing Costs
$4,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,144

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,500
Loan Amount $232,500
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$24,393

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,733

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5503$1,7204$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 19337 Pocono Lane Cornelius, NC 3
    • 3 beds 3 baths ∙ 2,100 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,100 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.82
    •  
  • 10205 Meadow Crossing Lane Cornelius, NC 1
    • 3 beds 3 baths ∙ 1,924 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,924 Sqft ∙ Built 2002
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.81
    •  
  • 9198 Glenashley Drive Cornelius, NC 2
    • 3 beds 3 baths ∙ 2,072 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,072 Sqft ∙ Built 2005
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.75
    •  
  • 10107 Victoria Blake Drive Cornelius, NC 4
    • 4 beds 4 baths ∙ 2,050 Sqft ∙ Built 2005 4 beds 4 baths ∙ 2,050 Sqft ∙ Built 2005
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
  • 19230 Coachmans Trace Cornelius, NC 5
    • 3 beds 3 baths ∙ 2,190 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,190 Sqft ∙ Built 2000
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.84
    •  
PROPERTY LISTING DETAILS
Mark Mitchell
1.704.207.8253
Sun Valley Realty
BESbswy