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19800 Madison Village Drive Cornelius, NC 28031

3 Beds 3 Baths 1,609 sqft Built 1998

$250,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $155.38
  • 2 Days on Market
  • MLS # : 3673450
  • Updated Date : 11/02/2020 at 07:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,609 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Ideal location in Cornelius. Minutes to interstate, short drive to Birkdale Village, near Lake Norman & Jetton Park. Cozy Madison Village subdivision. Newer HVAC. The home needs updating & is priced accordingly.

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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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$922
Property Tax -$222
Property Insurance -$57
HOA -$80
Property Management Fees -$135
CASH FLOW
$83

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.

$250,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.60%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$21,217

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,561

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,5003$1,5504$1,7005$1,895
$1,895
RENT COMPS ANALYSIS
  • 19800 Madison Village Drive Cornelius, NC 2
    • 3 beds 3 baths ∙ 1,609 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,609 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.93
    •  
  • 21113 Alto Tierra Drive Cornelius, NC 1
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1983
    property image
    LEASED 07/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.96
    •  
  • 21235 Sandy Cove Road Cornelius, NC 3
    • 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 1979
    property image
    LEASED 07/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.88
    •  
  • 20814 Lagoona Drive Cornelius, NC 4
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 1986
    property image
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.01
    •  
  • 20021 Norman Colony Road Cornelius, NC 5
    • 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2001
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.03
    •  
PROPERTY LISTING DETAILS
Lee Peterson
1.704.289.7726
Exp Realty Llc
BESbswy