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21014 Burlington Way Cornelius, NC 28031

4 Beds 3 Baths 1,656 sqft Built 2006

$289,000

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $174.52
  • 3 Days on Market
  • MLS # : 3692576
  • Updated Date : 12/18/2020 at 20:14
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,656 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lake Norman Agents Llc

Listing Agent's Description

Home is Tenant Occupied Through August 2021. Great location for this 4 Bedroom home. The HomeOwners association maintains the yard and cutting of shrubs making this an easy living home. Long term rental history. Not open to buyers that want to occupy the home at this time.

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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: 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
 

$260,100$317,900$289,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$1,066
Property Tax -$213
Property Insurance -$58
HOA -$124
Property Management Fees -$119
CASH FLOW
$29

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.

$289,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.56%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,335

INVESTMENT

$82,335

Down Payment
$72,250
Rehab Estimate
$5,750
Closing Costs
$4,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,066

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,250
Loan Amount $216,750
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$23,603

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,544

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,5003$1,5504$1,5955$1,610
$1,610
RENT COMPS ANALYSIS
  • 21014 Burlington Way Cornelius, NC 5
    • 4 beds 3 baths ∙ 1,656 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,656 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.97
    •  
  • 19600 Smith Circle Cornelius, NC 1
    • 3 beds 1 baths ∙ 1,559 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,559 Sqft ∙ Built 1950
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.80
    •  
  • 21233 Pine Street Cornelius, NC 2
    • 3 beds 3 baths ∙ 1,594 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,594 Sqft ∙ Built 2004
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.94
    •  
  • 21113 Alto Tierra Drive Cornelius, NC 3
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1983
    property image
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.06
    •  
  • 18702 Victoria Bay Drive Cornelius, NC 4
    • 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 2003
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.93
    •  
PROPERTY LISTING DETAILS
David Fox
1.704.200.4165
Lake Norman Agents Llc
BESbswy