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2104 Houle Lane #91 Charlotte, NC 28214

5 Beds 4 Baths 3,550 sqft Built 2021

$419,300

List Price

$1,970

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $118.11
  • 6 Days on Market
  • MLS # : 3706991
  • Updated Date : 02/09/2021 at 16:02
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,550 sqft
  • Baths : 4 full
Listing Agent

Dr Horton Inc

Listing Agent's Description

BRAND NEW CONSTRUCTION IN RIVERBEND! Located at back of the community. Impressive foyer entrance with a coffered ceiling in the dining room and 9 foot ceilings on the main floor. Handsome trim is abundant throughout the 1st floor and includes a bedroom with access to a full bath for guests on the main. Beautiful Chef's Kitchen w/ island overlooks the family room and vented gas fireplace with tons of natural light from large efficient windows. Beautiful Caledonia granite counters compliment the Brellin white cabinets in the kitchen and baths. Enter the owner suite through a double door to a spacious room with a tray ceiling that leads to a spa-like bath boasting a separate tub & large shower with tile surround and double vanity, as well as an owner's sitting room. Ask about our incentives on this new home!

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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: 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
Mountain Island Lake Academy Primary Regular 727 47 3
Hopewell High School High Regular 1,653 87 3

Mountain Island Lake Academy

  • Education Level: Primary
  • # of students: 727
  • # of teachers: 47
3
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating
 

$377,370$461,230$419,300

PURCHASE PRICE

$1,773$2,167$1,970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,970
EXPENSES Loan Payment -$1,456
Property Tax -$390
Property Insurance -$94
HOA -$50
Property Management Fees -$119
CASH FLOW
-$139

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$419,300

PROJECTED PRICE

$1,970

PROJECTED RENT

0.47%

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) 3.00%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$113,115

INVESTMENT

$113,115

Down Payment
$104,825
Rehab Estimate
$2,000
Closing Costs
$6,290

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,456

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $104,825
Loan Amount $314,475
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$11,285

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,970

    LIST RENT
  • $0.55

    LIST RENT PER SQFT
  • $1,988

    COMP ESTIMATED VALUE
  • $0.56

    COMP AVG. RENT PER SQFT
Comps Range
$1,915
1$1,9152$1,9703$1,995
$1,995
RENT COMPS ANALYSIS
  • 2104 Houle Lane Charlotte, NC 2
    • 5 beds 4 baths ∙ 3,550 Sqft ∙ Built 2021 5 beds 4 baths ∙ 3,550 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.55
    •  
  • 11629 Clingman Lane Charlotte, NC 1
    • 5 beds 3 baths ∙ 3,424 Sqft ∙ Built 2002 5 beds 3 baths ∙ 3,424 Sqft ∙ Built 2002
    LEASED 12/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,915
    • $0.56
    •  
  • 707 Pine Forest Road Charlotte, NC 3
    • 6 beds 5 baths ∙ 3,659 Sqft ∙ Built 1998 6 beds 5 baths ∙ 3,659 Sqft ∙ Built 1998
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.55
    •  
PROPERTY LISTING DETAILS
Bill Yue
1.704.560.1220
Dr Horton Inc
BESbswy