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21108 Alto Tierra Drive Cornelius, NC 28031

3 Beds 3 Baths 1,832 sqft Built 1981

$385,000

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $210.15
  • 4 Days on Market
  • MLS # : 3682159
  • Updated Date : 11/14/2020 at 20:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,832 sqft
  • Baths : 2 full , 1 half
Listing Agent

Call It Closed International Inc

Listing Agent's Description

Cozy up in this adorable updated 1.5 story home on large corner lot in popular Bahia Bay w/ Community Lake Access! From the front porch to the private back yard - this is the perfect place to make your own for the holidays! Enjoy making memories in the beautifully remodeled kitchen - with OH...So many cabinets! Dine while enjoy the view of your own private oasis including a paved patio area and stone fire pit. Vaulted ceilings & fireplace in the living room. Split bedroom layout with 2 bedrooms and full bath on the main level while the spacious master bedroom and bathroom are tucked away upstairs. Large laundry room allows for additional storage or drop zone as you enter through the side door. Great storage room outside & plenty of parking! And do not miss the community lake access 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: 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
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,420
Property Tax -$284
Property Insurance -$62
HOA -$6
Property Management Fees -$167
CASH FLOW
-$89

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.

$385,000

PROJECTED PRICE

$1,850

PROJECTED RENT

0.48%

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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,420

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$16,168

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,933

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7003$1,8504$1,8955$2,450
$2,450
RENT COMPS ANALYSIS
  • 21108 Alto Tierra Drive Cornelius, NC 3
    • 3 beds 3 baths ∙ 1,832 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,832 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.01
    •  
  • 22327 Torrence Chapel Road Cornelius, NC 1
    • 3 beds 2 baths ∙ 1,666 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,666 Sqft ∙ Built 1988
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.02
    •  
  • 18505 Torrence Chapel Estates Circle Cornelius, NC 2
    • 4 beds 2 baths ∙ 1,950 Sqft ∙ Built 2003 4 beds 2 baths ∙ 1,950 Sqft ∙ Built 2003
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.87
    •  
  • 20021 Norman Colony Road Cornelius, NC 4
    • 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2001
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.03
    •  
  • 21334 Fiesta Place Cornelius, NC 5
    • 3 beds 3 baths ∙ 1,926 Sqft ∙ Built 1976 3 beds 3 baths ∙ 1,926 Sqft ∙ Built 1976
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.27
    •  
PROPERTY LISTING DETAILS
Jessica Wynne Vogel
1.980.475.0725
Call It Closed International Inc
BESbswy