Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

2111 Long Ridge Lane Charlotte, NC 28214

4 Beds 3 Baths 2,098 sqft Built 1989

$279,900

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $133.41
  • 2 Days on Market
  • MLS # : 3683717
  • Updated Date : 11/21/2020 at 14:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,098 sqft
  • Baths : 2 full , 1 half
Listing Agent

Maultsby Realty Group

Listing Agent's Description

Fantastic 4 bedroom home with open concept floor plan!! This home features new gleaming hardwood flooring upstairs and hardwoods on the main floor. Kitchen features lots of cabinetry and breakfast bar. The living room has tons of natural light and features gas log fireplace. The living room opens to a huge patio and a private backyard. The master suite has been completely updated and recently painted. Luxury shower with glass door and new fixtures. Vaulted ceiling in the master bedroom and double closets. This home is in a great location in the neighborhood on a quiet cul-de-sac street. Attached 2 car garage with new epoxy flooring. Conveniently located near 485.

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: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $104k235k

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

Neighborhood: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350140014501500Rent in $7871518

* 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
River Oaks Academy Primary Regular 611 36 5
Coulwood Middle School Middle Regular 694 45 7
West Mecklenburg High School High Regular 2,040 108 1

River Oaks Academy

  • Education Level: Primary
  • # of students: 611
  • # of teachers: 36
5
GreatSchools Rating

Coulwood Middle School

  • Education Level: Middle
  • # of students: 694
  • # of teachers: 45
7
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$1,033
Property Tax -$244
Property Insurance -$67
Property Management Fees -$148
CASH FLOW
$149

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$279,900

PROJECTED PRICE

$1,640

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,924

INVESTMENT

$79,924

Down Payment
$69,975
Rehab Estimate
$5,750
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

7

YEARS SAVED

$28,048

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,615

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,525
1$1,5252$1,5503$1,5954$1,6405$1,650
$1,650
RENT COMPS ANALYSIS
  • 2111 Long Ridge Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,098 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,098 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.78
    •  
  • 532 Knothole Lane Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,982 Sqft ∙ Built 2007 4 beds 3 baths ∙ 1,982 Sqft ∙ Built 2007
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.77
    •  
  • 544 Knothole Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,124 Sqft ∙ Built 3 beds 3 baths ∙ 2,124 Sqft ∙ Built
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.73
    •  
  • 402 Knothole Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 1,976 Sqft ∙ Built 2013 4 beds 3 baths ∙ 1,976 Sqft ∙ Built 2013
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.81
    •  
  • 10732 Spruce Mountain Road Charlotte, NC 5
    • 3 beds 3 baths ∙ 2,143 Sqft ∙ Built 1990 3 beds 3 baths ∙ 2,143 Sqft ∙ Built 1990
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.77
    •  
PROPERTY LISTING DETAILS
Laura Maultsby
1.704.241.8727
Maultsby Realty Group
BESbswy