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

215 Pinewood Lane Midland, NC 28107

4 Beds 3 Baths 2,365 sqft Built 1985

$348,900

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $147.53
  • 4 Days on Market
  • MLS # : 3696533
  • Updated Date : 01/09/2021 at 22:03
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,365 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bestway Realty

Listing Agent's Description

Multiple offers received - “BEST and FINAL should be received by 9:30 am Monday as Owner will make decision Monday. !!! BEAUTIFUL LARGE HOME WITH SPLIT BEDROOM DESIGN + 1.61 Acres with NO HOA DUES !!! HUGE Rooms throughout = 20x19 Great Room with FP / 26' Kitchen with Dining Area with atrium doors to Big deck overlooking fenced backyard / 20x20 Master bedroom + 10' Walk-in closet, Master Bathroom has Custom Full Tile Shower & Large soaking tub / Heated Daylight basement Bonus room & foyer with rear entrance + 2nd double door entrance from Garage listed as Additional Sq Footage / Chimney as is - no known deflects and partial closed off / OLREB / Confirmed appointment required - Security. Owner will examine all offers Late Sunday night or Monday morning with the intent to make decision sometime on Monday - thank you.

SEE MORE

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: Allen Acres

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $109k267k

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

Neighborhood: Allen Acres

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8371390

* 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
Bethel Elementary School Primary Regular 620 34 4
C C Griffin Middle School Middle Regular 1,092 70 4
Central Cabarrus High School High Regular 1,416 88 4

Bethel Elementary School

  • Education Level: Primary
  • # of students: 620
  • # of teachers: 34
4
GreatSchools Rating

C C Griffin Middle School

  • Education Level: Middle
  • # of students: 1,092
  • # of teachers: 70
4
GreatSchools Rating

Central Cabarrus High School

  • Education Level: High
  • # of students: 1,416
  • # of teachers: 88
4
GreatSchools Rating
 

$314,010$383,790$348,900

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$1,212
Property Tax -$185
Property Insurance -$71
Property Management Fees -$119
CASH FLOW
$103

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.

$348,900

PROJECTED PRICE

$1,690

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.2%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$98,209

INVESTMENT

$98,209

Down Payment
$87,225
Rehab Estimate
$5,750
Closing Costs
$5,234

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,212

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,225
Loan Amount $261,675
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$28,889

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,454

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,690
$1,690
RENT COMPS ANALYSIS
  • 215 Pinewood Lane Midland, NC 2
    • 4 beds 3 baths ∙ 2,345 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,345 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.72
    •  
  • 1293 Nc Hwy 24/27 Highway Midland, NC 1
    • 3 beds 2 baths ∙ 2,400 Sqft ∙ Built 3 beds 2 baths ∙ 2,400 Sqft ∙ Built
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.63
    •  
PROPERTY LISTING DETAILS
Harold Blackwelder
1.704.201.6359
Bestway Realty
BESbswy