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21625 Colina Drive Cornelius, NC 28031

2 Beds 2 Baths 1,463 sqft Built 1985

$375,000

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $256.32
  • -8 Days on Market
  • MLS # : CAR3752518
  • Updated Date : 07/12/2021 at 23:42
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,463 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Lake Norman

Listing Agent's Description

This lovely, picturesque ranch home in the highly-desirable lake access neighborhood of Bahia Bay will not last long! Entertaining is a breeze w/ a thoughtful floorplan flowing from living room, sunroom and out onto a large deck, overlooking a beautiful fenced in yard. The illuminating natural light shining through the skylight in the living room during the day creates a lively ambience which then gives way to a cozy, tranquil atmosphere for evening hours by the fireplace. This home is septic permitted as a 2 bedroom, yet has another room that could be used as a guest room or office. This well-established community boasts a gated large community lake access lot with pier, dock, two boat ramps, outdoor shower, and picnic tables to cater to your recreational side. Conveniently located near shopping, Hwy 77, and restaurants.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,303
Property Tax -$276
Property Insurance -$55
HOA -$6
Property Management Fees -$119
CASH FLOW
$31

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.

$375,000

PROJECTED PRICE

$1,790

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,303

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$26,521

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $1,840

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,4003$1,5004$1,5505$1,975
$1,975
RENT COMPS ANALYSIS
  • 21625 Colina Drive Cornelius, NC 1
    • 2 beds 2 baths ∙ 1,463 Sqft ∙ Built 1985 2 beds 2 baths ∙ 1,463 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1020 Southwest Drive Davidson, NC 2
    • 2 beds 2 baths ∙ 1,155 Sqft ∙ Built 1994 2 beds 2 baths ∙ 1,155 Sqft ∙ Built 1994
    LEASED 05/21/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.21
    •  
  • 789 Peninsula Drive Davidson, NC 3
    • 2 beds 2 baths ∙ 1,242 Sqft ∙ Built 2001 2 beds 2 baths ∙ 1,242 Sqft ∙ Built 2001
    LEASED 12/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.21
    •  
  • 20357 Harborgate Court #204 Cornelius, NC 4
    • 2 beds 2 baths ∙ 1,335 Sqft ∙ Built 1984 2 beds 2 baths ∙ 1,335 Sqft ∙ Built 1984
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.16
    •  
  • 19831 Henderson Road #l Cornelius, NC 5
    • 2 beds 2 baths ∙ 1,366 Sqft ∙ Built 1990 2 beds 2 baths ∙ 1,366 Sqft ∙ Built 1990
    LEASED 06/29/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $1.45
    •  
PROPERTY LISTING DETAILS
Susie Skog
1.704.737.4129
Keller Williams Lake Norman
BESbswy