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22230 Market Street Cornelius, NC 28031

4 Beds 4 Baths 2,860 sqft Built 2013

$479,900

List Price

$2,470

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $167.80
  • 3 Days on Market
  • MLS # : 3690815
  • Updated Date : 12/12/2020 at 10:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,860 sqft
  • Baths : 3 full , 1 half
Listing Agent

Lake Norman Realty Inc

Listing Agent's Description

Double owners Suites in this fabulous home in sought after Antiquity. Fabulous Rocking Chair Front Porch. Open concept with wide plank wood flooring, large Dining Room, open to Kitchen with island, granite countertops, stainless appliances, main floor Laundry, oversized 2-Car Garage. Second Owner's Suite would be a great Office or Flex Room. Main level has a covered Patio and upstairs Balcony, along with a fully Fenced Yard. Lawn Maintenance is included in the HOA dues! Bike or walk to several restaurants, grocery store, coffee, other fun shops, and future Cain Arts Center. Drive out the back of the neighborhood through the covered bridge to see greenway and all Davidson has to offer. New Lennox 3.5 ton AC installed 2019. Meticulously maintained and lovingly cared for home!

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: Antiquity

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k322k

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

Neighborhood: Antiquity

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200Rent in $8442344

* 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
 

$431,910$527,890$479,900

PURCHASE PRICE

$2,223$2,717$2,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,470
EXPENSES Loan Payment -$1,771
Property Tax -$390
Property Insurance -$81
HOA -$191
Property Management Fees -$119
CASH FLOW
-$82

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.

$479,900

PROJECTED PRICE

$2,470

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.7%
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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$132,924

INVESTMENT

$132,924

Down Payment
$119,975
Rehab Estimate
$5,750
Closing Costs
$7,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,771

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $119,975
Loan Amount $359,925
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$26,018

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,470

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,431

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0003$2,3004$2,4705$3,000
$3,000
RENT COMPS ANALYSIS
  • 22230 Market Street Cornelius, NC 4
    • 4 beds 4 baths ∙ 2,860 Sqft ∙ Built 2013 4 beds 4 baths ∙ 2,860 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $2,470
    • $0.86
    •  
  • 20264 Harroway Drive Cornelius, NC 1
    • 3 beds 3 baths ∙ 2,535 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,535 Sqft ∙ Built 2015
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.79
    •  
  • 20111 Washam Street Cornelius, NC 2
    • 4 beds 3 baths ∙ 2,641 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,641 Sqft ∙ Built 2004
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.76
    •  
  • 203 South Street Davidson, NC 3
    • 4 beds 3 baths ∙ 2,808 Sqft ∙ Built 1926 4 beds 3 baths ∙ 2,808 Sqft ∙ Built 1926
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.82
    •  
  • 319 Spring Street Davidson, NC 5
    • 4 beds 3 baths ∙ 3,000 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,000 Sqft ∙ Built 2007
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.00
    •  
PROPERTY LISTING DETAILS
Debbie Monroe
1.704.533.0444
Lake Norman Realty Inc
BESbswy