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2540 Landing View Lane Charlotte, NC 28226

3 Beds 3 Baths 2,520 sqft Built 1994

$435,000

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

January 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $172.62
  • 7 Days on Market
  • MLS # : 3694583
  • Updated Date : 01/04/2021 at 17:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,520 sqft
  • Baths : 2 full , 1 half
Listing Agent

Prime 1 Realty

Listing Agent's Description

Absolutely stunning! This beauty sits on a desired corner lot nestled within a quaint community. The wrap around porch has many entries, mainly leading into a gorgeous family room showcasing high ceilings w/ sky lights, gas fireplace & wet bar. Separate, formal dining room is adjoined to a fully upgraded kitchen offering a breakfast bar, center island, beautiful cabinets, wall oven & microwave, gas cook top, garbage compactor, granite counter tops, & decorative back splash. A spacious Master's retreat is located on the main level and features its very own entry to the porch. The second level presents a private office, bedrooms 2 & 3 each w/ walk in closets; however, bedroom 3 also offers a private balcony. Unique, over-sized 2 car garage is situated on the lower level and shares space with a work shop / man cave. Hardwoods, ceramic tile and recessed lights throughout the home are just a few additional attributes. This is truly a must see! Please show and sell!

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: Olde Providence South

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k474k

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

Neighborhood: Olde Providence South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000210022002300Rent in $8442306

* 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
Olde Providence Elementary School Primary Regular 717 39 9
Carmel Middle School Middle Regular 1,050 58 7
Myers Park High School High Regular 2,762 145 8

Olde Providence Elementary School

  • Education Level: Primary
  • # of students: 717
  • # of teachers: 39
9
GreatSchools Rating

Carmel Middle School

  • Education Level: Middle
  • # of students: 1,050
  • # of teachers: 58
7
GreatSchools Rating

Myers Park High School

  • Education Level: High
  • # of students: 2,762
  • # of teachers: 145
8
GreatSchools Rating
 

$391,500$478,500$435,000

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$1,511
Property Tax -$430
Property Insurance -$75
HOA -$250
Property Management Fees -$119
CASH FLOW
-$155

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.

$435,000

PROJECTED PRICE

$2,230

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.9%
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$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$121,025

INVESTMENT

$121,025

Down Payment
$108,750
Rehab Estimate
$5,750
Closing Costs
$6,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,511

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $108,750
Loan Amount $326,250
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$11,996

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,230

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$2,045
1$2,0452$2,0503$2,2304$2,3005$2,300
$2,300
RENT COMPS ANALYSIS
  • 2540 Landing View Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,520 Sqft ∙ Built 1994 3 beds 3 baths ∙ 2,520 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $0.88
    •  
  • 6232 Garamond Court Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,484 Sqft ∙ Built 1993 3 beds 3 baths ∙ 2,484 Sqft ∙ Built 1993
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,045
    • $0.82
    •  
  • 5913 Sharon View Road Charlotte, NC 2
    • 3 beds 2 baths ∙ 2,347 Sqft ∙ Built 1960 3 beds 2 baths ∙ 2,347 Sqft ∙ Built 1960
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.87
    •  
  • 6200 Cedar Croft Drive Charlotte, NC 4
    • 4 beds 2 baths ∙ 2,520 Sqft ∙ Built 1958 4 beds 2 baths ∙ 2,520 Sqft ∙ Built 1958
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.91
    •  
  • 2701 Rea Road Charlotte, NC 5
    • 3 beds 2 baths ∙ 2,446 Sqft ∙ Built 1956 3 beds 2 baths ∙ 2,446 Sqft ∙ Built 1956
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.94
    •  
PROPERTY LISTING DETAILS
Tijuana Evans
1.704.777.1793
Prime 1 Realty
BESbswy