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

2828 Mt Isle Harbor Drive #137 Charlotte, NC 28214

5 Beds 3 Baths 2,933 sqft Built 2000

$385,000

List Price

$2,070

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $131.26
  • 8 Days on Market
  • MLS # : 3693737
  • Updated Date : 01/02/2021 at 09:36
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,933 sqft
  • Baths : 3 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Custom designed & built one owner home in highly sought after Mt Isle Harbor lake community. This amazing partial lake view and open floor plan home is a must see!! Well-maintained home w/many upgrades, Just to name a few: freshly pained with newer flooring though the whole house. New granite in Kitchen, new sink and faucet, 2 new HVAC units/2018, Hardwoods in foyer/den/Formal dining/2019, New subflooring, vinyl flooring in kitchen area/2019 (40K), Newer island, new main floor bath/2017, newer stone wall surrounding the gas logs FP in great room/2018, lots of molding throughout. New High-end hand scraped laminate on 2nd floor, New shower/tub with tile surround/2019, new ceramic tile upper bath and much more, 3 new decks in private yard, ...plus much more. full list is in media section, please ask your realtor for a copy. Photos and measurement will be uploaded the day before it goes live. Current photo are temp. thanks

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: Harwood Lane

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $107k235k

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

Neighborhood: Harwood Lane

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8351518

* 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
Mountain Island Lake Academy Primary Regular 727 47 3
Hopewell High School High Regular 1,653 87 3

Mountain Island Lake Academy

  • Education Level: Primary
  • # of students: 727
  • # of teachers: 47
3
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,420
Property Tax -$336
Property Insurance -$82
HOA -$49
Property Management Fees -$119
CASH FLOW
$64

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.

$385,000

PROJECTED PRICE

$2,070

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.4%
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$1.4M

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$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,420

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

5.83

YEARS SAVED

$29,881

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,190

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0703$2,2004$2,750
$2,750
RENT COMPS ANALYSIS
  • 2828 Mt Isle Harbor Drive Charlotte, NC 2
    • 5 beds 3 baths ∙ 2,933 Sqft ∙ Built 2000 5 beds 3 baths ∙ 2,933 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $0.71
    •  
  • 2008 Mt Isle Harbor Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,774 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,774 Sqft ∙ Built 2000
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.72
    •  
  • 2627 Shady Reach Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 3,079 Sqft ∙ Built 1999 4 beds 3 baths ∙ 3,079 Sqft ∙ Built 1999
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.71
    •  
  • 11216 Stony Path Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 3,102 Sqft ∙ Built 2002 4 beds 3 baths ∙ 3,102 Sqft ∙ Built 2002
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $0.89
    •  
PROPERTY LISTING DETAILS
Kelly Brais
1.704.743.8743
Exp Realty Llc
BESbswy