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3023 Lisburn Street Mint Hill, NC 28227

3 Beds 3 Baths 1,861 sqft Built 2020

$333,900

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $179.42
  • 3 Days on Market
  • MLS # : 3687920
  • Updated Date : 12/04/2020 at 10:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,861 sqft
  • Baths : 2 full , 1 half
Listing Agent

Meritage Homes Of The Carolina

Listing Agent's Description

Brand NEW energy-efficient home ready February 2021! Send the kids up to play in the Tanner II plan loft while you entertain on the open-concept main level. The garage entry drop zone keeps shoes and backpacks organized. The primary suite features a luxurious bath and walk-in closet. Mint Hill Village is conveniently located off I-485 and steps from historic downtown Mint Hill, this community is surrounded by a host of shopping, dining, and fitness facilities, all within walking distance. Known for their energy-efficient features, our homes help you live a healthier and quieter lifestyle while saving thousands of dollars on utility bills.

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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: Downtown Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Downtown Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Bain Elementary School Primary Regular 899 49 10
Mint Hill Middle School Middle Regular 1,249 64 5
Independence High School High Regular 2,349 128 6

Bain Elementary School

  • Education Level: Primary
  • # of students: 899
  • # of teachers: 49
10
GreatSchools Rating

Mint Hill Middle School

  • Education Level: Middle
  • # of students: 1,249
  • # of teachers: 64
5
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 2,349
  • # of teachers: 128
6
GreatSchools Rating
 

$300,510$367,290$333,900

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,232
Property Tax -$307
Property Insurance -$62
HOA -$70
Property Management Fees -$119
CASH FLOW
-$160

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$333,900

PROJECTED PRICE

$1,630

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.7%
Maintenance Year (1-5) 3.00%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,484

INVESTMENT

$90,484

Down Payment
$83,475
Rehab Estimate
$2,000
Closing Costs
$5,009

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,232

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $83,475
Loan Amount $250,425
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$10,888

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,628

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,5003$1,6304$1,6505$1,700
$1,700
RENT COMPS ANALYSIS
  • 3023 Lisburn Street Mint Hill, NC 3
    • 3 beds 3 baths ∙ 1,861 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,861 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.88
    •  
  • 10020 Little Creek Road Mint Hill, NC 1
    • 3 beds 2 baths ∙ 1,564 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,564 Sqft ∙ Built 2000
    LEASED 07/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.89
    •  
  • 9008 Blair Road Mint Hill, NC 2
    • 3 beds 3 baths ∙ 1,795 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,795 Sqft ∙ Built 1989
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.84
    •  
  • 5837 Wilgrove Mint Hill Road Mint Hill, NC 4
    • 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 1959
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.87
    •  
  • 8008 Truelight Church Road Mint Hill, NC 5
    • 3 beds 2 baths ∙ 1,880 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,880 Sqft ∙ Built 1968
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.90
    •  
PROPERTY LISTING DETAILS
Jimmy Mcclurg
1.704.969.0153
Meritage Homes Of The Carolina
BESbswy