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

3231 Harris Mill Lane Charlotte, NC 28262

4 Beds 3 Baths 2,408 sqft Built 1989

$285,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $118.36
  • 3 Days on Market
  • MLS # : 3717810
  • Updated Date : 03/12/2021 at 19:19
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,408 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Concord

Listing Agent's Description

AMAZING TWO STORY ROCKING CHAIR FRONT PORCH HOME NESTLED ON .29 OF AN ACRE ON A QUAINT CUL DE SAC.  UPON ENTRY YOU WILL IMMEDIATELY FALL IN LOVE WITH ALL OF THE NATURAL LIGHT AND FLOWING FLOOR PLAN.  A PLETHORA OF WINDOWS ALLOW YOU TO ENJOY YOUR HEAVILY WOODED PRIVATE BACKYARD!  ENORMOUS BACK DECK, PERFECT FOR ENTERTAINING ON THOSE UPCOMING SUMMER NIGHTS!  UPDATES AND UPGRADES GALORE INCLUDING NEW SPLIT SYSTEM HVAC AND ALL NEW DUCT WORK (2016), ROOF REPLACED (2012), NEWER CARPETING ON 2ND LEVEL AND WOOD FLOORING THROUGHOUT THE MAIN FLOOR.  ADDITIONALLY THIS HOME HAS A FULL UNFINISHED BASEMENT READY FOR YOU TO COMPLETE AND YOUR OWN DESIGN AND TOUCHES.  MAIN BEDROOM SUITE INCLUDES TRAY CEILINGS, BATHROOM WITH GARDEN TUB STAND UP SHOWER AND A WALK IN CLOSET.  SECONDARY BEDROOMS ARE ALL A  GREAT SIZE AND THE 4TH OVER-SIZED BEDROOM COULD SERVE AS A BONUS ROOM OR ANY FLEX SPACE THAT YOU DESIRE.

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: Harris - Houston

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $111k235k

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

Neighborhood: Harris - Houston

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7331518

* 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
Stoney Creek Elementary School Primary Regular 853 50 4
James Martin Middle School Middle Regular 1,113 54 3
Vance High School High Regular 1,714 91 3

Stoney Creek Elementary School

  • Education Level: Primary
  • # of students: 853
  • # of teachers: 50
4
GreatSchools Rating

James Martin Middle School

  • Education Level: Middle
  • # of students: 1,113
  • # of teachers: 54
3
GreatSchools Rating

Vance High School

  • Education Level: High
  • # of students: 1,714
  • # of teachers: 91
3
GreatSchools Rating
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$990
Property Tax -$254
Property Insurance -$72
Property Management Fees -$119
CASH FLOW
$104

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.

$285,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.2%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$990

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

7

YEARS SAVED

$23,691

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.64

    LIST RENT PER SQFT
  • $1,625

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5403$1,5854$1,6755$1,695
$1,695
RENT COMPS ANALYSIS
  • 3231 Harris Mill Lane Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,408 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,408 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.64
    •  
  • 11503 Watermoss Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,260 Sqft ∙ Built 1987 3 beds 3 baths ∙ 2,260 Sqft ∙ Built 1987
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.66
    •  
  • 11023 Silver Glen Lane Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 2013
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.65
    •  
  • 11123 Silver Glen Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 2013
    LEASED 12/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.69
    •  
  • 1036 Reigate Road Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,423 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,423 Sqft ∙ Built 2004
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.70
    •  
PROPERTY LISTING DETAILS
Noelle Donovan Baranuk
1.980.254.5512
Allen Tate Concord
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717810
Last Updated: 03/12/2021
BESbswy