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3869 Lipton Lane Mint Hill, NC 28227

3 Beds 2 Baths 1,855 sqft Built 1976

$240,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $129.38
  • 20 Days on Market
  • MLS # : 3687740
  • Updated Date : 12/19/2020 at 16:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,855 sqft
  • Baths : 2 full
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Lovely brick, ranch home on large, corner lot. This is a beautiful neighborhood with mature trees everywhere. 3 bedrooms and 2 full bathrooms, a formal living space, family room with brick fireplace, dining area and kitchen. The roof is 8 years old, HVAC is NEW January 2020, Hot Water Heater is 8 years old, Washer and Dryer are 2 years old, all kitchen appliances are 2 years old. The backyard is large and flat, fully fenced in and has a shed and loft style storage building with electricity. The 2 car, side-load garage has built in storage shelves and a storage closet. There is also a sunroom and bricked-in back patio for you to enjoy!

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: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $113k291k

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

Neighborhood: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8421713

* 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
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$886
Property Tax -$206
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$247

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.

$240,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.2%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$42,858

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,589

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,5203$1,6254$1,695
$1,695
RENT COMPS ANALYSIS
  • 3869 Lipton Lane Mint Hill, NC 2
    • 3 beds 2 baths ∙ 1,855 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,855 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.82
    •  
  • 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
    •  
  • 7613 Happy Hollow Drive Mint Hill, NC 3
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1956
    LEASED 07/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.88
    •  
  • 2642 Shelburne Place Mint Hill, NC 4
    • 4 beds 2 baths ∙ 2,112 Sqft ∙ Built 1972 4 beds 2 baths ∙ 2,112 Sqft ∙ Built 1972
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.80
    •  
PROPERTY LISTING DETAILS
Rachel Alles
1.855.299.7653
Mark Spain Real Estate
BESbswy