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7010 Mclothian Lane Huntersville, NC 28078

4 Beds 3 Baths 2,502 sqft Built 2006

INVESTimate

$320,000

List Price

$1,760

$1,584 - $1,936

Rent Est.

$337,344  ( +5.42%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $127.90
  • 3 Days on Market
  • MLS # : 3653582
  • Updated Date : 08/25/2020 at 18:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,502 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Welcome to this gorgeous Charleston-style, 3 bed, 2.5 bath home in the heart of Huntersville! Tons of curb appeal and a sprawling covered front porch welcome you to this adorable home. Inside, you'll find an amazing floorplan that includes a spacious living room and formal dining room. Eat-in kitchen includes granite countertops, stainless appliances and island. Plenty of storage! Upstairs, the spacious loft is perfect for a second entertaining space! Enormous owner's suite features a tray ceiling, walk-in closet and luxurious 4-piece en suite bath. Owner's suite also includes access to the Charleston-style balcony. 2 generously sized secondary bedrooms. Huge bonus room over the garage can be used as a 4th bedroom or additional entertaining space. Screened patio off the kitchen provides the perfect outdoor oasis! One of the largest lots in the community. Plenty of space in the backyard! This one won't last!

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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: Huntersville

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Huntersville

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
Barnette Elementary School Primary Unknown 640 38 NA
Francis Bradley Middle School Middle Regular 1,140 59 6
Hopewell High School High Regular 1,653 87 3

Barnette Elementary School

  • Education Level: Primary
  • # of students: 640
  • # of teachers: 38
NA
GreatSchools Rating

Francis Bradley Middle School

  • Education Level: Middle
  • # of students: 1,140
  • # of teachers: 59
6
GreatSchools Rating

Hopewell High School

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

$288,000$352,000$320,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,181
Property Tax -$283
Property Insurance -$74
HOA -$28
Property Management Fees -$158
CASH FLOW
$35

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.

$320,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.42%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$21,493

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,770

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,6953$1,7604$1,7955$1,795
$1,795
RENT COMPS ANALYSIS
  • 7010 Mclothian Lane Huntersville, NC 3
    • 4 beds 3 baths ∙ 2,502 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,502 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.70
    •  
  • 7045 Tanners Creek Drive Huntersville, NC 1
    • 4 beds 3 baths ∙ 2,561 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,561 Sqft ∙ Built 2004
    LEASED 11/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.66
    •  
  • 8919 Cinder Lane Huntersville, NC 2
    • 4 beds 3 baths ∙ 2,483 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,483 Sqft ∙ Built 2005
    LEASED 12/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.68
    •  
  • 8907 Cinder Lane Huntersville, NC 4
    • 4 beds 3 baths ∙ 2,449 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,449 Sqft ∙ Built 2005
    LEASED 08/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.73
    •  
  • 6922 Cascade Dream Court Huntersville, NC 5
    • 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 4 beds 3 baths ∙ 2,350 Sqft ∙ Built
    LEASED 11/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.76
    •  
PROPERTY LISTING DETAILS
Miranda Solomon
1.704.408.8171
Keller Williams Ballantyne Area
BESbswy