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7025 Spring Morning Lane Charlotte, NC 28227

3 Beds 3 Baths 1,499 sqft Built 1986

$225,000

List Price

$1,250

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $150.10
  • 7 Days on Market
  • MLS # : 3683000
  • Updated Date : 11/20/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,499 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Fully renovated one of a kind home! Nearly 1,500 square feet, this 3 bedroom and 2.5 bathroom home offers an extra room that could be used as a bonus room or an office. Master bedroom with his and hers closets. Private fenced-in back yard that is perfect for entertaining with a new built in deck. This home comes with a lot of new upgrades such as doors, lights, bathroom vanities, laminate flooring, LVP floors, carpet, and fresh paint throughout the interior and exterior. Updated kitchen with granite countertops and newer appliances. Newer roof and HVAC! Come see what this MOVE IN READY home has to offer!

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*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $113k273k

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

Neighborhood: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8421527

* 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
Lebanon Road Elementary School Primary Regular 781 54 6
Northeast Middle School Middle Regular 739 45 3
Independence High School High Regular 2,349 128 6

Lebanon Road Elementary School

  • Education Level: Primary
  • # of students: 781
  • # of teachers: 54
6
GreatSchools Rating

Northeast Middle School

  • Education Level: Middle
  • # of students: 739
  • # of teachers: 45
3
GreatSchools Rating

Independence High School

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

$202,500$247,500$225,000

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$830
Property Tax -$196
Property Insurance -$55
HOA -$13
Property Management Fees -$113
CASH FLOW
$43

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.

$225,000

PROJECTED PRICE

$1,250

PROJECTED RENT

0.56%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$14,210

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,250

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,364

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2993$1,3254$1,3505$1,400
$1,400
RENT COMPS ANALYSIS
  • 7025 Spring Morning Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,499 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,499 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.83
    •  
  • 8806 Brass Bell Court Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,476 Sqft ∙ Built 3 beds 3 baths ∙ 1,476 Sqft ∙ Built
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.88
    •  
  • 5713 Osprey Watch Court Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,392 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,392 Sqft ∙ Built 2003
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.95
    •  
  • 8801 Milton Morris Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,465 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,465 Sqft ∙ Built 1986
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.92
    •  
  • 8220 Willowlake Court Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,626 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,626 Sqft ∙ Built 1983
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.86
    •  
PROPERTY LISTING DETAILS
Elvis Pham
1.980.322.2555
Coldwell Banker Realty
BESbswy