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719 Larimer Lane Charlotte, NC 28262

5 Beds 3 Baths 2,851 sqft Built 2005

$320,000

List Price

$1,810

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $112.24
  • 3 Days on Market
  • MLS # : 3686716
  • Updated Date : 11/27/2020 at 12:40
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,851 sqft
  • Baths : 3 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

This gorgeous 5 bedroom, 3 bathroom cul-de-sac home has been lovingly cared for by the same and only owner for over 15 years. Upon entry, enjoy a gorgeous 2 story foyer and a formal living and dining room on either side. As you continue in, you’ll find a stunning kitchen with stainless steel appliances and beautiful dark granite countertops. To accompany the kitchen is a spacious breakfast nook which opens up to the large family room. Downstairs also features a bedroom with a full bathroom, perfect for a guest bedroom or an in law suite. Upstairs you’ll find a huge master bedroom with tray ceilings and an oversized walk in closet. The master bath features a garden tub, a walk in shower and double sinks. There are also 2 well-sized secondary bedrooms and a fifth bedroom/bonus room with a closet. This home also has, an unfinished 1800sq ft.+ walkout basement. Ready for a quick and easy move in!

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: Mallard Creek - Withrow Downs

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Mallard Creek - Withrow Downs

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
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
 

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

PURCHASE PRICE

$1,629$1,991$1,810

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$1,181
Property Tax -$293
Property Insurance -$81
Property Management Fees -$163
CASH FLOW
$92

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

$1,810

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.6%
Maintenance Year (1-5) 8.00%
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$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

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 45% 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

6.25

YEARS SAVED

$27,542

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,810

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,760

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,5953$1,6504$1,6505$1,810
$1,810
RENT COMPS ANALYSIS
  • 719 Larimer Lane Charlotte, NC 5
    • 5 beds 3 baths ∙ 2,851 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,851 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.63
    •  
  • 412 Halliwell Street Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,604 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,604 Sqft ∙ Built 1991
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.61
    •  
  • 533 Wrayhill Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,553 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,553 Sqft ∙ Built 2007
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.62
    •  
  • 15208 Chowning Tavern Lane Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,678 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,678 Sqft ∙ Built 2003
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.62
    •  
  • 932 Garrison Road Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,717 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,717 Sqft ∙ Built 2003
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.61
    •  
PROPERTY LISTING DETAILS
Krystal Faticoni
1.704.412.1535
Exp Realty Llc
BESbswy