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7223 Mcewen Place Mint Hill, NC 28227

5 Beds 3 Baths 2,853 sqft Built 2003

$450,000

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

December 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $157.73
  • 2 Days on Market
  • MLS # : 3687164
  • Updated Date : 12/12/2020 at 21:58
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,853 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nestlewood Realty, Llc

Listing Agent's Description

Welcome to your LIKE NEW home in established Ellington Farm. The list of major updates is long and includes a new roof, new HVAC, new flooring throughout, new paint, updated bathrooms, new patio, new stainless appliances and more! Custom built-ins in the dining room and living room (LR cabinet houses a motorized projector screen). Living opens to the breakfast and kitchen, with solid surface countertops and walk-in pantry. Main floor owners' suite with newly installed closet system, plus a bath with jetted tub and dual head shower. Upstairs, there are four more bedrooms (or use one as a bonus), and a spacious bath with double vanities. Central vacuum system and 2" faux wood blinds throughout. Extra storage with loft in garage. Relax on the rocking chair front porch or on the newly installed back patio. Great location convenient to downtown Mint Hill, over to Matthews or into Charlotte. Welcome home!

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
 

$405,000$495,000$450,000

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$1,660
Property Tax -$365
Property Insurance -$81
HOA -$6
Property Management Fees -$119
CASH FLOW
$19

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.

$450,000

PROJECTED PRICE

$2,250

PROJECTED RENT

0.50%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$30,840

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,068

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,9303$2,250
$2,250
RENT COMPS ANALYSIS
  • 7223 Mcewen Place Mint Hill, NC 3
    • 5 beds 3 baths ∙ 2,853 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,853 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.79
    •  
  • 6337 Lebanon Road Mint Hill, NC 1
    • 5 beds 3 baths ∙ 2,741 Sqft ∙ Built 1970 5 beds 3 baths ∙ 2,741 Sqft ∙ Built 1970
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.66
    •  
  • 5816 Whitehawk Hill Road Mint Hill, NC 2
    • 4 beds 3 baths ∙ 2,556 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,556 Sqft ∙ Built 2007
    property image
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $0.76
    •  
PROPERTY LISTING DETAILS
Bobby Sisk
1.704.819.0710
Nestlewood Realty, Llc
BESbswy