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7413 Cross Tie Court Mint Hill, NC 28227

3 Beds 2 Baths 1,480 sqft Built 1983

$274,950

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $185.78
  • 4 Days on Market
  • MLS # : 3712018
  • Updated Date : 02/26/2021 at 13:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,480 sqft
  • Baths : 2 full
Listing Agent

Prostead Realty

Listing Agent's Description

Welcome home to the desirable Lawyers Station in the heart of Mint Hill. Hard to find 3 bedroom 2 bath Ranch with a 2 car finished garage with epoxy floors! Culdesac location! This house features new LVP flooring throughout, new paint, new granite countertops, & stainless steel appliances. Huge open great room with fireplace and a split bedroom plan. Walk out back on the brand new deck perfect for entertaining in a large fenced in backyard. Furnace was replaced in 2011. Close to shopping, restaurants & 485. This one won't last long!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
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
 

$247,455$302,445$274,950

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$955
Property Tax -$206
Property Insurance -$55
HOA -$8
Property Management Fees -$119
CASH FLOW
$27

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.

$274,950

PROJECTED PRICE

$1,370

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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,612

INVESTMENT

$78,612

Down Payment
$68,738
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,738
Loan Amount $206,213
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$17,104

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,376

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,299
1$1,2992$1,3703$1,3754$1,4155$1,450
$1,450
RENT COMPS ANALYSIS
  • 7413 Cross Tie Court Mint Hill, NC 2
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1983
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.93
    •  
  • 8806 Brass Bell Court Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,476 Sqft ∙ Built 3 beds 3 baths ∙ 1,476 Sqft ∙ Built
    property image
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.88
    •  
  • 7237 Chattanooga Lane Mint Hill, NC 3
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1984
    property image
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.95
    •  
  • 10011 Santa Fe Lane Mint Hill, NC 4
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1983
    property image
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,415
    • $0.97
    •  
  • 9017 Blue Willow Lane Charlotte, NC 5
    • 4 beds 2 baths ∙ 1,576 Sqft ∙ Built 1985 4 beds 2 baths ∙ 1,576 Sqft ∙ Built 1985
    property image
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
PROPERTY LISTING DETAILS
Michelle Horne
1.704.492.8256
Prostead Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3712018
Last Updated: 02/26/2021
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