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8300 Pine Hill Road Mint Hill, NC 28227

4 Beds 3 Baths 2,206 sqft Built 1979

$250,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $113.33
  • 5 Days on Market
  • MLS # : 3704726
  • Updated Date : 02/06/2021 at 11:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,206 sqft
  • Baths : 3 full
Listing Agent

Keller Williams University City

Listing Agent's Description

Over 2200 sq. ft. Split Foyer on over a one acre lot. Great Location on a small dead end road that is just a 5 minute walk to Downtown Mint Hill. Nice Fenced in Yard with 2 Wooded areas on both sides of the property. Property has over 260 ft of road frontage. This home has Great Potential and priced well under market value for the cosmetic updates that may be wanted. Property has Mint Hill schools all the way through K-12 too.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$868
Property Tax -$205
Property Insurance -$69
Property Management Fees -$119
CASH FLOW
$489

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.

$250,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.70%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

14.17

YEARS SAVED

$57,667

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,919

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7003$1,7504$1,9255$1,975
$1,975
RENT COMPS ANALYSIS
  • 8300 Pine Hill Road Mint Hill, NC 3
    • 4 beds 3 baths ∙ 2,206 Sqft ∙ Built 1979 4 beds 3 baths ∙ 2,206 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.79
    •  
  • 5837 Wilgrove Mint Hill Road Mint Hill, NC 1
    • 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 1959
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.87
    •  
  • 8008 Truelight Church Road Mint Hill, NC 2
    • 3 beds 2 baths ∙ 1,880 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,880 Sqft ∙ Built 1968
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.90
    •  
  • 8117 Pine Hill Road Mint Hill, NC 4
    • 4 beds 3 baths ∙ 2,109 Sqft ∙ Built 4 beds 3 baths ∙ 2,109 Sqft ∙ Built
    LEASED 12/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $0.91
    •  
  • 5838 Whitehawk Hill Road Mint Hill, NC 5
    • 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 2015
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.80
    •  
PROPERTY LISTING DETAILS
Joseph Clorite
1.704.891.3059
Keller Williams University City
BESbswy