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8510 Lake Pines Drive Cornelius, NC 28031

3 Beds 3 Baths 2,225 sqft Built 2006

$347,500

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $156.18
  • 10 Days on Market
  • MLS # : 3686895
  • Updated Date : 12/06/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,225 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group Select

Listing Agent's Description

This desirable Westmoreland MOVE-IN ready home on sought after fenced-in lot is ready for a new owner! Enter your home through the adorable covered front porch overlooking Westmoreland community park! Main floor features MASTER BEDROOM with double vanities, large whirlpool bathtub and walk-in closet. Additional rooms on main floor include spacious dining room, separate office with French doors and 2-car attached garage! Kitchen boasts granite countertops, large kitchen island, upgraded backsplash and stainless steel appliances! Updated vinyl wide plank scratch resistant floors throughout main floor. Adorable Pinterest laundry room with shelving and cabinetry. Smart home with NEST thermostats and MyQ garage door opener. Second floor features large loft, perfect for play room/entertainment or additional living space! Two large bedrooms share upgraded bathroom with travertine tile flooring. Home is maintenance free and private backyard features new sod/mulch and attached back deck!

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: Westmoreland

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k354k

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

Neighborhood: Westmoreland

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441937

* 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
J.v. Washam Elementary School Primary Regular 992 49 8
Bailey Middle School Middle Regular 1,616 77 9
William Amos Hough High School High Regular 2,453 120 8

J.v. Washam Elementary School

  • Education Level: Primary
  • # of students: 992
  • # of teachers: 49
8
GreatSchools Rating

Bailey Middle School

  • Education Level: Middle
  • # of students: 1,616
  • # of teachers: 77
9
GreatSchools Rating

William Amos Hough High School

  • Education Level: High
  • # of students: 2,453
  • # of teachers: 120
8
GreatSchools Rating
 

$312,750$382,250$347,500

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,282
Property Tax -$275
Property Insurance -$69
HOA -$58
Property Management Fees -$119
CASH FLOW
$137

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.

$347,500

PROJECTED PRICE

$1,940

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.4%
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$0.0$5.0k$10k$15k$20k

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$97,838

INVESTMENT

$97,838

Down Payment
$86,875
Rehab Estimate
$5,750
Closing Costs
$5,213

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,282

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,875
Loan Amount $260,625
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$40,252

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,947

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8503$1,8504$1,9405$1,975
$1,975
RENT COMPS ANALYSIS
  • 8510 Lake Pines Drive Cornelius, NC 4
    • 3 beds 3 baths ∙ 2,225 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,225 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.87
    •  
  • 8503 Lake Pines Drive Cornelius, NC 1
    • 4 beds 3 baths ∙ 2,001 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,001 Sqft ∙ Built 2008
    LEASED 07/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.90
    •  
  • 17540 Harbor Walk Drive Cornelius, NC 2
    • 3 beds 3 baths ∙ 2,124 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,124 Sqft ∙ Built 2008
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.87
    •  
  • 8730 Westmoreland Lake Drive Cornelius, NC 3
    • 3 beds 3 baths ∙ 2,312 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,312 Sqft ∙ Built 2005
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.80
    •  
  • 19617 Coachmans Trace Cornelius, NC 5
    • 3 beds 2 baths ∙ 2,113 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,113 Sqft ∙ Built 2006
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.93
    •  
PROPERTY LISTING DETAILS
Cristina Grossu
1.704.230.8765
Realty One Group Select
BESbswy