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8524 New Oak Lane Huntersville, NC 28078

4 Beds 3 Baths 2,104 sqft Built 2001

$320,000

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $152.09
  • 28 Days on Market
  • MLS # : 3681118
  • Updated Date : 01/08/2021 at 12:13
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,104 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservices Carolinas Realty

Listing Agent's Description

Charming 4 bedroom home in desirable Cedarfield neighborhood in Huntersville. Updates include granite in kitchen, tile flooring, and new roof 2020 to name a few. Community features pool, nature trails, and established trees. Close to shopping on Gilead Rd, I-77, and I-485 if you need to travel to the airport.

SEE MORE

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: Cedarfield

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Cedarfield

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
Torrence Creek Elementary School Primary Regular 483 28 8
Francis Bradley Middle School Middle Regular 1,140 59 6
Hopewell High School High Regular 1,653 87 3

Torrence Creek Elementary School

  • Education Level: Primary
  • # of students: 483
  • # of teachers: 28
8
GreatSchools Rating

Francis Bradley Middle School

  • Education Level: Middle
  • # of students: 1,140
  • # of teachers: 59
6
GreatSchools Rating

Hopewell High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 87
3
GreatSchools Rating
 

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

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,111
Property Tax -$257
Property Insurance -$67
HOA -$40
Property Management Fees -$119
CASH FLOW
$126

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

$1,720

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.4%
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

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

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$31,044

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,694

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,6453$1,7204$1,7855$1,799
$1,799
RENT COMPS ANALYSIS
  • 8524 New Oak Lane Huntersville, NC 3
    • 4 beds 3 baths ∙ 2,104 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,104 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.82
    •  
  • 9228 Old Barnette Place Huntersville, NC 1
    • 3 beds 3 baths ∙ 1,975 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,975 Sqft ∙ Built 1991
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.73
    •  
  • 9116 Old Barnette Place Huntersville, NC 2
    • 4 beds 3 baths ∙ 2,055 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,055 Sqft ∙ Built 1989
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.80
    •  
  • 9145 Hillston Ridge Road Huntersville, NC 4
    • 4 beds 4 baths ∙ 2,141 Sqft ∙ Built 2000 4 beds 4 baths ∙ 2,141 Sqft ∙ Built 2000
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,785
    • $0.83
    •  
  • 8601 Cedar Hollow Lane Huntersville, NC 5
    • 3 beds 2 baths ∙ 2,095 Sqft ∙ Built 1993 3 beds 2 baths ∙ 2,095 Sqft ∙ Built 1993
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,799
    • $0.86
    •  
PROPERTY LISTING DETAILS
Mindy Delano
1.704.281.7660
Berkshire Hathaway Homeservices Carolinas Realty
BESbswy