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8618 New Oak Lane Huntersville, NC 28078

3 Beds 3 Baths 2,031 sqft Built 1998

$325,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $160.02
  • 5 Days on Market
  • MLS # : 3716705
  • Updated Date : 03/13/2021 at 22:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,031 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

You will fall in love with this beauty in the sought after Cedarfield Park section of Cedarfield! Tons of natural light with a bright and airy feel and an awesome open floor plan. The main floor features a formal dining room, upgraded kitchen with granite countertops and stainless steel appliances, breakfast nook with built-in seating, 2 story great room, and the owner's suite. Upstairs features 2 additional bedrooms with Jack-&-Jill bathroom and an open loft/flex space. Down the street you will be able to access the Torrence Creek Greenway; the community playground and pool are close by as well!

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: 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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,129
Property Tax -$274
Property Insurance -$65
HOA -$34
Property Management Fees -$119
CASH FLOW
$119

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.

$325,000

PROJECTED PRICE

$1,740

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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$30,665

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,762

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7403$1,7854$1,7995$1,975
$1,975
RENT COMPS ANALYSIS
  • 8618 New Oak Lane Huntersville, NC 2
    • 3 beds 3 baths ∙ 2,031 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,031 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.86
    •  
  • 13207 Meadowmere Road Huntersville, NC 1
    • 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2003
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.87
    •  
  • 9145 Hillston Ridge Road Huntersville, NC 3
    • 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 4
    • 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
    •  
  • 9212 Shepparton Drive Huntersville, NC 5
    • 4 beds 3 baths ∙ 2,141 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,141 Sqft ∙ Built 2000
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.92
    •  
PROPERTY LISTING DETAILS
Ryan Wilson
1.704.361.7800
Southern Homes Of The Carolinas
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3716705
Last Updated: 03/13/2021
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