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8632 Willhill Road Mint Hill, NC 28227

5 Beds 4 Baths 3,039 sqft Built 2005

$449,900

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $148.04
  • 6 Days on Market
  • MLS # : 3716260
  • Updated Date : 03/13/2021 at 11:16
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,039 sqft
  • Baths : 4 full
Listing Agent

Allen Tate Matthews/mint Hill

Listing Agent's Description

Beautiful farmhouse style home with NO HOA on half acre! 5 bedroom/ 4 FULL bath home. Rocking chair front porch, relax in the sunroom leading out to a maintenance free oversized NEW deck overlooking private lot that backs up to wooded natural area. New playset & new storage shed are included. Open floorplan with 9' foot ceilings on both levels. First floor guest suite (being used as an office) has a full bathroom. Open kitchen with stainless and granite (fridge is included)! Extended parking area with plenty of additional space to add RV parking! Flat back yard would be perfect for adding a pool! All appliances convey washer, dryer, refrigerator & even the wall mounted TVs. Only 2 miles from downtown Mint Hill shopping dining and more!

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: 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
Clear Creek Elementary School Primary Regular 647 37 6
Northeast Middle School Middle Regular 739 45 3
Independence High School High Regular 2,349 128 6

Clear Creek Elementary School

  • Education Level: Primary
  • # of students: 647
  • # of teachers: 37
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
 

$404,910$494,890$449,900

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 -$1,563
Property Tax -$337
Property Insurance -$84
Property Management Fees -$119
CASH FLOW
-$163

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.

$449,900

PROJECTED PRICE

$1,940

PROJECTED RENT

0.43%

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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$124,974

INVESTMENT

$124,974

Down Payment
$112,475
Rehab Estimate
$5,750
Closing Costs
$6,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,475
Loan Amount $337,425
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$12,648

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
  • $0.64

    LIST RENT PER SQFT
  • $1,854

    COMP ESTIMATED VALUE
  • $0.61

    COMP AVG. RENT PER SQFT
Comps Range
$1,699
1$1,6992$1,7353$1,8004$1,940
$1,940
RENT COMPS ANALYSIS
  • 8632 Willhill Road Mint Hill, NC 4
    • 5 beds 4 baths ∙ 3,039 Sqft ∙ Built 2005 5 beds 4 baths ∙ 3,039 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.64
    •  
  • 12610 Sitka Court Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,838 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,838 Sqft ∙ Built 2008
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $0.60
    •  
  • 9334 Magnolia Lily Avenue Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,723 Sqft ∙ Built 4 beds 3 baths ∙ 2,723 Sqft ∙ Built
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,735
    • $0.64
    •  
  • 7627 Kuck Road Mint Hill, NC 3
    • 4 beds 3 baths ∙ 3,030 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,030 Sqft ∙ Built 2006
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.59
    •  
PROPERTY LISTING DETAILS
Connie Massetti
1.704.340.5967
Allen Tate Matthews/mint Hill
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3716260
Last Updated: 03/13/2021
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