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8721 Cherry Blossom Lane Cornelius, NC 28031

4 Beds 3 Baths 3,038 sqft Built 1992

$498,000

List Price

$2,380

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1992
  • Price/Sqft : $163.92
  • 8 Days on Market
  • MLS # : 3676614
  • Updated Date : 10/31/2020 at 14:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,038 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Lake Norman

Listing Agent's Description

Tenant occupied. No showings till November 3rd with 24 hour notice required. No further information at this time. Should have update by November 3rd.

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: Cornelius

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Cornelius

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441960

* 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
Cornelius Elementary School Primary Regular 589 31 8
Bailey Middle School Middle Regular 1,616 77 9
William Amos Hough High School High Regular 2,453 120 8

Cornelius Elementary School

  • Education Level: Primary
  • # of students: 589
  • # of teachers: 31
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
 

$448,200$547,800$498,000

PURCHASE PRICE

$2,142$2,618$2,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,380
EXPENSES Loan Payment -$1,837
Property Tax -$367
Property Insurance -$84
Property Management Fees -$214
CASH FLOW
-$123

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.

$498,000

PROJECTED PRICE

$2,380

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.2%
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$1.2M$1.4M

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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$137,720

INVESTMENT

$137,720

Down Payment
$124,500
Rehab Estimate
$5,750
Closing Costs
$7,470

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,837

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $124,500
Loan Amount $373,500
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$20,558

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,380

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,590

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,380
1$2,3802$2,5003$2,6004$2,6955$2,750
$2,750
RENT COMPS ANALYSIS
  • 8721 Cherry Blossom Lane Cornelius, NC 1
    • 4 beds 3 baths ∙ 3,038 Sqft ∙ Built 1992 4 beds 3 baths ∙ 3,038 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $0.78
    •  
  • 8923 Magnolia Estates Drive Cornelius, NC 2
    • 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1996
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.91
    •  
  • 9416 Rosalyn Glen Road Cornelius, NC 3
    • 4 beds 4 baths ∙ 3,191 Sqft ∙ Built 2005 4 beds 4 baths ∙ 3,191 Sqft ∙ Built 2005
    LEASED 08/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.81
    •  
  • 19730 Charles Towne Lane Cornelius, NC 4
    • 4 beds 3 baths ∙ 3,275 Sqft ∙ Built 2002 4 beds 3 baths ∙ 3,275 Sqft ∙ Built 2002
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.82
    •  
  • 18615 The Commons Boulevard Cornelius, NC 5
    • 4 beds 4 baths ∙ 3,051 Sqft ∙ Built 2003 4 beds 4 baths ∙ 3,051 Sqft ∙ Built 2003
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $0.90
    •  
PROPERTY LISTING DETAILS
Matt Sarver
1.704.506.2323
Keller Williams Lake Norman
BESbswy