Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

905 Lakehill Road Charlotte, NC 28214

3 Beds 3 Baths 1,723 sqft Built 2000

$219,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $127.10
  • 2 Days on Market
  • MLS # : CAR3754261
  • Updated Date : 07/12/2021 at 23:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,723 sqft
  • Baths : 2 full , 1 half
Listing Agent

Carolinas Home Place, Llc

Listing Agent's Description

Updated home with granite counters, stainless appliances, vinyl plank flooring, Master w/ garden tub & separate shower, linen closets on both floors, 2 car garage, Loft with Den, spacious kitchen, large back yard has partial fencing, easy access to I485, I85 and I77. Move in ready.

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: Coulwood East

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k235k

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

Neighborhood: Coulwood East

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771518

* 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
Paw Creek Elementary School Primary Regular 530 37 5
Coulwood Middle School Middle Regular 694 45 7
West Mecklenburg High School High Regular 2,040 108 1

Paw Creek Elementary School

  • Education Level: Primary
  • # of students: 530
  • # of teachers: 37
5
GreatSchools Rating

Coulwood Middle School

  • Education Level: Middle
  • # of students: 694
  • # of teachers: 45
7
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$197,100$240,900$219,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$761
Property Tax -$191
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$470

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.

$219,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$63,785

INVESTMENT

$63,785

Down Payment
$54,750
Rehab Estimate
$5,750
Closing Costs
$3,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$761

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $54,750
Loan Amount $164,250
See What Happens When You Reinvest Cash Flow

14.67

YEARS SAVED

$53,250

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,546

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4993$1,5004$1,5995$1,600
$1,600
RENT COMPS ANALYSIS
  • 905 Lakehill Road Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,723 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,723 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.93
    •  
  • 7946 Bristle Lane Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,698 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,698 Sqft ∙ Built 2003
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.82
    •  
  • 712 Wilderness Trail Drive Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,676 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,676 Sqft ∙ Built 2002
    LEASED 01/31/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.89
    •  
  • 606 Jordans Pond Lane Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,657 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,657 Sqft ∙ Built 1997
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.91
    •  
  • 1304 Alston Hill Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2003
    LEASED 02/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.94
    •  
PROPERTY LISTING DETAILS
Kathryn Chavez
1.704.399.2817
Carolinas Home Place, Llc
BESbswy