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9801 Wesleyan Court Mint Hill, NC 28227

4 Beds 3 Baths 2,721 sqft Built 2000

$360,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $132.30
  • 3 Days on Market
  • MLS # : 3709205
  • Updated Date : 02/27/2021 at 14:23
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,721 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Welcome home to 4-bedroom, 2.5-bathroom, brick-style home conveniently located in The Oaks in Oxfordshire! This home has natural hardwood flooring upon entry, a dedicated office space, a great room and a separate living room! The bonus room also doubles as a bedroom with great closet space! The bonus bedroom can also be converted into a loft! The patio is great for entertaining with creek views! Come see why you should make this your home!

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: 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
 

$324,000$396,000$360,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,250
Property Tax -$277
Property Insurance -$78
HOA -$11
Property Management Fees -$119
CASH FLOW
$164

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.

$360,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.53%

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$0.0$5.0k$10k$15k$20k

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$101,150

INVESTMENT

$101,150

Down Payment
$90,000
Rehab Estimate
$5,750
Closing Costs
$5,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,250

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $90,000
Loan Amount $270,000
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$33,665

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,755

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$1,635
1$1,6352$1,6353$1,6994$1,7355$1,900
$1,900
RENT COMPS ANALYSIS
  • 9801 Wesleyan Court Mint Hill, NC 5
    • 4 beds 3 baths ∙ 2,721 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,721 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.70
    •  
  • 12104 Bending Branch Road Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,524 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,524 Sqft ∙ Built 2008
    LEASED 10/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,635
    • $0.65
    •  
  • 9218 Cotton Gum Road Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,392 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,392 Sqft ∙ Built 2008
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,635
    • $0.68
    •  
  • 12610 Sitka Court Charlotte, NC 3
    • 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 4
    • 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
    •  
PROPERTY LISTING DETAILS
Christy Calfee
1.704.606.3322
Mark Spain Real Estate
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3709205
Last Updated: 02/27/2021
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