Rents in Lake Norman

7 Replies

I'm looking to relocate to Charlotte from DC next year. I'm interested in buying my first investment property in Cornelius or Huntersville. My plan is to secure a 3 or 4br on an FHA loan as an owner occupied. Since I know nothing about the area, I'm curious what I could reasonably expect for rent. I'm going to check craigslist, but I figured I'd ask around here.

Also I'm looking for suggestions on some other nice areas to look at in or around Charlotte. I've heard that SouthPark is a nice area as well, however properties look a lot more expensive based on what I've seen on redfin. I'm flying down for a week next month, staying with a friend, and want to get a better feel for the market. Any feedback would be greatly appreciated. Thanks 

Hi Daniel –

It is very difficult to grab multiplexes in Charlotte with any type of financing. I think all cash deals are the only things that are being successful. You might have better luck in Huntersville and Cornelius, I have not really focused in those particular areas.

I was able to grab a duplex in an off market deal that I am house hacking with a conventional mortgage. It is located in Myers Park, adjacent to the South Park area.

All my attempts to get anything larger on the MLS have been met with bidding wars and my highest and best offer was not good enough.

I’d be happy to meet with you when you’re down here visiting.

@Benion Horton sounds good, thanks for the feedback. I will give you a call when I'm in the area.

Hi @Daniel Pitta ,

I second what @Benion Horton says about the bidding wars with multis.  

Per Huntersville and Cornelius: these are well sought after areas. Rents for a 4 bed ranges 1350 to 4980, 3 bed ranges 1250 - 3000. I just checked our MLS.

Yep, South Park could be pricey.

I am an investor and REALTOR.  Feel free to reach out and grab coffee/tea when you visit.  

Originally posted by @DJ S. :

Hi @Daniel Pitta,

I second what @Benion Horton says about the bidding wars with multis.  

Per Huntersville and Cornelius: these are well sought after areas. Rents for a 4 bed ranges 1350 to 4980, 3 bed ranges 1250 - 3000. I just checked our MLS.

Yep, South Park could be pricey.

I am an investor and REALTOR.  Feel free to reach out and grab coffee/tea when you visit.  

 Thanks for the feedback. What is the market like for duplexes in Charlotte area? In DC they're almost nonexistent.

@Daniel Pitta  

You are welcome.

There about 62 duplexes in my MLS ranging from $25K (Highpoint needing upgrade. $500 total rent per month for 2 units) to $695K (Charlotte, Costwold nice area).

In Charlotte alone its 15 duplexes of the 62 above. $145K to $695K . 

Originally posted by @DJ S. :

@Daniel Pitta 

You are welcome.

There about 62 duplexes in my MLS ranging from $25K (Highpoint needing upgrade. $500 total rent per month for 2 units) to $695K (Charlotte, Costwold nice area).

In Charlotte alone its 15 duplexes of the 62 above. $145K to $695K . 

 Nice, please message me your contact info. I'd like to meet you when I'm in town in a few weeks

@Benion Horton How much did you (%) on your conv loan if you don't mind me asking? I was told by a realtor friend that you can put as little as 5% down on a conv loan with no PMI if your credit score is 720 or over.

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