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1005 Belmont Village Drive Belmont, NC 28012

4 Beds 4 Baths 3,188 sqft Built 2010

$489,900

List Price

$2,450

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 2010
  • Price/Sqft : $153.67
  • 8 Days on Market
  • MLS # : 3608930
  • Updated Date : 10/31/2020 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,188 sqft
  • Baths : 3 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Custom Built Home With All The Extras. Open Floorplan, 9 Foot Ceilings, Granite Countertops, Custom Trim Work Throughout; LARGE MASTER SWUITE ON MAIN LEVEL, 2 Full Baths Upstairs Plus a Loft. Large Bedrooms & Excellent Storage Closets. Large 2 Car Garage Screened Porch and NO HOA FEES

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

Zip Code: 28012

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k213k

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

Zip Code: 28012

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8421396

* 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
Belmont Central Elementary School Primary Regular 678 35 7
Belmont Middle School Middle Regular 726 39 6
South Point High School High Regular 1,101 61 6

Belmont Central Elementary School

  • Education Level: Primary
  • # of students: 678
  • # of teachers: 35
7
GreatSchools Rating

Belmont Middle School

  • Education Level: Middle
  • # of students: 726
  • # of teachers: 39
6
GreatSchools Rating

South Point High School

  • Education Level: High
  • # of students: 1,101
  • # of teachers: 61
6
GreatSchools Rating
 

$440,910$538,890$489,900

PURCHASE PRICE

$2,205$2,695$2,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,450
EXPENSES Loan Payment -$1,808
Property Tax -$367
Property Insurance -$87
Property Management Fees -$221
CASH FLOW
-$32

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.

$489,900

PROJECTED PRICE

$2,450

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.4%
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$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$135,574

INVESTMENT

$135,574

Down Payment
$122,475
Rehab Estimate
$5,750
Closing Costs
$7,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,808

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $122,475
Loan Amount $367,425
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$23,266

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,450

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,407

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,2003$2,450
$2,450
RENT COMPS ANALYSIS
  • 1005 Belmont Village Drive Belmont, NC 3
    • 4 beds 4 baths ∙ 3,188 Sqft ∙ Built 2010 4 beds 4 baths ∙ 3,188 Sqft ∙ Built 2010
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.77
    •  
  • 303 Southfork Lane Belmont, NC 1
    • 5 beds 3 baths ∙ 2,878 Sqft ∙ Built 2017 5 beds 3 baths ∙ 2,878 Sqft ∙ Built 2017
    LEASED 01/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.73
    •  
  • 2143 Southridge Drive Belmont, NC 2
    • 5 beds 4 baths ∙ 3,186 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,186 Sqft ∙ Built 2006
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.69
    •  
PROPERTY LISTING DETAILS
Leslie Dale
1.704.813.6511
Re/max Executive
BESbswy