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102 Lakeview Drive Belmont, NC 28012

3 Beds 2 Baths 1,300 sqft Built 1960

$200,000

List Price

$1,240

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $153.85
  • 7 Days on Market
  • MLS # : 3701620
  • Updated Date : 01/30/2021 at 00:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,300 sqft
  • Baths : 2 full
Listing Agent

Joseph Randall Realty Llc

Listing Agent's Description

Location, location, location! Minutes from historic downtown Belmont in desirable South Point Acres! Brick ranch with stunning hardwood floors. Spacious master bedroom with convenient laundry located in master bath. Washer & dryer to remain. Stainless steel appliances in kitchen. Large closet in master. Formal dining room. Split bedroom floorplan with two full baths! Great starter home. New roof and gutters in 2016. This home could use some cosmetic updates, but is move-in ready in its current condition as well. Large corner lot. Priced to sell! This home will not last long. Schedule a showing today!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$695
Property Tax -$150
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
$225

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.

$200,000

PROJECTED PRICE

$1,240

PROJECTED RENT

0.62%

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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$695

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

10.83

YEARS SAVED

$32,698

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,240

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,252

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,240
1$1,2402$1,3503$1,4494$1,599
$1,599
RENT COMPS ANALYSIS
  • 102 Lakeview Drive Belmont, NC 1
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $0.95
    •  
  • 209 Howe Street Belmont, NC 2
    • 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1999
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.98
    •  
  • 12 Henry Avenue Belmont, NC 3
    • 3 beds 1 baths ∙ 1,600 Sqft ∙ Built 1964 3 beds 1 baths ∙ 1,600 Sqft ∙ Built 1964
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.91
    •  
  • 114 Howe Street Belmont, NC 4
    • 3 beds 3 baths ∙ 1,596 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,596 Sqft ∙ Built 1998
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $1.00
    •  
PROPERTY LISTING DETAILS
Joe Brancatto
1.704.575.5674
Joseph Randall Realty Llc
BESbswy