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1020 Wilkerson Street Belmont, NC 28012

3 Beds 2 Baths 1,416 sqft Built 1994

$229,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $161.72
  • 3 Days on Market
  • MLS # : 3694619
  • Updated Date : 01/02/2021 at 18:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,416 sqft
  • Baths : 2 full
Listing Agent

Douglas Carson, Realtors

Listing Agent's Description

Welcome home to this charming ranch home in desirable Belmont! Relax on your very own covered, rocking-chair front porch in this beautiful and quiet neighborhood. This three bedroom, two bathroom home boasts a spacious open concept floor plan with a kitchen, dining room and living room that are perfect for entertaining. The backyard is completely fenced in, with mature trees and level lot. All of this charm is located only minutes from downtown Belmont & Mount Holly, 15 minutes from Charlotte Douglas International Airport & 25 minutes to Uptown Charlotte!

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
North Belmont Elementary School Primary Regular 414 25 5
Mount Holly Middle School Middle Regular 771 41 7
Stuart W. Cramer High School High Regular 782 45 NA

North Belmont Elementary School

  • Education Level: Primary
  • # of students: 414
  • # of teachers: 25
5
GreatSchools Rating

Mount Holly Middle School

  • Education Level: Middle
  • # of students: 771
  • # of teachers: 41
7
GreatSchools Rating

Stuart W. Cramer High School

  • Education Level: High
  • # of students: 782
  • # of teachers: 45
NA
GreatSchools Rating
 

$206,100$251,900$229,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$845
Property Tax -$172
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$111

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.

$229,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.57%

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$800k

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$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,435

INVESTMENT

$66,435

Down Payment
$57,250
Rehab Estimate
$5,750
Closing Costs
$3,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,250
Loan Amount $171,750
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$26,415

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,306

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,045
1$1,0452$1,1953$1,1954$1,2005$1,300
$1,300
RENT COMPS ANALYSIS
  • 1020 Wilkerson Street Belmont, NC 5
    • 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.92
    •  
  • 708 Ashe Place Gastonia, NC 1
    • 4 beds 2 baths ∙ 1,150 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,150 Sqft ∙ Built 1980
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,045
    • $0.91
    •  
  • 1731 Perfection Avenue Belmont, NC 2
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1930 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1930
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.92
    •  
  • 1401 Hickory Grove Road Gastonia, NC 3
    • 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 1949
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.96
    •  
  • 77 Belmont Avenue Belmont, NC 4
    • 3 beds 1 baths ∙ 1,331 Sqft ∙ Built 1900 3 beds 1 baths ∙ 1,331 Sqft ∙ Built 1900
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.90
    •  
PROPERTY LISTING DETAILS
Andy Wiesner
1.920.527.0322
Douglas Carson, Realtors
BESbswy