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1137 Mckee Farm Lane Belmont, NC 28012

4 Beds 3 Baths 2,656 sqft Built 2011

$382,000

List Price

$2,180

$2K - $2.4K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $143.83
  • 6 Days on Market
  • MLS # : 3700040
  • Updated Date : 01/21/2021 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,656 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Beautiful, meticulously maintained 4-bedroom home located in the highly desirable South Point Village subdivision! If location is at the top of your list, this home is close to everything you could ask for. From the moment you enter the home, you will see the features that sets this home apart. Private, first floor office with french doors. Upgraded kitchen with a large island and stainless steel appliances. The master bedroom with the bump-out bay window gives the room a cozy feel. This home has so many great features, it is sure to amaze!

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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
 

$343,800$420,200$382,000

PURCHASE PRICE

$1,962$2,398$2,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,180
EXPENSES Loan Payment -$1,327
Property Tax -$286
Property Insurance -$77
HOA -$28
Property Management Fees -$119
CASH FLOW
$343

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.

$382,000

PROJECTED PRICE

$2,180

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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

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$106,980

INVESTMENT

$106,980

Down Payment
$95,500
Rehab Estimate
$5,750
Closing Costs
$5,730

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,327

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $95,500
Loan Amount $286,500
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$53,844

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,180

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,151

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9453$2,1804$2,1995$2,495
$2,495
RENT COMPS ANALYSIS
  • 1137 Mckee Farm Lane Belmont, NC 3
    • 4 beds 3 baths ∙ 2,656 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,656 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $2,180
    • $0.82
    •  
  • 176 Berkshire Avenue Belmont, NC 1
    • 3 beds 3 baths ∙ 2,466 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,466 Sqft ∙ Built 2006
    LEASED 08/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.77
    •  
  • 2800 Shannon Drive Belmont, NC 2
    • 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2006
    LEASED 07/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.75
    •  
  • 1012 Mclaren Drive Belmont, NC 4
    • 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 2011
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,199
    • $0.79
    •  
  • 316 S Main Street Belmont, NC 5
    • 3 beds 3 baths ∙ 2,620 Sqft ∙ Built 1930 3 beds 3 baths ∙ 2,620 Sqft ∙ Built 1930
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.95
    •  
PROPERTY LISTING DETAILS
Josh Kelly
1.704.421.4960
Keller Williams Ballantyne Area
BESbswy