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114 Central Avenue Bessemer City, NC 28016

3 Beds 2 Baths 1,050 sqft Built 1975

$193,000

List Price

$940

$846 - $1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $183.81
  • 4 Days on Market
  • MLS # : 3712044
  • Updated Date : 02/26/2021 at 21:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,050 sqft
  • Baths : 2 full
Listing Agent

Kristy W London

Listing Agent's Description

Newly remodeled property in a well established neighborhood. This one is practically brand new. 3 bedrooms, 2 baths. Open concept kitchen/living room with a nice size laundry room, offering extra storage or pantry space. New flooring throughout, new kitchen, new deck, new HVAC, fresh paint.. it just needs a new family to call it home.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28016

ZipNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $58k213k

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

Zip Code: 28016

ZipNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5941375

* 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
Bessemer City Primary School Primary Regular 384 22 NA
Bessemer City Middle School Middle Regular 550 36 5
Bessemer City High School High Regular 646 41 2

Bessemer City Primary School

  • Education Level: Primary
  • # of students: 384
  • # of teachers: 22
NA
GreatSchools Rating

Bessemer City Middle School

  • Education Level: Middle
  • # of students: 550
  • # of teachers: 36
5
GreatSchools Rating

Bessemer City High School

  • Education Level: High
  • # of students: 646
  • # of teachers: 41
2
GreatSchools Rating
 

$173,700$212,300$193,000

PURCHASE PRICE

$846$1,034$940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $940
EXPENSES Loan Payment -$670
Property Tax -$153
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
-$49

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$193,000

PROJECTED PRICE

$940

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$56,895

INVESTMENT

$56,895

Down Payment
$48,250
Rehab Estimate
$5,750
Closing Costs
$2,895

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$670

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $48,250
Loan Amount $144,750
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$7,421

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $940

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $898

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$850
1$8502$8503$940
$940
RENT COMPS ANALYSIS
  • 114 Central Avenue Bessemer City, NC 3
    • 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1975
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $940
    • $0.90
    •  
  • 103 W Maine Avenue Bessemer City, NC 1
    • 3 beds 1 baths ∙ 975 Sqft ∙ Built 1955 3 beds 1 baths ∙ 975 Sqft ∙ Built 1955
    property image
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.87
    •  
  • 445 Bess Town Road Bessemer City, NC 2
    • 3 beds 1 baths ∙ 1,010 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,010 Sqft ∙ Built 1930
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.84
    •  
PROPERTY LISTING DETAILS
Kristy London
1.704.678.5709
Kristy W London
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3712044
Last Updated: 02/26/2021
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