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129 Thomas Springs Drive Mount Holly, NC 28120

4 Beds 3 Baths 2,178 sqft Built 2015

$260,000

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $119.38
  • 4 Days on Market
  • MLS # : 3701544
  • Updated Date : 01/29/2021 at 00:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,178 sqft
  • Baths : 2 full , 1 half
Listing Agent

New Beginnings Real Estate Group, Llc.

Listing Agent's Description

This beautiful, 4 bedroom, 2.5 bath in Kendrick Farm won’t last long! Located just minutes to I85 & I485 in Gaston County. This home is a one owner and very well maintained. Complete with a 2 car attached garage, granite counter tops in kitchen, all stainless steel appliances. Home located on a cul de sac lot with spacious open concept on the main floor. This house is in Mount Holly with easy access to shopping, dining, airport, Uptown Charlotte and both Mountain Island Lake as well as Lake Norman. Community has a neighborhood pool.

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: 28120

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210kPrice in $110k213k

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

Zip Code: 28120

ZipNIR Market*CityMarket2010Year20002019 Q2850900950100010501100115012001250130013501400Rent in $8231440

* 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
Pinewood Elementary School Primary Regular 581 34 6
Mount Holly Middle School Middle Regular 771 41 7
East Gaston High School High Regular 1,122 67 5

Pinewood Elementary School

  • Education Level: Primary
  • # of students: 581
  • # of teachers: 34
6
GreatSchools Rating

Mount Holly Middle School

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

East Gaston High School

  • Education Level: High
  • # of students: 1,122
  • # of teachers: 67
5
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$903
Property Tax -$308
Property Insurance -$68
HOA -$42
Property Management Fees -$119
CASH FLOW
$20

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.

$260,000

PROJECTED PRICE

$1,460

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.1%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$13,557

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,541

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4603$1,5754$1,5955$1,656
$1,656
RENT COMPS ANALYSIS
  • 129 Thomas Springs Drive Mount Holly, NC 2
    • 4 beds 3 baths ∙ 2,178 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,178 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.67
    •  
  • 121 Briarwood Lane Mount Holly, NC 1
    • 3 beds 3 baths ∙ 2,046 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,046 Sqft ∙ Built 2006
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.68
    •  
  • 144 Kendrick Farm Drive Mount Holly, NC 3
    • 4 beds 3 baths ∙ 2,153 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,153 Sqft ∙ Built 2015
    LEASED 01/21/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.73
    •  
  • 128 Crestwood Drive Mount Holly, NC 4
    • 4 beds 3 baths ∙ 2,269 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,269 Sqft ∙ Built 2006
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.70
    •  
  • 101 Foxwood Place Mount Holly, NC 5
    • 4 beds 3 baths ∙ 2,296 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,296 Sqft ∙ Built 2001
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,656
    • $0.72
    •  
PROPERTY LISTING DETAILS
Luis Mejia
1.704.322.9083
New Beginnings Real Estate Group, Llc.
BESbswy