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140 Barrington Drive Mount Holly, NC 28120

3 Beds 2 Baths 1,700 sqft Built 2005

$236,900

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $139.35
  • 2 Days on Market
  • MLS # : 3687386
  • Updated Date : 12/05/2020 at 17:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,700 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Sought after One-Story Ranch Home in the beautiful Dutchman’s Meadow. Bright and spacious open floor plan with 3 Bedroom / 2 Bath split floor plan. Gas log fireplace for cold winter nights. COME SEE THIS ONE IN PERSON BEFORE ITS GONE.

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: 28120

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $90k213k

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

Zip Code: 28120

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8231397

* 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
 

$213,210$260,590$236,900

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$874
Property Tax -$281
Property Insurance -$59
HOA -$17
Property Management Fees -$119
CASH FLOW
$50

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.

$236,900

PROJECTED PRICE

$1,400

PROJECTED RENT

0.59%

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

PROJECTED ANNUAL CASH FLOW

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

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$68,529

INVESTMENT

$68,529

Down Payment
$59,225
Rehab Estimate
$5,750
Closing Costs
$3,554

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$874

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,225
Loan Amount $177,675
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$18,625

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,403

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4003$1,4354$1,4955$1,550
$1,550
RENT COMPS ANALYSIS
  • 140 Barrington Drive Mount Holly, NC 2
    • 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.82
    •  
  • 112 Crestwood Drive Mount Holly, NC 1
    • 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2002
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.85
    •  
  • 109 Barrington Drive Mount Holly, NC 3
    • 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 2002
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,435
    • $0.84
    •  
  • 133 Whitby Drive Mount Holly, NC 4
    • 3 beds 2 baths ∙ 1,854 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,854 Sqft ∙ Built 2005
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.81
    •  
  • 240 Autumn Woods Boulevard Mount Holly, NC 5
    • 3 beds 3 baths ∙ 1,935 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,935 Sqft ∙ Built 2003
    LEASED 06/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.80
    •  
PROPERTY LISTING DETAILS
James Burbach
1.704.997.3404
Exp Realty Llc
BESbswy