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1535 Lane Road Mount Holly, NC 28120

4 Beds 2 Baths 1,704 sqft Built 2000

$179,900

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $105.58
  • 5 Days on Market
  • MLS # : 3709445
  • Updated Date : 02/18/2021 at 10:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,704 sqft
  • Baths : 2 full
Listing Agent

Bee Home Solutions, Inc.

Listing Agent's Description

AWESOME VALUE! Ranch style home in Mount Holly. The home features over 1700 sqft of space and sits on a large 3/4 AC lot. Large kitchen with plenty of counter space & stainless steel appliances. Large great room with fire place. This home has new paint throughout. This home has 4 bedrooms 2 full bathrooms. Large master bedroom and bathroom with jetted bathtub and separate shower. Large front porch perfect for entertaining guests. Backyard is flat and has 2 storage buildings. Conveniently located to major thoroughfares, 77, 485 & 85. 20 minutes to Charlotte and close to White Water Rafting Center.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Rankin Elementary School Primary Regular 659 34 6
Mount Holly Middle School Middle Regular 771 41 7
East Gaston High School High Regular 1,122 67 5

Rankin Elementary School

  • Education Level: Primary
  • # of students: 659
  • # 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
 

$161,910$197,890$179,900

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$625
Property Tax -$130
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$507

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.

$179,900

PROJECTED PRICE

$1,440

PROJECTED RENT

0.80%

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$0.0$5.0k$10k$15k$20k

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$53,424

INVESTMENT

$53,424

Down Payment
$44,975
Rehab Estimate
$5,750
Closing Costs
$2,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$625

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $44,975
Loan Amount $134,925
See What Happens When You Reinvest Cash Flow

16.5

YEARS SAVED

$49,630

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,525

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,4403$1,500
$1,500
RENT COMPS ANALYSIS
  • 1535 Lane Road Mount Holly, NC 2
    • 4 beds 2 baths ∙ 1,704 Sqft ∙ Built 2000 4 beds 2 baths ∙ 1,704 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $0.85
    •  
  • 710 Westland Farm Road Mount Holly, NC 1
    • 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1973
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.88
    •  
  • 315 Pine Road Mount Holly, NC 3
    • 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 1978
    LEASED 02/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.91
    •  
PROPERTY LISTING DETAILS
Nathalie Fabbricatore
1.704.904.1747
Bee Home Solutions, Inc.
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3709445
Last Updated: 02/18/2021
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