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2029 Wade Hampton Circle Belmont, NC 28012

5 Beds 4 Baths 2,914 sqft Built 2013

$399,900

List Price

$2,380

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $137.23
  • 20 Days on Market
  • MLS # : 3681275
  • Updated Date : 11/28/2020 at 14:19
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,914 sqft
  • Baths : 4 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Welcome to this beautiful 1.5 story home in South Point Village. Conveniently located in Belmont and minutes away from shopping, restaurants, grocery stores, and schools. The first feature that will catch your attention is the oversized front porch that is the perfect spot to start and end your day. As you enter, you will notice the tall ceilings throughout and the open floorplan for entertaining and convenient everyday living. This home has 5 bedrooms, 4 full baths, an extra room for an office/play area, and a bonus area. Owner's suite and 2nd Owner's Suite are both located on the main level. The Chef Inspired kitchen offers granite counter tops, a gas stove, and plenty of storage. The family room is extra cozy with the gas fireplace and lots of windows to overlook the backyard. The backyard space has a fantastic covered patio. Upstairs has an open bonus room area with a full bath and 2 additional bedrooms. Overall, this home is one of a kind, well maintained, and beautifully updated.

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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
 

$359,910$439,890$399,900

PURCHASE PRICE

$2,142$2,618$2,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,380
EXPENSES Loan Payment -$1,475
Property Tax -$300
Property Insurance -$82
HOA -$20
Property Management Fees -$214
CASH FLOW
$289

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.

$399,900

PROJECTED PRICE

$2,380

PROJECTED RENT

0.60%

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

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$111,724

INVESTMENT

$111,724

Down Payment
$99,975
Rehab Estimate
$5,750
Closing Costs
$5,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,475

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,975
Loan Amount $299,925
See What Happens When You Reinvest Cash Flow

8.08

YEARS SAVED

$50,216

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,380

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,331

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,945
1$1,9452$2,1993$2,2004$2,3805$2,795
$2,795
RENT COMPS ANALYSIS
  • 2029 Wade Hampton Circle Belmont, NC 4
    • 5 beds 4 baths ∙ 2,914 Sqft ∙ Built 2013 5 beds 4 baths ∙ 2,914 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $0.82
    •  
  • 2800 Shannon Drive Belmont, NC 1
    • 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 2
    • 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
    •  
  • 2143 Southridge Drive Belmont, NC 3
    • 5 beds 4 baths ∙ 3,186 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,186 Sqft ∙ Built 2006
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.69
    •  
  • 1005 Belmont Village Drive Belmont, NC 5
    • 4 beds 4 baths ∙ 3,188 Sqft ∙ Built 2010 4 beds 4 baths ∙ 3,188 Sqft ∙ Built 2010
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $0.88
    •  
PROPERTY LISTING DETAILS
Matthew Hanks
1.704.931.5325
Exp Realty Llc
BESbswy