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212 E Iowa Avenue Bessemer City, NC 28016

4 Beds 2 Baths 1,535 sqft Built 1993

$239,000

List Price

$1,200

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $155.70
  • 3 Days on Market
  • MLS # : 3682443
  • Updated Date : 11/14/2020 at 00:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,535 sqft
  • Baths : 2 full
Listing Agent

Vickie Spurling Realty Inc

Listing Agent's Description

Nice home in an established neighborhood in Bessemer City. This open floor plan home features four bedrooms and two full baths. The large great room has a vaulted ceiling and overlooks the kitchen's raised breakfast bar. The kitchen features nice cabinets, granite counter-tops, stainless steel appliances, and a decorative tile backsplash. Adjacent to the kitchen is a dining area and sliding glass door leading to the rear deck. The master suite has a tray ceiling, a large walk-in closet, and a private bathroom. The home also has a nice wired metal building with two garage doors. The home was just freshly painted in November 2020; the roof and HVAC were updated in 2012.

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: 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
 

$215,100$262,900$239,000

PURCHASE PRICE

$1,080$1,320$1,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,200
EXPENSES Loan Payment -$882
Property Tax -$189
Property Insurance -$56
Property Management Fees -$108
CASH FLOW
-$35

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.

$239,000

PROJECTED PRICE

$1,200

PROJECTED RENT

0.50%

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$700k

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$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,085

INVESTMENT

$69,085

Down Payment
$59,750
Rehab Estimate
$5,750
Closing Costs
$3,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$882

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,750
Loan Amount $179,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$9,363

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,200

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,036

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$895
1$8952$9503$1,200
$1,200
RENT COMPS ANALYSIS
  • 212 E Iowa Avenue Bessemer City, NC 3
    • 4 beds 2 baths ∙ 1,535 Sqft ∙ Built 1993 4 beds 2 baths ∙ 1,535 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.78
    •  
  • 808 W Highway 161 Highway Bessemer City, NC 1
    • 3 beds 1 baths ∙ 1,452 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,452 Sqft ∙ Built 1930
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $895
    • $0.62
    •  
  • 403 E Hartford Avenue Bessemer City, NC 2
    • 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1978
    LEASED 06/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.73
    •  
PROPERTY LISTING DETAILS
Vickie Spurling
1.704.445.4888
Vickie Spurling Realty Inc
BESbswy