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224 Brookwood Road Belmont, NC 28012

3 Beds 2 Baths 1,798 sqft Built 1961

$165,000

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $91.77
  • 3 Days on Market
  • MLS # : 3699896
  • Updated Date : 01/22/2021 at 18:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,798 sqft
  • Baths : 2 full
Listing Agent

Maultsby Realty Group

Listing Agent's Description

Calling all investors and DIY buyers!!!! 3 bedroom / 2 bathroom, 1798 square feet when completed, great location. This home has all the major components completed and waiting on your finishing touches. Items replaced and updated: Replacement WINDOWS, ROOF (2 yrs old), HVAC (3 yrs old), TANKLESS HOT WATER HEATER, Upgraded SIDING, Bathrooms improved, new vanities, updated recess lighting, new stairs and handrails, new sliding door, new large gutter system, large master suite with big closet and built in storage. Priced remarkably low for the town of Belmont to sell quickly. Home needs flooring finished in areas, drywall repairs, and painting, home sold AS-IS. Highest and best deadline is Sat 1/23 6pm

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: 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
Catawba Heights Elementary School Primary Regular 327 22 5
Mount Holly Middle School Middle Regular 771 41 7
South Point High School High Regular 1,101 61 6

Catawba Heights Elementary School

  • Education Level: Primary
  • # of students: 327
  • # of teachers: 22
5
GreatSchools Rating

Mount Holly Middle School

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

South Point High School

  • Education Level: High
  • # of students: 1,101
  • # of teachers: 61
6
GreatSchools Rating
 

$148,500$181,500$165,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$573
Property Tax -$202
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$515

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.

$165,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.89%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$49,475

INVESTMENT

$49,475

Down Payment
$41,250
Rehab Estimate
$5,750
Closing Costs
$2,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$573

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $41,250
Loan Amount $123,750
See What Happens When You Reinvest Cash Flow

16.92

YEARS SAVED

$46,950

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,810

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4703$1,6754$1,745
$1,745
RENT COMPS ANALYSIS
  • 224 Brookwood Road Belmont, NC 2
    • 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.82
    •  
  • 208 Tuckaseege Road Mount Holly, NC 1
    • 3 beds 2 baths ∙ 1,457 Sqft ∙ Built 1915 3 beds 2 baths ∙ 1,457 Sqft ∙ Built 1915
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.96
    •  
  • 1011 White Water Circle Belmont, NC 3
    • 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1998
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.04
    •  
  • 129 Deerfield Drive Mount Holly, NC 4
    • 4 beds 3 baths ∙ 1,708 Sqft ∙ Built 2002 4 beds 3 baths ∙ 1,708 Sqft ∙ Built 2002
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $1.02
    •  
PROPERTY LISTING DETAILS
Laura Maultsby
1.704.241.8727
Maultsby Realty Group
BESbswy