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311 Belwood Drive Belmont, NC 28012

4 Beds 4 Baths 2,993 sqft Built 1982

$465,000

List Price

$2,410

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $155.36
  • 5 Days on Market
  • MLS # : 3703469
  • Updated Date : 02/06/2021 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,993 sqft
  • Baths : 3 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Gorgeous 4 BR 3.5 BA brick home w/ Bsmt in Belmont on 1.23 Acre lot. All baths & kitchen remodeled & updated. Owner’s suite & guest suite on main. The owners suite has cedar lined walk in closet & updated bathroom w/ new vanity, lighting, counter tops, sink, and large tiled shower. The great room features gas log fireplace & hardwood floors throughout main living areas. The kitchen has also been updated w/ stainless steel appliances with warming drawer, new granite countertops, new backsplash and lighting. Upstairs has two super large bedrooms, a sewing room or bonus space & updated bathroom w/ new tile, vanity, countertop, lighting and faucets. The storage space in this home is incredible. Not to mention new windows, a full basement workshop space. Water softner/filter sys, central vac sys, 2 water heaters and did we mention no city taxes & no HOA dues! This is a rare find for Belmont & walking distance to the new Harris Teeter & the new Middle School. Too many extras to name.

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: 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
 

$418,500$511,500$465,000

PURCHASE PRICE

$2,169$2,651$2,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,410
EXPENSES Loan Payment -$1,615
Property Tax -$327
Property Insurance -$83
Property Management Fees -$119
CASH FLOW
$265

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.

$465,000

PROJECTED PRICE

$2,410

PROJECTED RENT

0.52%

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$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$128,975

INVESTMENT

$128,975

Down Payment
$116,250
Rehab Estimate
$5,750
Closing Costs
$6,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,615

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $116,250
Loan Amount $348,750
See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$49,963

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,410

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $2,432

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$2,199
1$2,1992$2,4103$2,4504$2,4955$2,795
$2,795
RENT COMPS ANALYSIS
  • 311 Belwood Drive Belmont, NC 2
    • 4 beds 4 baths ∙ 2,993 Sqft ∙ Built 1982 4 beds 4 baths ∙ 2,993 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $2,410
    • $0.81
    •  
  • 1012 Mclaren Drive Belmont, NC 1
    • 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
    •  
  • 6013 Thorburn Way Belmont, NC 3
    • 5 beds 4 baths ∙ 3,068 Sqft ∙ Built 2012 5 beds 4 baths ∙ 3,068 Sqft ∙ Built 2012
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.80
    •  
  • 2143 Southridge Drive Belmont, NC 4
    • 5 beds 4 baths ∙ 3,186 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,186 Sqft ∙ Built 2006
    LEASED 11/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.78
    •  
  • 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
Lynne Goodwin
1.704.813.5126
Coldwell Banker Realty
BESbswy