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312 Forest Lane Belmont, NC 28012

4 Beds 3 Baths 1,838 sqft Built 1957

$359,900

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $195.81
  • 2 Days on Market
  • MLS # : 3697779
  • Updated Date : 01/16/2021 at 08:47
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,838 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Mountain View

Listing Agent's Description

Charming home in the heart of Belmont! Beautiful remodeled 4 bedroom 2.5 bath home on over half acre lot. Large, private fenced backyard with plenty of mature shade trees. The kitchen boasts granite countertops and stainless steel appliances. Wood floors in the living room & bedrooms and new carpet in the master bedroom. Conveniently located on a quiet side street, walking distance to downtown restaurants, shops and Stowe park. This is a must see home! Excellent location. Easy access to highways and less than 9 miles to Charlotte Douglas Airport. No HOA!

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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

Neighborhood: Central Belmont

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k213k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Central Belmont

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
 

$323,910$395,890$359,900

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$1,250
Property Tax -$253
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$86

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.

$359,900

PROJECTED PRICE

$1,770

PROJECTED RENT

0.49%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$101,124

INVESTMENT

$101,124

Down Payment
$89,975
Rehab Estimate
$5,750
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,250

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$27,055

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,709

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,449
1$1,4492$1,6503$1,7504$1,7705$1,850
$1,850
RENT COMPS ANALYSIS
  • 312 Forest Lane Belmont, NC 4
    • 4 beds 3 baths ∙ 1,838 Sqft ∙ Built 1957 4 beds 3 baths ∙ 1,838 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.96
    •  
  • 12 Henry Avenue Belmont, NC 1
    • 3 beds 1 baths ∙ 1,600 Sqft ∙ Built 1964 3 beds 1 baths ∙ 1,600 Sqft ∙ Built 1964
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.91
    •  
  • 307 Ethan Lane Belmont, NC 2
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1946 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1946
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.92
    •  
  • 711 South Point Road Belmont, NC 3
    • 3 beds 2 baths ∙ 1,900 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,900 Sqft ∙ Built 1973
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.92
    •  
  • 1003 Damon Pointe Drive Belmont, NC 5
    • 3 beds 3 baths ∙ 1,964 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,964 Sqft ∙ Built 2002
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.94
    •  
PROPERTY LISTING DETAILS
Cindy Souza
1.704.300.8105
Coldwell Banker Mountain View
BESbswy