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318 Rutledge Road Mount Holly, NC 28120

4 Beds 3 Baths 1,578 sqft Built 1980

$311,500

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1980
  • Price/Sqft : $197.40
  • 18 Days on Market
  • MLS # : 3675431
  • Updated Date : 11/08/2020 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,578 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jackson Perrine Realty Llc

Listing Agent's Description

Don't miss this 4Br 2.1 bath, beautiful brick ranch with a fully finished basement on almost 3 acres of land in Mt.Holly This home features 2 fireplaces that runs off propane, freshly painted large deck, 2 car garage connected and an additional 3 car garage/workshop.Updated bathrooms, main living area recently painted with SW Agreeable Grey. Well has new pump installed 2017, Septic cleaned 2019, surround sound in living room. Propane tank is 100 gal and runs Kitchen cook top and both fire places. Basement bedroom does not have closet or window but is listed on tax records as a 4th bedroom. Hot tub to be conveyed "as is" no warranty. Home is being measured tax measurements used until then. Buyers broker to confirm schools

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: 28120

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $90k213k

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

Zip Code: 28120

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8231397

* 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
Kiser Elementary School Primary Regular 443 22 3
Stanley Middle School Middle Regular 485 30 7
East Gaston High School High Regular 1,122 67 5

Kiser Elementary School

  • Education Level: Primary
  • # of students: 443
  • # of teachers: 22
3
GreatSchools Rating

Stanley Middle School

  • Education Level: Middle
  • # of students: 485
  • # of teachers: 30
7
GreatSchools Rating

East Gaston High School

  • Education Level: High
  • # of students: 1,122
  • # of teachers: 67
5
GreatSchools Rating
 

$280,350$342,650$311,500

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 -$1,149
Property Tax -$181
Property Insurance -$57
Property Management Fees -$159
CASH FLOW
$224

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.

$311,500

PROJECTED PRICE

$1,770

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.1%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$88,298

INVESTMENT

$88,298

Down Payment
$77,875
Rehab Estimate
$5,750
Closing Costs
$4,673

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,149

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,875
Loan Amount $233,625
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$40,352

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
  • $1.12

    LIST RENT PER SQFT
  • $1,389

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,770
$1,770
RENT COMPS ANALYSIS
  • 318 Rutledge Road Mount Holly, NC 2
    • 4 beds 3 baths ∙ 1,578 Sqft ∙ Built 1980 4 beds 3 baths ∙ 1,578 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $1.12
    •  
  • 2178 Stanley Lucia Road Mount Holly, NC 1
    • 3 beds 1 baths ∙ 1,422 Sqft ∙ Built 1940 3 beds 1 baths ∙ 1,422 Sqft ∙ Built 1940
    property image
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.88
    •  
PROPERTY LISTING DETAILS
Caroline Perrine Jackson
1.704.492.8570
Jackson Perrine Realty Llc
BESbswy