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3211 Grange Court Belmont, NC 28012

4 Beds 3 Baths 2,670 sqft Built 1997

$425,000

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 1997
  • Price/Sqft : $159.18
  • 7 Days on Market
  • MLS # : 3676820
  • Updated Date : 10/29/2020 at 12:01
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,670 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Gastonia

Listing Agent's Description

Gorgeous custom full brick, split bedroom floorplan all living on main floor except bonus/bedroom 4 upstairs. Lots of recent updates including all new appliances, all freshly painted, new light fixtures, new kitchen flooring, new Whole House Generac Generator (no worries of losing power in a storm), new french doors. Seller owns a landscaping company & has just completed the most gorgeous tranquil fenced level backyard with a Koi pond & waterfall. Enjoy relaxing on the large screened porch & just listening to the waterfall. Masterbed has tray ceiling & very large walk-in closet, luxurious spacious masterbath, all ceramic tile, dual sinks & garden tub. Beautiful hardwoods in foyer, office, dining & living. Bamboo flooring in upstairs room. Bed 2 & 3 also spacious with great closet space. Remodeled half bath. Upgrades galore in this home. Even the laundry room has granite counters & stainless sink! Wired storage building in backyd. Dual HVAC systems, new in 2016. Attic storage space.

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
Stuart W. Cramer High School High Regular 782 45 NA

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

Stuart W. Cramer High School

  • Education Level: High
  • # of students: 782
  • # of teachers: 45
NA
GreatSchools Rating
 

$382,500$467,500$425,000

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,568
Property Tax -$348
Property Insurance -$77
Property Management Fees -$207
CASH FLOW
$100

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.

$425,000

PROJECTED PRICE

$2,300

PROJECTED RENT

0.54%

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,568

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$30,952

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,009

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9453$2,0754$2,0955$2,300
$2,300
RENT COMPS ANALYSIS
  • 3211 Grange Court Belmont, NC 5
    • 4 beds 3 baths ∙ 2,670 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,670 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.86
    •  
  • 2566 Shannon Drive Belmont, NC 1
    • 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2004
    LEASED 07/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.74
    •  
  • 2800 Shannon Drive Belmont, NC 2
    • 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2006
    LEASED 07/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.75
    •  
  • 4918 Trayton Avenue Gastonia, NC 3
    • 5 beds 4 baths ∙ 2,698 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,698 Sqft ∙ Built 2019
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.77
    •  
  • 303 Southfork Lane Belmont, NC 4
    • 5 beds 3 baths ∙ 2,878 Sqft ∙ Built 2017 5 beds 3 baths ∙ 2,878 Sqft ∙ Built 2017
    LEASED 01/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.73
    •  
PROPERTY LISTING DETAILS
Wendy Eaves
1.704.674.9408
Allen Tate Gastonia
BESbswy