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PROPERTY INFO
FACTS
- Single Family
- Built In 1997
- Price/Sqft : $88.66
- 3 Days on Market
- MLS # : 3710569
- Updated Date : 02/20/2021 at 11:58
CONSTRUCTION
- Beds : 3
- Floor Size : 1,296 sqft
- Baths : 2 full
Listing Agent
Carolina Residential Group Llc
Listing Agent's Description
Tenant Occupied home ready to be added to your portfolio! Tenant has been there since 12/14/2020 with a performing history and has a valid lease until 06/22/2022. Tenant currently pays $1,195/Month for Rents and $30/Month for a pet fee for a total of $1,225/Month. This 3 bedroom 2 bathroom home is awaiting your purchase to add to your portfolio. This home boasts a large spacious kitchen that opens to the breakfast area with lots of cabinet space, breakfast bar, and all appliances included. Spacious bedrooms with lots of closet space. Large windows adding lots of natural light. The backyard features an oversized deck and partially fenced yard, perfect for entertaining and enjoying the Carolina Weather!
SEE MORE
- 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: 28016
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Zip Code: 28016
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,030 |
| EXPENSES | Loan Payment | -$399 |
| Property Tax | -$91 | |
| Property Insurance | -$52 | |
| Property Management Fees | -$119 | |
|
CASH FLOW
$369
|
||
This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.
$114,900
PROJECTED PRICE
$1,030
PROJECTED RENT
0.90%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 2.94% |
| Appreciation Year (1-5) | 5.2% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 6.02% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$36,199
LOAN DETAILS
$399
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $28,725 |
| Loan Amount | $86,175 |
17.33
YEARS SAVED
$33,378
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,030
LIST RENT -
$0.79
LIST RENT PER SQFT
-
$966
COMP ESTIMATED VALUE -
$0.75
COMP AVG. RENT PER SQFT
Comps Range
-
409 S Skyland Drive Bessemer City, NC 3
- 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1997
- Rent
- Rent Per SQFT
- $1,030
- $0.79
-
103 W Maine Avenue Bessemer City, NC 1
- 3 beds 1 baths ∙ 975 Sqft ∙ Built 1955 3 beds 1 baths ∙ 975 Sqft ∙ Built 1955
LEASED 10/07/19- Rent
- Rent Per SQFT
- $850
- $0.87
-
808 W Highway 161 Highway Bessemer City, NC 2
- 3 beds 1 baths ∙ 1,452 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,452 Sqft ∙ Built 1930
LEASED 05/04/20- Rent
- Rent Per SQFT
- $895
- $0.62
PROPERTY LISTING DETAILS
1.980.365.3575
Carolina Residential Group Llc
MLS #: 3710569
Last Updated: 02/20/2021
