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422 Lincoln Street Belmont, NC 28012

3 Beds 2 Baths 1,008 sqft Built 1999

$194,500

List Price

$1,060

$954 - $1.2K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1999
  • Price/Sqft : $192.96
  • 7 Days on Market
  • MLS # : 3677838
  • Updated Date : 11/04/2020 at 16:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,008 sqft
  • Baths : 2 full
Listing Agent

Kerestan Realty

Listing Agent's Description

HEART OF BELMONT!! WALK to dining, shopping! Onsite parking 4 cars ! 3 bed /2 bath ranch on a nice level quarter acre lot with shed in back! New Lenox HVAC 2017 ! New stainless appliances in 2017! Updated baths! NO HOA!!! Great starter home, or investment rental home. Booming area ! Close to major arteries, easy commuter location. Live close to the center of it all! Crown molding in Living room, dining area and hallway. Great investment or starter home in terrific location!

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
 

$175,050$213,950$194,500

PURCHASE PRICE

$954$1,166$1,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,060
EXPENSES Loan Payment -$718
Property Tax -$146
Property Insurance -$46
Property Management Fees -$95
CASH FLOW
$55

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.

$194,500

PROJECTED PRICE

$1,060

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$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,293

INVESTMENT

$57,293

Down Payment
$48,625
Rehab Estimate
$5,750
Closing Costs
$2,918

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$718

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,625
Loan Amount $145,875
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$14,526

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,060

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,041

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,060
1$1,0602$1,1753$1,1954$1,1955$1,300
$1,300
RENT COMPS ANALYSIS
  • 422 Lincoln Street Belmont, NC 1
    • 3 beds 2 baths ∙ 1,008 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,008 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,060
    • $1.05
    •  
  • 517 W Henry Street W Belmont, NC 2
    • 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1900 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1900
    property image
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $1.07
    •  
  • 1401 Hickory Grove Road Gastonia, NC 3
    • 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 1949
    property image
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.96
    •  
  • 118 Alberta Avenue Belmont, NC 4
    • 3 beds 1 baths ∙ 1,112 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,112 Sqft ∙ Built 1950
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.07
    •  
  • 101 Garrison Drive Belmont, NC 5
    • 3 beds 2 baths ∙ 1,268 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,268 Sqft ∙ Built 1952
    property image
    LEASED 07/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.03
    •  
PROPERTY LISTING DETAILS
Judi Kerestan
1.704.280.9036
Kerestan Realty
BESbswy