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433 Wheat Field Drive Mount Holly, NC 28120

4 Beds 3 Baths 2,712 sqft Built 2018

$300,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $110.62
  • 6 Days on Market
  • MLS # : 3710738
  • Updated Date : 03/25/2021 at 08:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,712 sqft
  • Baths : 2 full , 1 half
Listing Agent

Premier South

Listing Agent's Description

We are in multiple offers at this time. We will be accept offers until 6pm Saturday 3/27/21. Welcome home! This beautiful home features 4 bedrooms, 2 ½ bathrooms property in desirable Meadow Brook Estate. The first floor features an open floor plan and half bath. Upstairs has all 4 bedrooms and 2 full baths with Master walk in closet and loft area. Has large outdoor patio with fire pit and privacy fenced in backyard. Home has a 2 car garage. Convenient to shopping, schools, US National Whitewater center, Charlotte Airport, Hwy I-85 and Hwy 27.

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
Rankin Elementary School Primary Regular 659 34 6
Mount Holly Middle School Middle Regular 771 41 7
Stuart W. Cramer High School High Unknown NA

Rankin Elementary School

  • Education Level: Primary
  • # of students: 659
  • # of teachers: 34
6
GreatSchools Rating

Mount Holly Middle School

  • Education Level: Middle
  • # of students: 771
  • # of teachers: 41
7
GreatSchools Rating

Stuart W. Cramer High School

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

$270,000$330,000$300,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,042
Property Tax -$356
Property Insurance -$78
HOA -$27
Property Management Fees -$119
CASH FLOW
$278

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.

$300,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.63%

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$40,062

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $2,088

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,9003$1,9954$1,995
$1,995
RENT COMPS ANALYSIS
  • 433 Wheat Field Drive Mount Holly, NC 2
    • 4 beds 3 baths ∙ 2,712 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,712 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.70
    •  
  • 104 High Ridge Court W Mount Holly, NC 1
    • 4 beds 4 baths ∙ 2,390 Sqft ∙ Built 2002 4 beds 4 baths ∙ 2,390 Sqft ∙ Built 2002
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.67
    •  
  • 101 Margaret Hoffman Drive Mount Holly, NC 3
    • 4 beds 3 baths ∙ 2,403 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,403 Sqft ∙ Built 2016
    property image
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.83
    •  
  • 108 Rippling Water Drive Mount Holly, NC 4
    • 5 beds 3 baths ∙ 2,495 Sqft ∙ Built 2017 5 beds 3 baths ∙ 2,495 Sqft ∙ Built 2017
    property image
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.80
    •  
PROPERTY LISTING DETAILS
Kellie Ellis
1.704.460.2626
Premier South
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3710738
Last Updated: 03/25/2021
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