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5002 Sea Oates Lane Bessemer City, NC 28016

3 Beds 2 Baths 1,506 sqft Built 1976

$179,900

List Price

$1,130

$1K - $1.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $119.46
  • 4 Days on Market
  • MLS # : 3719687
  • Updated Date : 03/20/2021 at 20:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,506 sqft
  • Baths : 1 full , 1 half
Listing Agent

Coldwell Banker Carver-pressley, Realtors

Listing Agent's Description

Home has just been painted. New windows and new interior doors. New cabinets in kitchen. New vinyl plank floors throughout. Large separate den. Fenced back with patio. Convenient to I85.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28016

ZipNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $58k213k

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

Zip Code: 28016

ZipNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5941375

* 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
Edward D Sadler Jr Elementary School Primary Regular 577 34 3
Bessemer City Middle School Middle Regular 550 36 5
Bessemer City High School High Regular 646 41 2

Edward D Sadler Jr Elementary School

  • Education Level: Primary
  • # of students: 577
  • # of teachers: 34
3
GreatSchools Rating

Bessemer City Middle School

  • Education Level: Middle
  • # of students: 550
  • # of teachers: 36
5
GreatSchools Rating

Bessemer City High School

  • Education Level: High
  • # of students: 646
  • # of teachers: 41
2
GreatSchools Rating
 

$161,910$197,890$179,900

PURCHASE PRICE

$1,017$1,243$1,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,130
EXPENSES Loan Payment -$625
Property Tax -$140
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$190

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.

$179,900

PROJECTED PRICE

$1,130

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$53,424

INVESTMENT

$53,424

Down Payment
$44,975
Rehab Estimate
$5,750
Closing Costs
$2,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$625

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $44,975
Loan Amount $134,925
See What Happens When You Reinvest Cash Flow

10.58

YEARS SAVED

$28,316

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,130

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,239

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,130
1$1,1302$1,1953$1,2004$1,3005$1,525
$1,525
RENT COMPS ANALYSIS
  • 5002 Sea Oates Lane Bessemer City, NC 1
    • 3 beds 2 baths ∙ 1,506 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,506 Sqft ∙ Built 1976
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,130
    • $0.75
    •  
  • 305 S Myrtle School Road Gastonia, NC 2
    • 3 beds 1 baths ∙ 1,456 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,456 Sqft ∙ Built 1950
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.82
    •  
  • 548 Newcastle Road Gastonia, NC 3
    • 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1974 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1974
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.80
    •  
  • 3410 Rollingwood Drive Gastonia, NC 4
    • 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 1959
    property image
    LEASED 02/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.82
    •  
  • 3337 Pikes Peak Drive Gastonia, NC 5
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2007
    property image
    LEASED 02/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.85
    •  
PROPERTY LISTING DETAILS
Verlene Wright
1.704.266.5060
Coldwell Banker Carver-pressley, Realtors
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719687
Last Updated: 03/20/2021
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