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600 Powerline Avenue Belmont, NC 28012

3 Beds 2 Baths 1,216 sqft Built 1993

$239,900

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $197.29
  • 4 Days on Market
  • MLS # : 3698683
  • Updated Date : 01/14/2021 at 13:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,216 sqft
  • Baths : 2 full
Listing Agent

Wilcox Real Estate Group

Listing Agent's Description

Conveniently located just 1 mile from downtown Belmont, this cozy ranch is tucked away on a quiet street. Eat in Kitchen offers nice black appliances, corian countertops, pallet wood accents and a custom built pantry. Enjoy the built in electric fireplace in the spacious living room. No Carpet! Nice sized bedrooms and bathrooms. Don't miss the utility/storage room off the carport, the fenced in backyard, and the large parking area!

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
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$833
Property Tax -$180
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$228

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.

$239,900

PROJECTED PRICE

$1,410

PROJECTED RENT

0.59%

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$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$833

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

10.08

YEARS SAVED

$35,232

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $1,232

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3503$1,4104$1,495
$1,495
RENT COMPS ANALYSIS
  • 600 Powerline Avenue Belmont, NC 3
    • 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $1.16
    •  
  • 101 Garrison Drive Belmont, NC 1
    • 3 beds 2 baths ∙ 1,268 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,268 Sqft ∙ Built 1952
    LEASED 07/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.03
    •  
  • 209 Howe Street Belmont, NC 2
    • 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1999
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.98
    •  
  • 109 Cross Street Belmont, NC 4
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1920
    LEASED 07/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.03
    •  
PROPERTY LISTING DETAILS
Kerianne Wilcox
1.704.913.5074
Wilcox Real Estate Group
BESbswy