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604 Caroline Avenue Lowell, NC 28098

3 Beds 1 Baths 1,102 sqft Built 1948

$145,000

List Price

$1,110

$999 - $1.2K

Rent Est.

PROPERTY INFO

December 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1948
  • Price/Sqft : $131.58
  • 2 Days on Market
  • MLS # : 3693687
  • Updated Date : 12/26/2020 at 13:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,102 sqft
  • Baths : 1 full
Listing Agent

Moss Realty

Listing Agent's Description

3 Bed 1 bath located in saught after Lowell! Very easy access to I-85, highway 74, and all city amenities! The exterior features a large lot, a one car garage/storage building, low maintainance siding and more. The interior has three nice sized bedrooms, large kitchen, dining room, formal living room, bathroom, enclosed back porch, and a large sunroom perfect for morning coffee! Estate sold as-is, estate will make no repairs, as updates needed have been reflected in list price. This is a nice home ready for a owner to make their on or would make a great investment property.

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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: 28098

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k213k

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

Zip Code: 28098

ZipNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6681375

* 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
Mcadenville Elementary School Primary Regular 166 13 6
Holbrook Middle School Middle Regular 731 40 6
Ashbrook High School High Regular 1,436 89 4

Mcadenville Elementary School

  • Education Level: Primary
  • # of students: 166
  • # of teachers: 13
6
GreatSchools Rating

Holbrook Middle School

  • Education Level: Middle
  • # of students: 731
  • # of teachers: 40
6
GreatSchools Rating

Ashbrook High School

  • Education Level: High
  • # of students: 1,436
  • # of teachers: 89
4
GreatSchools Rating
 

$130,500$159,500$145,000

PURCHASE PRICE

$999$1,221$1,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,110
EXPENSES Loan Payment -$535
Property Tax -$117
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
$291

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.

$145,000

PROJECTED PRICE

$1,110

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.0%
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$700k

PROJECTED ANNUAL CASH FLOW

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

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$44,175

INVESTMENT

$44,175

Down Payment
$36,250
Rehab Estimate
$5,750
Closing Costs
$2,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$535

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $36,250
Loan Amount $108,750
See What Happens When You Reinvest Cash Flow

14.33

YEARS SAVED

$39,461

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,110

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $995

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,045
1$1,0452$1,1103$1,1504$1,229
$1,229
RENT COMPS ANALYSIS
  • 604 Caroline Avenue Lowell, NC 2
    • 3 beds 1 baths ∙ 1,102 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,102 Sqft ∙ Built 1948
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,110
    • $1.01
    •  
  • 708 Ashe Place Gastonia, NC 1
    • 4 beds 2 baths ∙ 1,150 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,150 Sqft ∙ Built 1980
    property image
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,045
    • $0.91
    •  
  • 3003 Lowell Road Gastonia, NC 3
    • 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1940 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1940
    property image
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.87
    •  
  • 2150 Winterfield Drive Gastonia, NC 4
    • 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 1987
    property image
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,229
    • $0.93
    •  
PROPERTY LISTING DETAILS
Joshua Stillwell
1.704.689.1304
Moss Realty
BESbswy