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610 Helms Drive Lowell, NC 28098

3 Beds 2 Baths 1,261 sqft Built 2000

$210,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $166.53
  • 3 Days on Market
  • MLS # : 3704627
  • Updated Date : 02/05/2021 at 19:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,261 sqft
  • Baths : 2 full
Listing Agent

Binaco Real Estate

Listing Agent's Description

Don’t miss this one! This 3 BR, 2 Bath Ranch home is perfect for First Time Buyers minutes from downtown Lowell and McAdenville! This home opens up with a open living room with tray ceiling, gleaming floors and lots of natural light. The chef of your house will love the galley kitchen with FRESH painted Cabinets that open up to a sunny breakfast, perfect for enjoying a morning coffee . Entire home has fresh neutral painted! Large master suite with walk in closet! Large deck perfect for outdoor gatherings and hangouts! Driveway was extended that goes around the home for additional parking! 12x28 Shed Coveys with the home that is perfect for extra storage or accessories! Home was well taken care by current owners and is ready for the new homeowners to make this their gem! Don’t miss this opportunity to be in one of the most desired areas!

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: 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
Lowell Elementary School Primary Regular 537 31 4
Holbrook Middle School Middle Regular 731 40 6
Ashbrook High School High Regular 1,436 89 4

Lowell Elementary School

  • Education Level: Primary
  • # of students: 537
  • # of teachers: 31
4
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
 

$189,000$231,000$210,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$729
Property Tax -$169
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$221

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.

$210,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.61%

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$800k$900k

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$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$729

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

10.58

YEARS SAVED

$33,291

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,119

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2293$1,2654$1,2905$1,450
$1,450
RENT COMPS ANALYSIS
  • 610 Helms Drive Lowell, NC 4
    • 3 beds 2 baths ∙ 1,261 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,261 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $1.02
    •  
  • 3003 Lowell Road Gastonia, NC 1
    • 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1940 4 beds 2 baths ∙ 1,320 Sqft ∙ Built 1940
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.87
    •  
  • 2150 Winterfield Drive Gastonia, NC 2
    • 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 1987
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,229
    • $0.93
    •  
  • 1828 Allegheny Drive Gastonia, NC 3
    • 3 beds 2 baths ∙ 1,506 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,506 Sqft ∙ Built 2017
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,265
    • $0.84
    •  
  • 4500 Stone Mountain Drive Gastonia, NC 5
    • 3 beds 3 baths ∙ 1,594 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,594 Sqft ∙ Built 2008
    LEASED 12/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.91
    •  
PROPERTY LISTING DETAILS
Nitin Aggarwal
1.704.678.5778
Binaco Real Estate
BESbswy