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PROPERTY INFO
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
- 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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Zip Code: 28098
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$61,400
LOAN DETAILS
$729
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $52,500 |
| Loan Amount | $157,500 |
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
-
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
1.704.678.5778
Binaco Real Estate
