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623 E Ohio Avenue Bessemer City, NC 28016

3 Beds 2 Baths 1,445 sqft Built 1942

$143,500

List Price

$960

$864 - $1.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1942
  • Price/Sqft : $99.31
  • 4 Days on Market
  • MLS # : 3672248
  • Updated Date : 11/01/2020 at 09:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,445 sqft
  • Baths : 1 full , 1 half
Listing Agent

Home Buyers Marketing Ii, Inc

Listing Agent's Description

Cute brick cottage. 3 bedroom 1.5 bath. Move in ready! Open kitchen with lots of counterspace. Nice level lot with very mature trees that provides nice shade to the large yard. Back deck, side porch and front porch offer many areas for entertaining. Childs playhouse connected to back deck to convey with property. Per seller the water heater is about a year old and HVAC approx. 6 years old. The room coming in the side door would be great for an office, sitting area, or play room. One of the bedrooms leads to the back porch through sliding glass doors. Lots of options with this one! Selling AS IS

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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: 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
Bessemer City Primary School Primary Regular 384 22 NA
Bessemer City Middle School Middle Regular 550 36 5
Bessemer City High School High Regular 646 41 2

Bessemer City Primary School

  • Education Level: Primary
  • # of students: 384
  • # of teachers: 22
NA
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
 

$129,150$157,850$143,500

PURCHASE PRICE

$864$1,056$960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $960
EXPENSES Loan Payment -$529
Property Tax -$114
Property Insurance -$54
Property Management Fees -$86
CASH FLOW
$176

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.

$143,500

PROJECTED PRICE

$960

PROJECTED RENT

0.67%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$43,778

INVESTMENT

$43,778

Down Payment
$35,875
Rehab Estimate
$5,750
Closing Costs
$2,153

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$529

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $35,875
Loan Amount $107,625
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$26,138

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $960

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $975

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$895
1$8952$9503$960
$960
RENT COMPS ANALYSIS
  • 623 E Ohio Avenue Bessemer City, NC 3
    • 3 beds 2 baths ∙ 1,445 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,445 Sqft ∙ Built 1942
    • Rent
    • Rent Per SQFT
    •  
    • $960
    • $0.66
    •  
  • 808 W Highway 161 Highway Bessemer City, NC 1
    • 3 beds 1 baths ∙ 1,452 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,452 Sqft ∙ Built 1930
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $895
    • $0.62
    •  
  • 403 E Hartford Avenue Bessemer City, NC 2
    • 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1978
    LEASED 06/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.73
    •  
PROPERTY LISTING DETAILS
Andi Mcleymore
1.704.689.6873
Home Buyers Marketing Ii, Inc
BESbswy