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716 Wood Lily Drive Belmont, NC 28012

3 Beds 2 Baths 2,147 sqft Built 2018

$365,000

List Price

$2,210

$2K - $2.4K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $170.00
  • 4 Days on Market
  • MLS # : 3704684
  • Updated Date : 02/06/2021 at 14:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,147 sqft
  • Baths : 2 full
Listing Agent

Venture Realty, Llc

Listing Agent's Description

The sellers have been very pleased, living comfortably during their transition in this exquisite, better than new ranch located in the beautifully maintained Conservancy at Mclean community! They have had an opportunity to make some very tasteful, custom improvements such as the fireplace mantle/overmantle shiplap wrapping & crown, built-ins, laundry room cabinetry, drop zone w/hall tree, Kitchen brkfast banquette seating, upgraded kitchen cabinetry hardware, ceiling fans, new lighting, wood framed bath mirrors, bike & storage racks in garage. Stately interior w/ wide doors, hallways, & entry. Pre-finished HW floors. Open kitchen/Great Rm plan, Lrg walk-in Pantry. Separate Office w/french doors. Granite countertops kitchen/bath. Dual bath vanities in all baths. SS kitchen appliance package. Gas stove top/oven. Private Mstr BR suite w/6ft enclosed shower stall for two! 22x20 garage, screened porch. Community features:Pool/clubhouse, dog park, fitness center, walking trails, & Lake.

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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: 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
New Hope Elementary School Primary Regular 542 27 7
Cramerton Middle School Middle Regular 833 42 8
South Point High School High Regular 1,101 61 6

New Hope Elementary School

  • Education Level: Primary
  • # of students: 542
  • # of teachers: 27
7
GreatSchools Rating

Cramerton Middle School

  • Education Level: Middle
  • # of students: 833
  • # of teachers: 42
8
GreatSchools Rating

South Point High School

  • Education Level: High
  • # of students: 1,101
  • # of teachers: 61
6
GreatSchools Rating
 

$328,500$401,500$365,000

PURCHASE PRICE

$1,989$2,431$2,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,210
EXPENSES Loan Payment -$1,268
Property Tax -$273
Property Insurance -$68
HOA -$175
Property Management Fees -$119
CASH FLOW
$307

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.

$365,000

PROJECTED PRICE

$2,210

PROJECTED RENT

0.61%

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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,268

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$46,326

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,210

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $2,362

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$2,210
1$2,2102$2,300
$2,300
RENT COMPS ANALYSIS
  • 716 Wood Lily Drive Belmont, NC 1
    • 3 beds 2 baths ∙ 2,147 Sqft ∙ Built 2018 3 beds 2 baths ∙ 2,147 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,210
    • $1.03
    •  
  • 133 Barberry Drive Belmont, NC 2
    • 3 beds 2 baths ∙ 2,096 Sqft ∙ Built 2019 3 beds 2 baths ∙ 2,096 Sqft ∙ Built 2019
    LEASED 10/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.10
    •  
PROPERTY LISTING DETAILS
Stephen Parton
1.704.737.0552
Venture Realty, Llc
BESbswy