Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

769 Costner School Road Bessemer City, NC 28016

3 Beds 1 Baths 1,201 sqft Built 1950

$139,900

List Price

$1,060

$954 - $1.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $116.49
  • 5 Days on Market
  • MLS # : 3695864
  • Updated Date : 01/06/2021 at 22:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,201 sqft
  • Baths : 1 full
Listing Agent

Weichert Realtors-pmi Group

Listing Agent's Description

Large, remodeled eat in kitchen, cabinets, range, and flooring is less than 2 years old. Wood floors in bedrooms and living room have been refinished. Freshly painted interior and large deck on back. Back yard is 1.04 acres and has a nice black vinyl chain link fence. The front Porch is covered and has room for a couple chairs to relax.

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: 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
 

$125,910$153,890$139,900

PURCHASE PRICE

$954$1,166$1,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,060
EXPENSES Loan Payment -$486
Property Tax -$84
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$321

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.

$139,900

PROJECTED PRICE

$1,060

PROJECTED RENT

0.76%

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$600k

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$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$42,824

INVESTMENT

$42,824

Down Payment
$34,975
Rehab Estimate
$5,750
Closing Costs
$2,099

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$486

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $34,975
Loan Amount $104,925
See What Happens When You Reinvest Cash Flow

15.33

YEARS SAVED

$35,185

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,060

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,027

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$850
1$8502$8503$1,060
$1,060
RENT COMPS ANALYSIS
  • 769 Costner School Road Bessemer City, NC 3
    • 3 beds 1 baths ∙ 1,201 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,201 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,060
    • $0.88
    •  
  • 103 W Maine Avenue Bessemer City, NC 1
    • 3 beds 1 baths ∙ 975 Sqft ∙ Built 1955 3 beds 1 baths ∙ 975 Sqft ∙ Built 1955
    property image
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.87
    •  
  • 445 Bess Town Road Bessemer City, NC 2
    • 3 beds 1 baths ∙ 1,010 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,010 Sqft ∙ Built 1930
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.84
    •  
PROPERTY LISTING DETAILS
Deborah Hoffman
1.704.913.1494
Weichert Realtors-pmi Group
BESbswy