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802 Athenia Place Bessemer City, NC 28016

3 Beds 2 Baths 1,055 sqft Built 1979

$135,000

List Price

$1,000

$900 - $1.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $127.96
  • 6 Days on Market
  • MLS # : 3701766
  • Updated Date : 01/26/2021 at 15:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,055 sqft
  • Baths : 1 full , 1 half
Listing Agent

Keller Williams South Park

Listing Agent's Description

3D Tour Available https://my.matterport.com/show/?m=B97SousQkH4&mls=1 Get ready and turn this potential home into your very own! It offers 3 bedrooms and 1.5 bath on its unique floorplan. Upon entry, imagine sitting in a warm and cozy living space with lots of natural lights that opens up to your dining/dream kitchen to-be perfect for prepping and enjoying meals. Nearby, find yourself picking and designing your room for this house features three of them. It features a prime location just a few minutes away from major highways, Crowders Mountain State Park and Dixie Village Shopping Center. Sold "As is".

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$121,500$148,500$135,000

PURCHASE PRICE

$900$1,100$1,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,000
EXPENSES Loan Payment -$469
Property Tax -$107
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
$258

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.

$135,000

PROJECTED PRICE

$1,000

PROJECTED RENT

0.74%

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$10k$12k

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$41,525

INVESTMENT

$41,525

Down Payment
$33,750
Rehab Estimate
$5,750
Closing Costs
$2,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$469

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $33,750
Loan Amount $101,250
See What Happens When You Reinvest Cash Flow

14

YEARS SAVED

$30,553

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,000

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $992

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$850
1$8502$8503$1,0004$1,200
$1,200
RENT COMPS ANALYSIS
  • 802 Athenia Place Bessemer City, NC 3
    • 3 beds 2 baths ∙ 1,055 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,055 Sqft ∙ Built 1979
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.95
    •  
  • 607 Colebrook Drive Gastonia, NC 1
    • 3 beds 1 baths ∙ 1,050 Sqft ∙ Built 1977 3 beds 1 baths ∙ 1,050 Sqft ∙ Built 1977
    property image
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.81
    •  
  • 103 W Maine Avenue Bessemer City, NC 2
    • 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
    •  
  • 654 Dundeen Drive Gastonia, NC 4
    • 3 beds 1 baths ∙ 1,050 Sqft ∙ Built 1978 3 beds 1 baths ∙ 1,050 Sqft ∙ Built 1978
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.14
    •  
PROPERTY LISTING DETAILS
Trent Corbin
1.704.628.4066
Keller Williams South Park
BESbswy