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932 Caroline Circle Kings Mountain, NC 28086

3 Beds 3 Baths 1,900 sqft Built 2001

$245,000

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $128.95
  • 3 Days on Market
  • MLS # : 3720032
  • Updated Date : 03/20/2021 at 10:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,900 sqft
  • Baths : 2 full , 1 half
Listing Agent

Offerpad Brokerage Llc

Listing Agent's Description

Large 1,900' 3BR/2.5BA Home w/Bonus Room that could be 4th Bedroom. Home Features: lots of builders upgrades, Large lot on Cul-de-sac, Gas Logs Fireplace in Family Room, Double Car Garage, Low Maintenance Vinly Siding w/Partial Brick Front, Master BR upstairs w/Vaulted Ceiling walk-in closet and bath with separate shower, garden tub, and dbl sink vanity, Laundry on 2nd floor, 2 HVAC units and Deck overlooks fenced back yard. City of Kings Mtn location Mtn Manor subdivision tucked at edge of Gaston Co. Convenient location for commuting that's just about 2 mi from Hwy 74, and then about another 1/2 mi to I-85. About 30 min. to Charlotte Douglas airport. Close to new Casino.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28086

ZipNIR Market*CityMarket2010Year2000201960k70k80k90k100k110k120k130k140k150kPrice in $55k157k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 28086

No Data Available.

* 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
Chapel Grove Elementary School Primary Regular 445 27 3
Bessemer City Middle School Middle Regular 550 36 5
Bessemer City High School High Regular 646 41 2

Chapel Grove Elementary School

  • Education Level: Primary
  • # of students: 445
  • # of teachers: 27
3
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
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$851
Property Tax -$175
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$13

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.

$245,000

PROJECTED PRICE

$1,220

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 3.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$13,285

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $0.64

    LIST RENT PER SQFT
  • $1,235

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$1,220
1$1,2202$1,300
$1,300
RENT COMPS ANALYSIS
  • 932 Caroline Circle Kings Mountain, NC 1
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.64
    •  
  • 521 Jackson Street Kings Mountain, NC 2
    • 3 beds 2 baths ∙ 2,083 Sqft ∙ Built 1999 3 beds 2 baths ∙ 2,083 Sqft ∙ Built 1999
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.62
    •  
PROPERTY LISTING DETAILS
Eric Gay
1.480.636.9175
Offerpad Brokerage Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3720032
Last Updated: 03/20/2021
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