North Carolina
This property is in the Charlotte NC market. We were able to secure it and renovate, adding a signed lease for occupancy before the property was even finished. Take a look at the before/after pictures below, as well as the rehab scope of work & the investor figures at the very bottom!
Street View
Kitchen
Bathroom
Rehab Scope of Work
- Electrical rewiring (light fixtures, washing machine, smoke detectors)
- Tile backsplash
- Pain all interior
- Pain exterior
- New doors
- Re-attach and repair HVAC exhaust vent
- Repair siding & wood exterior
- Re-key
- Downspout & extender installation
- Replace 27 shingles on roof
- Repair crawlspace ventilation
- Clean & repair carpets
- New landscaping
1 year performance projection
| Square Feet | 1,179 |
| Market Value | $120,000 |
| Purchase Price | $120,000 |
| Downpayment | $24,000 |
| Closing Costs & Fees | $3,000 |
| Initial Cash Invested | $24,600 |
| Cost Per Square Foot | $102 |
| Monthly Rent Per S/F | $0.84 |
| Concession/Seller Credit | $2,400 |
| Income | Monthly | Annual |
| Gross Rent (range 995-1050) | $995 | $11,940 |
| Vacancy Losses (Estimate) | -$80 | -$955 |
| Operating Income | $915 | $10,985 |
| Expenses | Monthly | Annual |
| Mortgage Payment | -$560.23 | -$6,722.76 |
| Property Taxes | -$60 | -$720 |
| Insurance | -$78 | -$936 |
| Management | $80 | $955 |
| Maintenance (Estimate) | $0 | $0 |
| Operating Expenses | -$619 | -$7,424 |
| Net Performance (Day 1) | Monthly | Annual |
| Net Operating Income | $297 | $3,561 |
| Debt Paydown | $100 | $1,203 |
| Total Return | $397 | $4,764 |
| Concession | $2,400 |
| Cash Return (Actual Year 1) | 28.12% |
| Cash Return (Estimated w/ Vacancy) | 24.23% |
| Cash Return (Year Over Year) | 18.36% |
Mortgage Info
| Loan-to-Value Ratio | 80% |
| Loan Amount | $96,000 |
| Monthly Payment | -$560.23 |
| Ammortization Months | 360 |
| Loan Term | 30 |
| Interest Rate | 5.75% |
Assumptions
| Appreciation Rate | 5% |
| Vacancy Rate | 8% |
| Maintenance Rate | 0% |
| 5yr Value | $150,000 |
| Profit If Sold | $53,820 |
Included
| 1 Yr Maintenance Warranty | $500 |
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