2804 Summit Ave, Greensboro NC 27405 $ 80,700 - Greensboro, North Carolina Date: 2 / 5 / 2019 PARTNER ...

Original publication date at the US Real Estate Forum's Facebook arena:
2019-02-06T07:06:34+0000

2804 summit Ave, Greensboro NC 27405
$ 80,700 - Greensboro, North Carolina

Date: 2 / 5 / 2019
Business Partner: Yonatan Anafi, Avertice

? 2804 summit Ave, Greensboro NC 27405
?️ Country
? City
? Neighborhood

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Type of transaction
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?️ Type of long-term strong deal – preparing the property for a tenant and renting it out
? Is the property under contract? – Yes, the property is under contract
? Multi-family property? – No

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Transaction data and asset
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? Purchase price for investor in dollars: 55000
? Property size in square fit: Property size in square fit 1840 sqft
?️ Year of construction: 1955
? Number of units in the property (doors): 1
? Number of bedrooms: 3
? Number of services: 2
⛏ Estimating the price for renovation required in dollars: 17500
?️ What date is the renovation scheduled to end: 3/20/2019 0:00:00
Was an inspection performed: Yes
? Link to renovation estimate in Excel if an estimate exists:
? Entrepreneur's support fee: 7500
? Estimated closing costs and additional costs in dollars: 700
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? Total investment (purchase price + renovation price + support fees + closing costs): 80700
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About the area:
Positive migration of 23.37% Since the year 2000, positive migration of 7.9% between 2010-2017, the level of non-employment has dropped from 13% in 2010 to 3.2% today. The average in the United States is 3.9%. The city of Greensboro is the third most populous city in North Carolina and numbers about 1,000 people. The local economy is based on transportation, aeronautics, education and technology. In recent years, the city has attracted many investors in the residential, entertainment and business sectors. At 300, a project worth over $ 2016 million was completed for the renovation and construction of a textile factory and converting it into a residential, office and entertainment complex.

About the property:
The property is located very close to the famous Revolucin Mill, a very active improvement area in the city of Greensboro.
Great property compared to the environment. Original construction was 2 bedrooms and 4 bathroom. After a few years, they expanded to almost twice the original size and became 3 bedrooms and one bathroom. A few years ago, he lived in a handicapped home and made an interior change (without any permits) and turned a bedroom into a bathroom. It is true that the property is set in 2 bedrooms and 3 bathrooms. Located XNUMX minutes from the new Revolushin Mill project.

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Expected annual revenues
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? Monthly rent 850
? Annual rent 10200

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Expected annual expenses
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Provision for unearned property leased: 510
? Management company: 1020
? Maintenance: 816
?️ Property tax: 990
✍️ Insurance: 300
? Community payments: 0
Total annual expenses: 3636

? Annual net cash flow before tax:
? Gross annual return: 12.63%
? Net annual return: 8.13%

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? Comparative market data
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? Estimated market value of the property after renovation: 90000
?️ Percentage of total investment relative to market price: 1

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? Comparative Market Analysis Sales – First Property:
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Address: 1611 Longfellow St, Greensboro, NC 27405
? Living area in square feet: 1175 sqft
?️ Year of construction: 1956
? Number of bedrooms: 3
? Number of services: 1.5
? Distance from property: 0.3 miles
?️ When sold: 15/05/2018

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? Comparative Market Analysis Sales – Second Property:
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? Address: 2909 Orange St, Greensboro, NC 27405
? Living area in square feet: 1398 sqft
?️ Year of construction: 1956
? Number of bedrooms: 3
? Number of services: 1.5
? Distance from property: 0.4 miles
?️ When sold: 13/09/2018

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? Comparative Market Analysis Sales – Third Property:
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? Address: 1402 E Cone Blvd, Greensboro, NC 27405
? Living area in square feet: 1324 sqft
?️ Year of construction: 1955
? Number of bedrooms: 3
? Number of services: 1
? Distance from property: 0.4 miles
?️ When sold: 04/12/2018

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