1544 McCormick St, Greensboro, NC 27403 $ 45,500 - Greensboro Date: 1 / 24 / 2019 Status: SOLD Partner…

1544 McCormick St, Greensboro, NC 27403
$ 45,500 - Greensboro

Date: 1 / 24 / 2019
Status: SOLD
Business Partner: @yonatan anafi

? 1544 McCormick St, Greensboro, NC 27403
?Country
? City
? neighborhood

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Type of transaction
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️ The type of strong, long-term transaction - preparing and renting the property for the tenant
? The property under contract? - Yes, the property is under contract
? Multi-property property? - No

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Transaction data and asset
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? Buyer Price in Dollars: 34500
? Living Size in Square Pitt: 750 sqft
️ Year of construction: 1975
? Number of units in the property (doors): 1
? Number of bedrooms: 2
? Number of services: 1
⛏ Estimating the price for renovation required in dollars: 3500
️ What renovation date should be completed: 4 / 15 / 2018 0: 00: 00
? Have you done this? Yes
? Link to the Axel Renovation Assessment if there is an assessment:
? Promoter escort fee: 6200
? Estimating closing costs and additional costs in dollars: 1300
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? Total investment (purchase price + renovation price + escort fee + closing costs): 45500
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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:
Quiet area with low crime. At home, the tenant lives for a long period of time and is under a month-long contract and pays $ 500 a month. You can remove the tenant and with an estimated renovation of $ 3500 you can raise the rent to $ 700-600.

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Expected annual revenues
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? Monthly rental 500
? Annual rental 6000

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Expected annual expenses
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Provision for unearned property leased: 250
? Management Company: 600
? Maintenance: 480
️ Arnona: 494
✍️ Insurance: 350
? Community Payments: 0
? Total annual expenses: 2174

? Net pre-tax annual cash flow:
? Gross Annual Return: 13.18%
? Net Annual Return: 8.4%

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? Comparative market data
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? Estimated market value of the property after renovation: 59000
️ Percentage of total investment relative to market price: 1

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? Comparative Market Analysis - First Property:
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? Address: 1522 Mccormick St Greensboro, NC 27403
? Living Size in Square Pitt: sqft 1179
️ Year of construction: 1919
? Number of bedrooms: 2
? Number of services: 1
? Distance from property: 0.1 miles
?️ When sold: 05/18/17

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? Sales Comparative Market Analysis - Second Property:
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? Address: 1503 Mccormick St Greensboro, NC 27403
? Living Size in Square Pitt: sqft 1100
️ Year of construction: 1947
? Number of bedrooms: 2
? Number of services: 1
? Distance from property: 0.1 miles
?️ When sold: 01/07/19

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? Comparative Market Analysis - Third Property:
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? Address: 1546 Lovett St Greensboro, NC 27403
? Living Size in Square Pitt: sqft 890
️ Year of construction: 1946
? Number of bedrooms: 2
? Number of services: 1
? Distance from property: 0.1 miles
When did it sell: 07 / 10 / 18