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101 Brookmeade Drive Statesville, NC 28625

3 Beds 2 Baths 1,780 sqft Built 1970

$182,000

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $102.25
  • 2 Days on Market
  • MLS # : 3690431
  • Updated Date : 01/02/2021 at 13:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,780 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

This home is a bargain for someone looking to build some equity by updating and painting. Rooms are midsize with carpeted bedrooms and wood living room, dining area, den and kitchen. Roof os less than 10 years old. Huge basement and the bonus room has a fireplace. Lots of room here for a workshop - a garage door leads to the back yard.

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: 28625

ZipNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $59k213k

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

Zip Code: 28625

ZipNIR Market*CityMarket2010Year20002019 Q275080085090095010001050110011501200125013001350Rent in $7481375

* 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
East Iredell Elementary School Primary Regular 851 52 2
East Middle School Middle Regular 516 34 3
Statesville High School High Regular 1,029 67 1

East Iredell Elementary School

  • Education Level: Primary
  • # of students: 851
  • # of teachers: 52
2
GreatSchools Rating

East Middle School

  • Education Level: Middle
  • # of students: 516
  • # of teachers: 34
3
GreatSchools Rating

Statesville High School

  • Education Level: High
  • # of students: 1,029
  • # of teachers: 67
1
GreatSchools Rating
 

$163,800$200,200$182,000

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$672
Property Tax -$168
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$471

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$182,000

PROJECTED PRICE

$1,490

PROJECTED RENT

0.82%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 2.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,980

INVESTMENT

$53,980

Down Payment
$45,500
Rehab Estimate
$5,750
Closing Costs
$2,730

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$672

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $45,500
Loan Amount $136,500
See What Happens When You Reinvest Cash Flow

15.83

YEARS SAVED

$55,938

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,483

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3533$1,4904$1,700
$1,700
RENT COMPS ANALYSIS
  • 101 Brookmeade Drive Statesville, NC 3
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.84
    •  
  • 633 Colonial Drive Statesville, NC 1
    • 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1974
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.82
    •  
  • 603 Old Farm Road Statesville, NC 2
    • 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 1973
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,353
    • $0.73
    •  
  • 305 Camelot Drive Statesville, NC 4
    • 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1977
    LEASED 12/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.95
    •  
PROPERTY LISTING DETAILS
Bill Long
1.704.437.5295
Keller Williams Mooresville
BESbswy