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10815 Troutman Road Midland, NC 28107

3 Beds 2 Baths 1,442 sqft Built 2011

$249,900

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $173.30
  • 3 Days on Market
  • MLS # : 3705007
  • Updated Date : 02/12/2021 at 19:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,442 sqft
  • Baths : 2 full
Listing Agent

Re/max Leading Edge

Listing Agent's Description

Quality built all brick ranch sitting on a hill on 1.02 acres with the feel of being in the mountains. Low maintenance/Low county taxes! Ready to move in! Open split bedroom plan. Fresh interior paint. All laminate woods floors everywhere but baths. 2 car oversized garage w/pull down attic/storage. Kitchen/breakfast area with bar open to spacious living area. Masterbed with 2 walk in closets. Masterbath has garden tub/dual sinks. Nice size 2nd/3rd bedrooms including hall full bath. HVAC/Roof 2011. Moisture barrier in crawlspace. Maintenance free fenced in back yard with patio great for cookouts and family entertaining. Gutter guards installed. Home is in USDA area and qualifies for 100% financing to those who qualify. Covered front porch great for a relaxing with a beautiful view! NO HOA's and NO CITY TAXES!

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: 28107

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $108k240k

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

Zip Code: 28107

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8371375

* 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
Bethel Elementary School Primary Regular 620 34 4
C C Griffin Middle School Middle Regular 1,092 70 4
Central Cabarrus High School High Regular 1,416 88 4

Bethel Elementary School

  • Education Level: Primary
  • # of students: 620
  • # of teachers: 34
4
GreatSchools Rating

C C Griffin Middle School

  • Education Level: Middle
  • # of students: 1,092
  • # of teachers: 70
4
GreatSchools Rating

Central Cabarrus High School

  • Education Level: High
  • # of students: 1,416
  • # of teachers: 88
4
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$868
Property Tax -$128
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$281

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.

$249,900

PROJECTED PRICE

$1,450

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.2%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

11.25

YEARS SAVED

$42,356

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,312

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4503$1,550
$1,550
RENT COMPS ANALYSIS
  • 10815 Troutman Road Midland, NC 2
    • 3 beds 2 baths ∙ 1,442 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,442 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.01
    •  
  • 12990 Hill Pine Road Midland, NC 1
    • 3 beds 3 baths ∙ 1,679 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,679 Sqft ∙ Built 2019
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.86
    •  
  • 3852 Tersk Drive Midland, NC 3
    • 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 2020
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.91
    •  
PROPERTY LISTING DETAILS
Wendy Measimer
1.704.467.6440
Re/max Leading Edge
BESbswy