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114 Pinkney Lane Statesville, NC 28677

3 Beds 2 Baths 1,242 sqft Built 1997

$215,000

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

December 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $173.11
  • 2 Days on Market
  • MLS # : 3693745
  • Updated Date : 12/26/2020 at 22:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,242 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

This charming home sits on 0.74 acre lot with open landscaping and a large storage building with power. You will love the vaulted ceiling in the living room and the beautiful laminate wood flooring! Kitchen is complete with granite countertops and gorgeous tile backsplash. Master bedroom has fresh paint and new carpet! The finished garage has pull-down stairs that lead to ample attic storage space. Spacious deck that overlooks the back yard. Fantastic location that is convenient to I-77 and I-40. $20 per month for community well water.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28677

ZipNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $59k213k

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

Zip Code: 28677

ZipNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6771375

* 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
Celeste Henkel Elementary School Primary Regular 584 38 4
West Iredell Middle School Middle Regular 716 42 5
West Iredell High School High Regular 918 56 4

Celeste Henkel Elementary School

  • Education Level: Primary
  • # of students: 584
  • # of teachers: 38
4
GreatSchools Rating

West Iredell Middle School

  • Education Level: Middle
  • # of students: 716
  • # of teachers: 42
5
GreatSchools Rating

West Iredell High School

  • Education Level: High
  • # of students: 918
  • # of teachers: 56
4
GreatSchools Rating
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$793
Property Tax -$161
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$226

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$215,000

PROJECTED PRICE

$1,350

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 4.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

10.67

YEARS SAVED

$40,186

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,362

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,3503$1,4004$1,475
$1,475
RENT COMPS ANALYSIS
  • 114 Pinkney Lane Statesville, NC 2
    • 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.09
    •  
  • 159 Old Airport Road Statesville, NC 1
    • 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1986
    LEASED 11/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $1.10
    •  
  • 153 Angel Oaks Drive Statesville, NC 3
    • 3 beds 2 baths ∙ 1,239 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,239 Sqft ∙ Built 2003
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.13
    •  
  • 132 Winding Cedar Drive Statesville, NC 4
    • 3 beds 2 baths ∙ 1,388 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,388 Sqft ∙ Built 2004
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.06
    •  
PROPERTY LISTING DETAILS
Jill Galliher
1.704.657.5050
Keller Williams Mooresville
BESbswy