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116 Meadow Glen Troutman, NC 28166

3 Beds 3 Baths 1,712 sqft Built 2000

$259,900

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $151.81
  • 4 Days on Market
  • MLS # : 3696845
  • Updated Date : 01/14/2021 at 16:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,712 sqft
  • Baths : 2 full , 1 half
Listing Agent

#1 Properties Of Lake Norman

Listing Agent's Description

Original Owners In Meadow Glen ,Check out this Spacious home offers , coziness , Bonus room with half bath in Basement area. Nice Flowing floor plan , located on a lot with a private backyard, Oversized deck off Lower level , another deck off Main level .Oversize Two car garage . You will love leaving Near Lake Norman State Park , Enjoy Lake Norman by the way of Stumpy Creek Lake Access , No Home Owner's Dues . Convenient to Statesville , Hickory , Mooresville , Salisbury , close to I-77 , Do not let this one slip by .

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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: 28166

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $106k261k

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

Zip Code: 28166

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7581375

* 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
Troutman Elementary School Primary Regular 757 45 6
Troutman Middle School Middle Regular 436 25 4
South Iredell High School High Regular 1,505 92 5

Troutman Elementary School

  • Education Level: Primary
  • # of students: 757
  • # of teachers: 45
6
GreatSchools Rating

Troutman Middle School

  • Education Level: Middle
  • # of students: 436
  • # of teachers: 25
4
GreatSchools Rating

South Iredell High School

  • Education Level: High
  • # of students: 1,505
  • # of teachers: 92
5
GreatSchools Rating
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$903
Property Tax -$114
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$195

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.

$259,900

PROJECTED PRICE

$1,390

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.2%
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

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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$33,794

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,432

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,345
1$1,3452$1,3503$1,3904$1,449
$1,449
RENT COMPS ANALYSIS
  • 116 Meadow Glen Troutman, NC 3
    • 3 beds 3 baths ∙ 1,712 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,712 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.81
    •  
  • 748 Georgie Street Troutman, NC 1
    • 3 beds 3 baths ∙ 1,952 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,952 Sqft ∙ Built 2002
    property image
    LEASED 02/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.69
    •  
  • 234 Eastway Drive Troutman, NC 2
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1913 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1913
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.89
    •  
  • 126 Valley Glen Drive Troutman, NC 4
    • 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 3 beds 2 baths ∙ 1,562 Sqft ∙ Built
    property image
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.93
    •  
PROPERTY LISTING DETAILS
Cathy Lynch
1.704.400.0521
#1 Properties Of Lake Norman
BESbswy