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116 Old Murdock Road Troutman, NC 28166

4 Beds 3 Baths 2,025 sqft Built 1957

$195,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $96.30
  • 7 Days on Market
  • MLS # : 3680910
  • Updated Date : 11/11/2020 at 13:18
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,025 sqft
  • Baths : 3 full
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

RARE FIND - ALL Brick Ranch on .68 acres in the heart of Troutman. 4 bedrooms, 3 full baths, large fenced backyard and no HOA! Hardwood floors, large rooms and a bonus bedroom with full bath. Close to Lake Norman State Park, shopping, and I-77. Home is a fixer-upper and is being sold as-is.

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: 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
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$719
Property Tax -$155
Property Insurance -$65
Property Management Fees -$128
CASH FLOW
$353

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.

$195,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.73%

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$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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$719

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

12.92

YEARS SAVED

$47,294

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,445

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3453$1,4204$1,695
$1,695
RENT COMPS ANALYSIS
  • 116 Old Murdock Road Troutman, NC 3
    • 4 beds 3 baths ∙ 2,025 Sqft ∙ Built 1957 4 beds 3 baths ∙ 2,025 Sqft ∙ Built 1957
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.70
    •  
  • 131 Quail Springs Road Statesville, NC 1
    • 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2015
    property image
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.64
    •  
  • 748 Georgie Street Troutman, NC 2
    • 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
    •  
  • 127 Aberdeen Drive Troutman, NC 4
    • 5 beds 3 baths ∙ 2,200 Sqft ∙ Built 2016 5 beds 3 baths ∙ 2,200 Sqft ∙ Built 2016
    property image
    LEASED 07/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.77
    •  
PROPERTY LISTING DETAILS
Courtney Rogers
1.704.402.7663
Southern Homes Of The Carolinas
BESbswy