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118 Spicewood Circle Troutman, NC 28166

3 Beds 3 Baths 2,112 sqft Built 1963

$265,000

List Price

$1,570

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 15, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $125.47
  • 6 Days on Market
  • MLS # : 3691338
  • Updated Date : 12/16/2020 at 18:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,112 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

New to the market !!! Awesome well maintained home in Troutman with very spacious rooms and a large yard Located minutes away from Lake Norman State Park with walking trails, water access and a public swimming beach. The large kitchen is the true heart of the house with upgraded Cabinetry, Quartz countertops & Granite sink. Make memories in the large dining area while enjoying the wood burning fireplace. Huge Den on lower level is perfect for family gatherings Recently remodeled Master Bathroom & Secondary Bathroom include new showers and quartz countertops. Lots of beautiful hardwood floors and more. See attached Features list. Trane Heat Pump 2018, Hot Water Tank Hybrid 2018, Roof replaced in 2007, Gutter Guards with Diamond Barrier 2013 Basement/Workshop can be accessed from the large 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: 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
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,413$1,727$1,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,570
EXPENSES Loan Payment -$978
Property Tax -$204
Property Insurance -$67
Property Management Fees -$119
CASH FLOW
$203

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.

$265,000

PROJECTED PRICE

$1,570

PROJECTED RENT

0.59%

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$18k

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$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$38,985

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,457

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,345
1$1,3452$1,570
$1,570
RENT COMPS ANALYSIS
  • 118 Spicewood Circle Troutman, NC 2
    • 3 beds 3 baths ∙ 2,112 Sqft ∙ Built 1963 3 beds 3 baths ∙ 2,112 Sqft ∙ Built 1963
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $0.74
    •  
  • 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
    •  
PROPERTY LISTING DETAILS
Pauline Williams
1.704.236.0203
Southern Homes Of The Carolinas
BESbswy