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123 History Lane Statesville, NC 28677

4 Beds 2 Baths 1,965 sqft Built 2007

$250,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $127.23
  • 7 Days on Market
  • MLS # : 3677424
  • Updated Date : 11/02/2020 at 18:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,965 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Located just minutes from I-77 and Troutman, this wonderful 4 bedroom ranch plan is excellent for all types of homeowners! Inside this beautiful home, you will find an open concept layout that has great flow for a busy family or folks looking for easy living. The split bedroom plan has hardwood flooring throughout the main level of the home, with large oversized bedrooms. The home also has a bonus/bedroom upstairs that is perfect for an office, playroom or extra storage! The opportunities are endless!

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
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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$922
Property Tax -$221
Property Insurance -$64
HOA -$17
Property Management Fees -$146
CASH FLOW
$250

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.

$250,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.65%

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

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$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

9.42

YEARS SAVED

$39,062

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,611

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6203$1,6504$1,675
$1,675
RENT COMPS ANALYSIS
  • 123 History Lane Statesville, NC 2
    • 4 beds 2 baths ∙ 1,965 Sqft ∙ Built 2007 4 beds 2 baths ∙ 1,965 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.82
    •  
  • 121 Canada Drive Statesville, NC 1
    • 4 beds 3 baths ∙ 2,233 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,233 Sqft ∙ Built 2019
    LEASED 08/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.72
    •  
  • 129 Canada Drive Statesville, NC 3
    • 4 beds 3 baths ∙ 2,233 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,233 Sqft ∙ Built 2020
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.74
    •  
  • 126 Canada Drive Statesville, NC 4
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2020
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.00
    •  
PROPERTY LISTING DETAILS
Mike Kastner
1.205.546.0117
Exp Realty Llc
BESbswy