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124 Caribou Drive Statesville, NC 28625

3 Beds 2 Baths 1,270 sqft Built 2000

$189,000

List Price

$1,140

$1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $148.82
  • 4 Days on Market
  • MLS # : 3706777
  • Updated Date : 02/11/2021 at 12:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,270 sqft
  • Baths : 2 full
Listing Agent

Centralina Realty Inc

Listing Agent's Description

Come home to this well maintained home with a great yard at the end of the cul de sac! Spacious common area with open kitchen, dining, and living room. Oak Cabinets and Ceramic tile on kitchen, composite decking, house has a security system installed. 2 car garage with side yard access. COVID protocols in place for showings.

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: 28625

ZipNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $59k213k

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

Zip Code: 28625

ZipNIR Market*CityMarket2010Year20002019 Q275080085090095010001050110011501200125013001350Rent in $7481375

* 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
N B Mills Elementary School Primary Regular 493 35 4
West Iredell Middle School Middle Regular 716 42 5
West Iredell High School High Regular 918 56 4

N B Mills Elementary School

  • Education Level: Primary
  • # of students: 493
  • # of teachers: 35
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
 

$170,100$207,900$189,000

PURCHASE PRICE

$1,026$1,254$1,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,140
EXPENSES Loan Payment -$656
Property Tax -$142
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$172

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.

$189,000

PROJECTED PRICE

$1,140

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 2.9%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$55,835

INVESTMENT

$55,835

Down Payment
$47,250
Rehab Estimate
$5,750
Closing Costs
$2,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$656

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,250
Loan Amount $141,750
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$26,390

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,140

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,178

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,0503$1,1004$1,1405$1,200
$1,200
RENT COMPS ANALYSIS
  • 124 Caribou Drive Statesville, NC 4
    • 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,140
    • $0.90
    •  
  • 331 Bowman Road Statesville, NC 1
    • 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1998
    property image
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.92
    •  
  • 160 Bowman Road Statesville, NC 2
    • 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1997
    property image
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.92
    •  
  • 118 Brook Run Lane Statesville, NC 3
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2002
    property image
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.92
    •  
  • 107 Antler Drive Statesville, NC 5
    • 3 beds 2 baths ∙ 1,268 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,268 Sqft ∙ Built 1995
    property image
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.95
    •  
PROPERTY LISTING DETAILS
Jay White
1.704.838.6086
Centralina Realty Inc
BESbswy