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124 Stately Pines Drive Troutman, NC 28166

3 Beds 2 Baths 1,024 sqft Built 2002

$182,000

List Price

$1,200

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $177.73
  • 19 Days on Market
  • MLS # : 3706572
  • Updated Date : 02/27/2021 at 13:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,024 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Providence @485

Listing Agent's Description

Prepare to fall in love! This 3 bedroom 2 bathroom home features a split bedroom plan united by a vaulted great room displaying new laminate wood floors. The open dining area with tile flooring, freshly painted cabinets and new french doors leads to a spacious back deck that overlooks the beautiful fenced .55 acre lot. This home has been updated inside and out with new paint, flooring and lighting. Conveniently located to I-77 this gem is ready for it's new owner and won't last long! Schedule your showing today! MULTIPLE OFFERS RECEIVED. DEADLINE TO SUBMIT AN OFFER IS 2/28 AT 4PM.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$163,800$200,200$182,000

PURCHASE PRICE

$1,080$1,320$1,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,200
EXPENSES Loan Payment -$632
Property Tax -$140
Property Insurance -$46
Property Management Fees -$119
CASH FLOW
$262

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.

$182,000

PROJECTED PRICE

$1,200

PROJECTED RENT

0.66%

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

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$53,980

INVESTMENT

$53,980

Down Payment
$45,500
Rehab Estimate
$5,750
Closing Costs
$2,730

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$632

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $45,500
Loan Amount $136,500
See What Happens When You Reinvest Cash Flow

12.25

YEARS SAVED

$34,950

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,200

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $1,126

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,249
$1,249
RENT COMPS ANALYSIS
  • 124 Stately Pines Drive Troutman, NC 1
    • 3 beds 2 baths ∙ 1,024 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,024 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.17
    •  
  • 113 Panther Road E Troutman, NC 2
    • 3 beds 2 baths ∙ 1,140 Sqft ∙ Built 3 beds 2 baths ∙ 1,140 Sqft ∙ Built
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $1.10
    •  
PROPERTY LISTING DETAILS
Jeremy Ordan
1.704.609.9300
Allen Tate Providence @485
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3706572
Last Updated: 02/27/2021
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