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130 Fort Dobbs Road Statesville, NC 28625

3 Beds 2 Baths 1,206 sqft Built 1986

INVESTimate

$190,000

List Price

$1,120

$1,008 - $1,232

Rent Est.

$195,453  ( +2.87%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1986
  • Price/Sqft : $157.55
  • 3 Days on Market
  • MLS # : 3650880
  • Updated Date : 08/25/2020 at 10:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,206 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

Beautiful well maintained home with open floor plan. 3 beds/2 baths and a flex room that is being used as a 4th bedroom. Sunroom added to the back with large back yard for enjoyment and gardening. Building and small barn in the back are wired with electricity. This is a must see home!

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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
Cloverleaf Elementary School Primary Regular 699 45 2
East Middle School Middle Regular 516 34 3
Statesville High School High Regular 1,029 67 1

Cloverleaf Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 45
2
GreatSchools Rating

East Middle School

  • Education Level: Middle
  • # of students: 516
  • # of teachers: 34
3
GreatSchools Rating

Statesville High School

  • Education Level: High
  • # of students: 1,029
  • # of teachers: 67
1
GreatSchools Rating
 

$171,000$209,000$190,000

PURCHASE PRICE

$1,008$1,232$1,120

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,120
EXPENSES Loan Payment -$701
Property Tax -$142
Property Insurance -$50
Property Management Fees -$101
CASH FLOW
$126

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.

$190,000

PROJECTED PRICE

$1,120

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 2.87%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$56,100

INVESTMENT

$56,100

Down Payment
$47,500
Rehab Estimate
$5,750
Closing Costs
$2,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$701

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $47,500
Loan Amount $142,500
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$21,790

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,120

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $992

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,1003$1,1204$1,2955$1,295
$1,295
RENT COMPS ANALYSIS
  • 130 Fort Dobbs Road Statesville, NC 3
    • 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 1986
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,120
    • $0.93
    •  
  • 158 Danbury Lane Statesville, NC 1
    • 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1978
    property image
    LEASED 06/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.81
    •  
  • 115 Victoria Drive Statesville, NC 2
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1974
    property image
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.76
    •  
  • 566 Hartness Road Statesville, NC 4
    • 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1964
    property image
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.87
    •  
  • 2014 Arlington Avenue Statesville, NC 5
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 2005
    property image
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.85
    •  
PROPERTY LISTING DETAILS
Jennifer Alcantara
1.704.929.7900
Keller Williams Mooresville
BESbswy