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130 Portman Lane Statesville, NC 28625

3 Beds 2 Baths 1,675 sqft Built 2017

$269,900

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 15, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $161.13
  • 3 Days on Market
  • MLS # : 3681485
  • Updated Date : 11/15/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,675 sqft
  • Baths : 2 full
Listing Agent

Ronald Scott Properties Inc

Listing Agent's Description

Welcome home to this modern farmhouse in the Cool Springs area! This 3 bedroom 2 bathroom home has everything from tons of open floor space, large bedrooms, walk in closets in the master, expresso cabinets in kitchen and bathrooms, granite countertops throughout, large double bowl kitchen sink, kitchen island, gleaming wood laminate flooring, and a large two car garage with a bump out for storage. Built effective 2018 the roof and hvac are only 2 years old!

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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
Cool Spring Elementary School Primary Regular 393 25 8
East Middle School Middle Regular 516 34 3
North Iredell High School High Regular 1,176 65 3

Cool Spring Elementary School

  • Education Level: Primary
  • # of students: 393
  • # of teachers: 25
8
GreatSchools Rating

East Middle School

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

North Iredell High School

  • Education Level: High
  • # of students: 1,176
  • # of teachers: 65
3
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$996
Property Tax -$202
Property Insurance -$59
Property Management Fees -$131
CASH FLOW
$72

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.

$269,900

PROJECTED PRICE

$1,460

PROJECTED RENT

0.54%

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$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$20,256

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,650

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4603$1,700
$1,700
RENT COMPS ANALYSIS
  • 130 Portman Lane Statesville, NC 2
    • 3 beds 2 baths ∙ 1,675 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,675 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.87
    •  
  • 116 Setter Court Statesville, NC 1
    • 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1981
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.02
    •  
  • 305 Camelot Drive Statesville, NC 3
    • 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1977
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.95
    •  
PROPERTY LISTING DETAILS
Philip Ostwalt
1.704.928.5555
Ronald Scott Properties Inc
BESbswy