Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1307 Knox Street Statesville, NC 28677

3 Beds 1 Baths 1,118 sqft Built 1953

$140,000

List Price

$1,070

$963 - $1.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $125.22
  • 3 Days on Market
  • MLS # : 3684960
  • Updated Date : 11/20/2020 at 08:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,118 sqft
  • Baths : 1 full
Listing Agent

Allen Tate Statesville

Listing Agent's Description

Great starter home in established neighborhood! New water and sewer lines, tankless water heater, New sink and faucet in kitchen, some new paint throughout, nice deck added in the last few years, Come take a look!

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: 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
East Iredell Elementary School Primary Regular 851 52 2
Statesville Middle School Middle Regular 454 34 1
Statesville High School High Regular 1,029 67 1

East Iredell Elementary School

  • Education Level: Primary
  • # of students: 851
  • # of teachers: 52
2
GreatSchools Rating

Statesville Middle School

  • Education Level: Middle
  • # of students: 454
  • # of teachers: 34
1
GreatSchools Rating

Statesville High School

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

$126,000$154,000$140,000

PURCHASE PRICE

$963$1,177$1,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,070
EXPENSES Loan Payment -$517
Property Tax -$124
Property Insurance -$48
Property Management Fees -$96
CASH FLOW
$285

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.

$140,000

PROJECTED PRICE

$1,070

PROJECTED RENT

0.76%

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

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$50k$100k$150k$200k$250k$300k$350k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$42,850

INVESTMENT

$42,850

Down Payment
$35,000
Rehab Estimate
$5,750
Closing Costs
$2,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$517

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $35,000
Loan Amount $105,000
See What Happens When You Reinvest Cash Flow

13.67

YEARS SAVED

$36,466

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,070

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,079

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$1,0703$1,1954$1,2755$1,375
$1,375
RENT COMPS ANALYSIS
  • 1307 Knox Street Statesville, NC 2
    • 3 beds 1 baths ∙ 1,118 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,118 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $1,070
    • $0.96
    •  
  • 385 Westwood Drive Statesville, NC 1
    • 3 beds 1 baths ∙ 1,045 Sqft ∙ Built 1946 3 beds 1 baths ∙ 1,045 Sqft ∙ Built 1946
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.89
    •  
  • 1701 Brookgreen Avenue Statesville, NC 3
    • 3 beds 2 baths ∙ 1,139 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,139 Sqft ∙ Built 2004
    LEASED 09/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.05
    •  
  • 544 E Front Street Statesville, NC 4
    • 3 beds 1 baths ∙ 1,376 Sqft ∙ Built 1913 3 beds 1 baths ∙ 1,376 Sqft ∙ Built 1913
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.93
    •  
  • 815 E Front Street Statesville, NC 5
    • 3 beds 2 baths ∙ 1,389 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,389 Sqft ∙ Built 1947
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.99
    •  
PROPERTY LISTING DETAILS
Mary Palmes
1.704.838.2319
Allen Tate Statesville
BESbswy