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1421 Commonwealth Avenue Statesville, NC 28677

4 Beds 3 Baths 2,305 sqft Built 2008

$249,900

List Price

$1,570

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $108.42
  • 3 Days on Market
  • MLS # : 3701914
  • Updated Date : 01/30/2021 at 00:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,305 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

Gorgeous and Move-in Ready! Open floorplan. This beautiful kitchen boasts granite, stainless steel appliances, tons of 42' cabinets and spacious breakfast/den beside. 4 bedrooms & laundry room upstairs. Fenced generous sized backyard wonderful for entertaining with a pergola. TV within pergola also conveys. Excellent location nearby everything a buyer could need. Ring doorbell conveys.

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
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,413$1,727$1,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,570
EXPENSES Loan Payment -$868
Property Tax -$221
Property Insurance -$71
HOA -$8
Property Management Fees -$119
CASH FLOW
$283

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.

$249,900

PROJECTED PRICE

$1,570

PROJECTED RENT

0.63%

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$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$41,266

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,516

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3653$1,5504$1,5705$1,595
$1,595
RENT COMPS ANALYSIS
  • 1421 Commonwealth Avenue Statesville, NC 4
    • 4 beds 3 baths ∙ 2,305 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,305 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $0.68
    •  
  • 937 Restmore Lane Statesville, NC 1
    • 3 beds 2 baths ∙ 2,006 Sqft ∙ Built 1929 3 beds 2 baths ∙ 2,006 Sqft ∙ Built 1929
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.65
    •  
  • 2117 Ballingarry Drive Statesville, NC 2
    • 3 beds 3 baths ∙ 2,028 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,028 Sqft ∙ Built 2003
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,365
    • $0.67
    •  
  • 1214 Knox Street Statesville, NC 3
    • 3 beds 2 baths ∙ 2,335 Sqft ∙ Built 1953 3 beds 2 baths ∙ 2,335 Sqft ∙ Built 1953
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.66
    •  
  • 1411 Forest Park Drive Statesville, NC 5
    • 4 beds 3 baths ∙ 2,451 Sqft ∙ Built 1969 4 beds 3 baths ∙ 2,451 Sqft ∙ Built 1969
    LEASED 01/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.65
    •  
PROPERTY LISTING DETAILS
Donna Sintay
1.704.779.9096
Keller Williams Mooresville
BESbswy