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146 Backcreek Lane # 12 Statesville, NC 28677

3 Beds 2 Baths 1,860 sqft Built 1984

INVESTimate

$259,900

List Price

$1,350

$1,215 - $1,485

Rent Est.

$270,790  ( +4.19%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $139.73
  • 6 Days on Market
  • MLS # : 3653695
  • Updated Date : 08/21/2020 at 07:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,860 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

This beautifully maintained log home is a must see! Conveniently located but still has the privacy you're looking for in the quiet, established neighborhood. Step inside from the rocking chair front porch and it feels like home the minute you walk in the front door! Hardwood floors, tongue and groove cathedral ceilings and beautiful exposed logs. Open floor plan and all main level living. Full unfinished basement with endless opportunity for expansion! There is even a fully operational wood stove that could heat the entire house if necessary or desired. Insulated replacement windows throughout. Large fenced in back yard boasts 3 -60x60 kennels. This home is close to everything but once you get here, you most certainly will not want to leave!

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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: 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
Celeste Henkel Elementary School Primary Regular 584 38 4
West Iredell Middle School Middle Regular 716 42 5
West Iredell High School High Regular 918 56 4

Celeste Henkel Elementary School

  • Education Level: Primary
  • # of students: 584
  • # of teachers: 38
4
GreatSchools Rating

West Iredell Middle School

  • Education Level: Middle
  • # of students: 716
  • # of teachers: 42
5
GreatSchools Rating

West Iredell High School

  • Education Level: High
  • # of students: 918
  • # of teachers: 56
4
GreatSchools Rating
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

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-$2.0k$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$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$959
Property Tax -$207
Property Insurance -$62
Property Management Fees -$122
CASH FLOW
$0

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.

$259,900

PROJECTED PRICE

$1,350

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 4.19%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$13,306

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $911

    COMP ESTIMATED VALUE
  • $0.49

    COMP AVG. RENT PER SQFT
Comps Range
$745
1$7452$1,350
$1,350
RENT COMPS ANALYSIS
  • 146 Backcreek Lane Statesville, NC 2
    • 3 beds 2 baths ∙ 1,860 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,860 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.73
    •  
  • 2369 Buffalo Shoals Road Statesville, NC 1
    • 3 beds 1 baths ∙ 1,528 Sqft ∙ Built 1900 3 beds 1 baths ∙ 1,528 Sqft ∙ Built 1900
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $745
    • $0.49
    •  
PROPERTY LISTING DETAILS
Dylan Hines
1.336.469.1418
Exp Realty Llc
BESbswy