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146 Foy Lane #28 Statesville, NC 28625

3 Beds 2 Baths 1,509 sqft Built 2004

$240,000

List Price

$1,330

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $159.05
  • 2 Days on Market
  • MLS # : 3711776
  • Updated Date : 02/27/2021 at 09:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,509 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Mooresville/lake Norman

Listing Agent's Description

Welcome Home. Looking for that great neighborhood feel with NO HOA? Well maintained one level 3 BR and 2 BA home with Hardwood floors, new carpet in the bedrooms and freshly painted throughout. The open floorplan is perfect for entertaining. Kitchen has stainless steel appliances, granite countertops and new tiled back splash. Spacious bedrooms with walk in closet in the master suite. Through the dinning room glass doors, step out onto the decking and overlook the large fenced in backyard. Enjoy country living while yet minutes away from the city. This is a must see.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Scotts Elementary School Primary Regular 412 24 4
West Iredell Middle School Middle Regular 716 42 5
West Iredell High School High Regular 918 56 4

Scotts Elementary School

  • Education Level: Primary
  • # of students: 412
  • # of teachers: 24
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
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,197$1,463$1,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,330
EXPENSES Loan Payment -$834
Property Tax -$180
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$142

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.

$240,000

PROJECTED PRICE

$1,330

PROJECTED RENT

0.55%

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

PROJECTED ANNUAL CASH FLOW

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

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$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$25,770

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,330

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,411

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2003$1,330
$1,330
RENT COMPS ANALYSIS
  • 146 Foy Lane Statesville, NC 3
    • 3 beds 2 baths ∙ 1,509 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,509 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $0.88
    •  
  • 118 Brook Run Lane Statesville, NC 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2002
    property image
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.92
    •  
  • 107 Antler Drive Statesville, NC 2
    • 3 beds 2 baths ∙ 1,268 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,268 Sqft ∙ Built 1995
    property image
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.95
    •  
PROPERTY LISTING DETAILS
Marco Corcoran
1.980.759.3597
Allen Tate Mooresville/lake Norman
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3711776
Last Updated: 02/27/2021
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