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146 Rydel Lane Statesville, NC 28625

3 Beds 2 Baths 1,476 sqft Built 2001

$212,000

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $143.63
  • 6 Days on Market
  • MLS # : 3677270
  • Updated Date : 11/10/2020 at 15:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,476 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Mooresville

Listing Agent's Description

Great starter home!! custom upgrades include Ceremic Tiel entrance, solid wood doors, Granite counter tops in Kitchen and Baths, Disposal, Irrigation system and all toilets, sinks and mirrors have been upgraded. Master bedroom has a walk in closet and the master bath has a garden tub with a separate shower. All bedrooms wired for cable and have ceiling fans. Crawl space has a dirt floor but is large enough to stand in at the entrance. Perfect for storing mowers and other larger maintenance tools. Nice private deck and yard is beautifully landscaped. You need to look hard at this one!

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: 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
Cloverleaf Elementary School Primary Regular 699 45 2
North Iredell Middle School Middle Regular 632 41 5
North Iredell High School High Regular 1,176 65 3

Cloverleaf Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 45
2
GreatSchools Rating

North Iredell Middle School

  • Education Level: Middle
  • # of students: 632
  • # of teachers: 41
5
GreatSchools Rating

North Iredell High School

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

$190,800$233,200$212,000

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$782
Property Tax -$159
Property Insurance -$55
Property Management Fees -$122
CASH FLOW
$233

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.

$212,000

PROJECTED PRICE

$1,350

PROJECTED RENT

0.64%

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,930

INVESTMENT

$61,930

Down Payment
$53,000
Rehab Estimate
$5,750
Closing Costs
$3,180

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$782

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,000
Loan Amount $159,000
See What Happens When You Reinvest Cash Flow

9.83

YEARS SAVED

$35,906

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
  • $0.91

    LIST RENT PER SQFT
  • $1,506

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,400
$1,400
RENT COMPS ANALYSIS
  • 146 Rydel Lane Statesville, NC 1
    • 3 beds 2 baths ∙ 1,476 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,476 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.91
    •  
  • 1574 Turnersburg Highway Statesville, NC 2
    • 3 beds 2 baths ∙ 1,378 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,378 Sqft ∙ Built 1975
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.02
    •  
PROPERTY LISTING DETAILS
Bill Long
1.704.437.5295
Keller Williams Mooresville
BESbswy