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146 Stonefield Drive Statesville, NC 28677

3 Beds 2 Baths 1,512 sqft Built 1996

$226,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $149.47
  • 3 Days on Market
  • MLS # : 3708374
  • Updated Date : 02/13/2021 at 11:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,512 sqft
  • Baths : 2 full
Listing Agent

Lake Norman Realty, Inc.

Listing Agent's Description

Welcome home to an open 3 bedroom ranch built on a .65 acre private home site. Enjoy the quiet escape to your front porch or expansive covered back deck. As you enter the front door, engineered wood floors are throughout the family room and halls. This well designed split ranch offers complete privacy of your Owners retreat, large walk-in closet and en suite bathroom. Dream kitchen centrally located with NEW GRANITE countertops, NEW BACKSPLASH and NEW island. Always wanted a large walk-in Pantry? Now it's yours! This extra large Laundry room has a wow factor of space leading to a huge 24 x 24 Garage! And finally, the tranquility of the fenced in back yard offering a shed, privacy trees & lovely landscaped areas with a lot of rose bushes reading to bloom each year. Just minutes from Troutman, Downtown Troutman, exit 45 Duke Power State Park and 15 minutes from Mooresville.

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
Troutman Elementary School Primary Regular 757 45 6
Troutman Middle School Middle Regular 436 25 4
South Iredell High School High Regular 1,505 92 5

Troutman Elementary School

  • Education Level: Primary
  • # of students: 757
  • # of teachers: 45
6
GreatSchools Rating

Troutman Middle School

  • Education Level: Middle
  • # of students: 436
  • # of teachers: 25
4
GreatSchools Rating

South Iredell High School

  • Education Level: High
  • # of students: 1,505
  • # of teachers: 92
5
GreatSchools Rating
 

$203,400$248,600$226,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$785
Property Tax -$169
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$302

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.

$226,000

PROJECTED PRICE

$1,430

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

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$65,640

INVESTMENT

$65,640

Down Payment
$56,500
Rehab Estimate
$5,750
Closing Costs
$3,390

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$785

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,500
Loan Amount $169,500
See What Happens When You Reinvest Cash Flow

12

YEARS SAVED

$42,226

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,492

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,430
1$1,4302$1,4753$1,4854$1,625
$1,625
RENT COMPS ANALYSIS
  • 146 Stonefield Drive Statesville, NC 1
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.95
    •  
  • 132 Winding Cedar Drive Statesville, NC 2
    • 3 beds 2 baths ∙ 1,388 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,388 Sqft ∙ Built 2004
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.06
    •  
  • 230 Jobe Drive Statesville, NC 3
    • 3 beds 3 baths ∙ 1,688 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,688 Sqft ∙ Built 2017
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,485
    • $0.88
    •  
  • 116 Clove Hitch Drive Statesville, NC 4
    • 3 beds 2 baths ∙ 1,587 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,587 Sqft ∙ Built 2020
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $1.02
    •  
PROPERTY LISTING DETAILS
Donice Wheeler Blanton
1.704.400.1018
Lake Norman Realty, Inc.
BESbswy