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148 Rock Island Drive Statesville, NC 28625

3 Beds 2 Baths 1,404 sqft Built 2000

$200,000

List Price

$1,170

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $142.45
  • 18 Days on Market
  • MLS # : 3683870
  • Updated Date : 12/05/2020 at 08:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,404 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Statesville

Listing Agent's Description

Welcome to this one street cul de sac neighborhood! 3 bedroom 2 bath home with large great room featuring a cathedral ceiling and open to the dining area. Laminate wood flooring in the main living areas. New neutral paint throughout. Master bedroom with large walk-in closet. Large laundry room. 2 car garage. Deck overlooks a flat backyard with storage building. Close to I40 and I77. County taxes only and no HOA fees!

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
Statesville Middle School Middle Regular 454 34 1
Statesville High School High Regular 1,029 67 1

Scotts Elementary School

  • Education Level: Primary
  • # of students: 412
  • # of teachers: 24
4
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
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,053$1,287$1,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,170
EXPENSES Loan Payment -$738
Property Tax -$150
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$110

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.

$200,000

PROJECTED PRICE

$1,170

PROJECTED RENT

0.58%

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

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$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

8.08

YEARS SAVED

$24,331

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,170

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,217

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,1003$1,1704$1,450
$1,450
RENT COMPS ANALYSIS
  • 148 Rock Island Drive Statesville, NC 3
    • 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,170
    • $0.83
    •  
  • 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
    •  
  • 115 Victoria Drive Statesville, NC 2
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1974
    property image
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.76
    •  
  • 112 Squire Court Statesville, NC 4
    • 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1982
    property image
    LEASED 09/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.99
    •  
PROPERTY LISTING DETAILS
Roxanna Levan
1.704.437.0204
Allen Tate Statesville
BESbswy