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150 Arrow Lane Statesville, NC 28625

3 Beds 2 Baths 1,593 sqft Built 1970

$172,500

List Price

$1,200

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1970
  • Price/Sqft : $108.29
  • 8 Days on Market
  • MLS # : 3676567
  • Updated Date : 11/07/2020 at 15:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,593 sqft
  • Baths : 2 full
Listing Agent

Nexthome World Class

Listing Agent's Description

Enjoy spending time outside with family and friends with this large outdoor space with beautiful oak trees. Here you will find plenty of room for friends grilling out, playing volleyball, horseshoes or just simply swinging in the yard swing. With this property, there is plenty of room to enjoy life. Inside this nice brick-built home you will find a large kitchen leading into a great room with a dining area and den space for the family to be together. There is a living room that could also be made into a theater room. Moving along a short hallway you will find 3 bedrooms and 2 bathrooms. This home will not be on the market long, it has been priced to sell, and with room for you to be able to paint or upgrade this house to make it YOUR NextHOME!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
N B Mills Elementary School Primary Regular 493 35 4
West Iredell Middle School Middle Regular 716 42 5
West Iredell High School High Regular 918 56 4

N B Mills Elementary School

  • Education Level: Primary
  • # of students: 493
  • # of teachers: 35
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
 

$155,250$189,750$172,500

PURCHASE PRICE

$1,080$1,320$1,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,200
EXPENSES Loan Payment -$636
Property Tax -$129
Property Insurance -$57
Property Management Fees -$108
CASH FLOW
$269

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.

$172,500

PROJECTED PRICE

$1,200

PROJECTED RENT

0.70%

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$50k$100k$150k$200k$250k$300k$350k$400k$450k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$51,463

INVESTMENT

$51,463

Down Payment
$43,125
Rehab Estimate
$5,750
Closing Costs
$2,588

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$636

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $43,125
Loan Amount $129,375
See What Happens When You Reinvest Cash Flow

11.92

YEARS SAVED

$37,861

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,200

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,312

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,095
1$1,0952$1,2003$1,2004$1,300
$1,300
RENT COMPS ANALYSIS
  • 150 Arrow Lane Statesville, NC 3
    • 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.75
    •  
  • 343 Dunavant Lane Statesville, NC 1
    • 3 beds 2 baths ∙ 1,401 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,401 Sqft ∙ Built 1959
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.78
    •  
  • 121 Candlestick Drive Statesville, NC 2
    • 3 beds 3 baths ∙ 1,746 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,746 Sqft ∙ Built 1994
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.69
    •  
  • 547 Colony Court Statesville, NC 4
    • 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1964
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.83
    •  
PROPERTY LISTING DETAILS
Rick Carney
1.704.682.1847
Nexthome World Class
BESbswy