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163 Byers Road Troutman, NC 28166

3 Beds 2 Baths 1,530 sqft Built 1998

$250,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $163.40
  • 5 Days on Market
  • MLS # : 3676287
  • Updated Date : 11/01/2020 at 10:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,530 sqft
  • Baths : 2 full
Listing Agent

Premier South

Listing Agent's Description

Be in your home in time for the holidays. This ranch home conveniently located minutes from shopping, restaurants and in a non-HOA neighborhood. Your welcoming open kitchen and dinning area combination is perfect layout for entertaining. Great morning are made on either your front porch or your screened back porch which gives you extra entertaining space too. Theres an extra large workshop, man cave or she shed or maybe the rustic class room. The choice is yours. This home is a blank slate waiting for your personal touch.

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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: 28166

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $106k261k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 28166

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7581375

* 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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$922
Property Tax -$192
Property Insurance -$56
Property Management Fees -$128
CASH FLOW
$122

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.

$250,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.2%
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$800k

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$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$24,272

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,396

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,095
1$1,0952$1,0953$1,3504$1,4205$1,425
$1,425
RENT COMPS ANALYSIS
  • 163 Byers Road Troutman, NC 4
    • 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.93
    •  
  • 176 Autumn Leaf Road Troutman, NC 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1976
    LEASED 06/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.91
    •  
  • 415 Avon Avenue Troutman, NC 2
    • 3 beds 2 baths ∙ 1,264 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,264 Sqft ∙ Built 1975
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.87
    •  
  • 234 Eastway Drive Troutman, NC 3
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1913 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1913
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.89
    •  
  • 142 Jacobs Woods Circle Troutman, NC 5
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 3 beds 2 baths ∙ 1,456 Sqft ∙ Built
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.98
    •  
PROPERTY LISTING DETAILS
Karyn Porter
1.704.682.2261
Premier South
BESbswy