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167 Homestead Estates Drive Statesville, NC 28677

3 Beds 3 Baths 1,622 sqft Built 1976

$199,995

List Price

$1,310

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $123.30
  • 3 Days on Market
  • MLS # : 3712630
  • Updated Date : 02/26/2021 at 13:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,622 sqft
  • Baths : 3 full
Listing Agent

Better Homes And Gardens Real Estate Paracle

Listing Agent's Description

Full brick home w/ partially finished basement. Pre-finished hardwoods in the great room. Granite counter tops in the kitchen. This home sits on over an acre of land on the end of a cul du sac. There is an oversized 24x28 detached garage with a lg. covered storage area. Enjoy the inclosed glass sunroom with ceramic tiled floors and hot tub plus much more....

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: 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
Third Creek Elementary School Primary Regular 540 39 5
Statesville Middle School Middle Regular 454 34 1
South Iredell High School High Regular 1,505 92 5

Third Creek Elementary School

  • Education Level: Primary
  • # of students: 540
  • # of teachers: 39
5
GreatSchools Rating

Statesville Middle School

  • Education Level: Middle
  • # of students: 454
  • # of teachers: 34
1
GreatSchools Rating

South Iredell High School

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

$179,996$219,995$199,995

PURCHASE PRICE

$1,179$1,441$1,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,310
EXPENSES Loan Payment -$695
Property Tax -$150
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$289

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.

$199,995

PROJECTED PRICE

$1,310

PROJECTED RENT

0.66%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$58,749

INVESTMENT

$58,749

Down Payment
$49,999
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$695

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,999
Loan Amount $149,996
See What Happens When You Reinvest Cash Flow

12.42

YEARS SAVED

$38,987

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,310

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,768

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,310
1$1,3102$1,6753$1,950
$1,950
RENT COMPS ANALYSIS
  • 167 Homestead Estates Drive Statesville, NC 1
    • 3 beds 3 baths ∙ 1,622 Sqft ∙ Built 1976 3 beds 3 baths ∙ 1,622 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $1,310
    • $0.81
    •  
  • 126 Canada Drive Statesville, NC 2
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2020
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.00
    •  
  • 244 Bethesda Road Statesville, NC 3
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 2018
    LEASED 02/23/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.18
    •  
PROPERTY LISTING DETAILS
Steven Morgan
1.704.430.3748
Better Homes And Gardens Real Estate Paracle
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3712630
Last Updated: 02/26/2021
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