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2006 Beauty Street Statesville, NC 28625

4 Beds 3 Baths 1,459 sqft Built 2004

$195,000

List Price

$1,180

$1.1K - $1.3K

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 2004
  • Price/Sqft : $133.65
  • 3 Days on Market
  • MLS # : 3712513
  • Updated Date : 02/26/2021 at 11:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,459 sqft
  • Baths : 2 full , 1 half
Listing Agent

Excel Real Estate Group

Listing Agent's Description

4 bedroom home centrally located to all that Statesville has to offer! Enjoy one floor living in this well thought out, split bedroom floor plan. Large master bedroom with walk in closet and en suite, three additional generously portioned bedrooms, updated kitchen, living room, laundry room and additional full and half bath! Enjoy entertaining in the large, level back yard or grilling on the back deck. Large attached garage provides great storage.

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
East Iredell Elementary School Primary Regular 851 52 2
East Middle School Middle Regular 516 34 3
Statesville High School High Regular 1,029 67 1

East Iredell Elementary School

  • Education Level: Primary
  • # of students: 851
  • # of teachers: 52
2
GreatSchools Rating

East Middle School

  • Education Level: Middle
  • # of students: 516
  • # of teachers: 34
3
GreatSchools Rating

Statesville High School

  • Education Level: High
  • # of students: 1,029
  • # of teachers: 67
1
GreatSchools Rating
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,062$1,298$1,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,180
EXPENSES Loan Payment -$677
Property Tax -$172
Property Insurance -$55
Property Management Fees -$119
CASH FLOW
$157

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.

$195,000

PROJECTED PRICE

$1,180

PROJECTED RENT

0.61%

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$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$677

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$24,515

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,180

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,247

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,1803$1,2004$1,2905$1,375
$1,375
RENT COMPS ANALYSIS
  • 2006 Beauty Street Statesville, NC 2
    • 4 beds 3 baths ∙ 1,459 Sqft ∙ Built 2004 4 beds 3 baths ∙ 1,459 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,180
    • $0.81
    •  
  • 1903 Lucille Street Statesville, NC 1
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1969
    LEASED 11/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.83
    •  
  • 621 Sharon Drive Statesville, NC 3
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2000
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.80
    •  
  • 1927 Joe Road Statesville, NC 4
    • 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1964
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $0.81
    •  
  • 363 Brookfield Drive Statesville, NC 5
    • 3 beds 3 baths ∙ 1,518 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,518 Sqft ∙ Built 2008
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.91
    •  
PROPERTY LISTING DETAILS
Patrick Bannon
1.704.605.8163
Excel Real Estate Group
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3712513
Last Updated: 02/26/2021
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