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2409 E Broad Street Statesville, NC 28677

3 Beds 3 Baths 1,862 sqft Built 1969

$220,000

List Price

$1,320

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 17, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $118.15
  • 6 Days on Market
  • MLS # : 3681378
  • Updated Date : 11/20/2020 at 13:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,862 sqft
  • Baths : 3 full
Listing Agent

Excel Real Estate Group

Listing Agent's Description

Excellent location with HUGE lot! Convenient to Mooresville, Hickory or Winston Salem. Large unfinished basement could be easily converted into second living quarters. Home has Reese windows (Installed 9/17) with transferable LT warranty. Large double lot offers privacy and seclusion to the back yard.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
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
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$812
Property Tax -$194
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$133

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.

$220,000

PROJECTED PRICE

$1,320

PROJECTED RENT

0.60%

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$812

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$23,796

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,410

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2903$1,3204$1,3535$1,365
$1,365
RENT COMPS ANALYSIS
  • 2409 E Broad Street Statesville, NC 3
    • 3 beds 3 baths ∙ 1,862 Sqft ∙ Built 1969 3 beds 3 baths ∙ 1,862 Sqft ∙ Built 1969
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.71
    •  
  • 633 Colonial Drive Statesville, NC 1
    • 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1974
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.82
    •  
  • 1927 Joe Road Statesville, NC 2
    • 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1964
    property image
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $0.81
    •  
  • 603 Old Farm Road Statesville, NC 4
    • 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 1973
    property image
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,353
    • $0.73
    •  
  • 2117 Ballingarry Drive Statesville, NC 5
    • 3 beds 3 baths ∙ 2,028 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,028 Sqft ∙ Built 2003
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,365
    • $0.67
    •  
PROPERTY LISTING DETAILS
Shannah Sarwas
1.704.252.4881
Excel Real Estate Group
BESbswy