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241 N Bost Street Statesville, NC 28677

4 Beds 3 Baths 2,385 sqft Built 1938

$259,000

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1938
  • Price/Sqft : $108.60
  • -18 Days on Market
  • MLS # : CAR3761777
  • Updated Date : 07/13/2021 at 01:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,385 sqft
  • Baths : 3 full
Listing Agent

Lake Norman Realty, Inc.

Listing Agent's Description

Check Out This Beautiful 1.5 Story Home With Remarkable Potential & Historic Nostalgia! This Spacious 4 Bed 3 Bath Home is Located on a Desirable Corner Lot Close to Downtown Statesville's Alluring Shops and Restaurants! A Freshly Painted Lower Exterior, Beautiful Hardwoods Throughout, Granite Kitchen Counter Tops, and A Wrap Around Porch are just a few of the Many Features that give this Home Verifiable Character and Charm. You Must See This Home For Yourself to get the True Feel and Experience of What it has to Offer!

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
Statesville High School High Regular 1,029 67 1

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

Statesville High School

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

$233,100$284,900$259,000

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$900
Property Tax -$229
Property Insurance -$72
Property Management Fees -$119
CASH FLOW
$141

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.

$259,000

PROJECTED PRICE

$1,460

PROJECTED RENT

0.56%

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$800k

PROJECTED ANNUAL CASH FLOW

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

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$74,385

INVESTMENT

$74,385

Down Payment
$64,750
Rehab Estimate
$5,750
Closing Costs
$3,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$900

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,750
Loan Amount $194,250
See What Happens When You Reinvest Cash Flow

7.92

YEARS SAVED

$26,451

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.61

    LIST RENT PER SQFT
  • $1,741

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,460
1$1,4602$1,780
$1,780
RENT COMPS ANALYSIS
  • 241 N Bost Street Statesville, NC 1
    • 4 beds 3 baths ∙ 2,385 Sqft ∙ Built 1938 4 beds 3 baths ∙ 2,385 Sqft ∙ Built 1938
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.61
    •  
  • 1411 Forest Park Drive Statesville, NC 2
    • 4 beds 3 baths ∙ 2,451 Sqft ∙ Built 1969 4 beds 3 baths ∙ 2,451 Sqft ∙ Built 1969
    property image
    LEASED 07/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.73
    •  
PROPERTY LISTING DETAILS
Thomas Gregory
1.704.880.7156
Lake Norman Realty, Inc.
BESbswy