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2534 Heritage Circle Statesville, NC 28625

4 Beds 3 Baths 2,696 sqft Built 1973

$289,000

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $107.20
  • 3 Days on Market
  • MLS # : 3721856
  • Updated Date : 03/26/2021 at 13:23
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,696 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Properties Plus, Inc.

Listing Agent's Description

Large four bedroom two-story home nestled amongst all the simplicity that nature has to offer. This home features an expanded eat-in kitchen, dining room, living room with wood burning fireplace and built-in bookcases, French doors, ceiling fans, sunroom/game room, keeping room off the kitchen, 4 bedrooms, 2 full bathrooms, 1 half bathroom, walk-in attic above the 2 car garage with new garage door, basement, large rear deck for outdoor entertaining, partially fenced in back yard, flowing creek/stream on the property and more!!!

SEE MORE

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: 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
 

$260,100$317,900$289,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$1,004
Property Tax -$272
Property Insurance -$78
Property Management Fees -$119
CASH FLOW
-$3

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.

$289,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.51%

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$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$82,335

INVESTMENT

$82,335

Down Payment
$72,250
Rehab Estimate
$5,750
Closing Costs
$4,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,004

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,250
Loan Amount $216,750
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$14,546

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.55

    LIST RENT PER SQFT
  • $1,564

    COMP ESTIMATED VALUE
  • $0.58

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4703$1,5004$1,595
$1,595
RENT COMPS ANALYSIS
  • 2534 Heritage Circle Statesville, NC 2
    • 4 beds 3 baths ∙ 2,696 Sqft ∙ Built 1973 4 beds 3 baths ∙ 2,696 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.55
    •  
  • 2413 Marthas Ridge Drive Statesville, NC 1
    • 4 beds 3 baths ∙ 2,880 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,880 Sqft ∙ Built 2007
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.50
    •  
  • 156 Eastwood Drive Statesville, NC 3
    • 3 beds 3 baths ∙ 2,560 Sqft ∙ Built 1986 3 beds 3 baths ∙ 2,560 Sqft ∙ Built 1986
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.59
    •  
  • 1411 Forest Park Drive Statesville, NC 4
    • 4 beds 3 baths ∙ 2,451 Sqft ∙ Built 1969 4 beds 3 baths ∙ 2,451 Sqft ∙ Built 1969
    LEASED 01/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.65
    •  
PROPERTY LISTING DETAILS
Robert Sechrist
1.704.880.5420
Re/max Properties Plus, Inc.
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3721856
Last Updated: 03/26/2021
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