Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

2550 Simonton Road #141-143 Statesville, NC 28625

4 Beds 2 Baths 2,255 sqft Built 1953

$195,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1953
  • Price/Sqft : $86.47
  • 3 Days on Market
  • MLS # : 3680346
  • Updated Date : 11/06/2020 at 19:12
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,255 sqft
  • Baths : 2 full
Listing Agent

Tarheel Realty Ii

Listing Agent's Description

Zoned B5! Two lots totaling over 0.88 acres. Full Brick home with Large Rooms. Hardwood floors throughout. Charming and classic design. Floorplan is perfect for commercial, small business, or single family enjoyment! Roof replaced 2017! Home will need HVAC, however, ductwork in place. Home features large kitchen with plenty of cabinetry and a pantry. Spacious Dining Room that is open to the oversized Livingroom with Fireplace. 2 Bedrooms Plus Office on Main level, 2 Bedrooms and Full Bath located upstairs, full basement used for workshop with multiple uses. Extra Large screened in back porch to enjoy! Multiple uses to explore! Located near many striving businesses. Easy access to I-40 & 77 corridor.

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
 

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

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$719
Property Tax -$87
Property Insurance -$70
Property Management Fees -$139
CASH FLOW
$525

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

$1,540

PROJECTED RENT

0.79%

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$0.0$5.0k$10k$15k$20k

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 20% down payment or higher enables the proceeds from the asset to cover all costs.

$719

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

15.83

YEARS SAVED

$60,215

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,505

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3653$1,5004$1,5405$1,550
$1,550
RENT COMPS ANALYSIS
  • 2550 Simonton Road Statesville, NC 4
    • 4 beds 2 baths ∙ 2,255 Sqft ∙ Built 1953 4 beds 2 baths ∙ 2,255 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.68
    •  
  • 937 Restmore Lane Statesville, NC 1
    • 3 beds 2 baths ∙ 2,006 Sqft ∙ Built 1929 3 beds 2 baths ∙ 2,006 Sqft ∙ Built 1929
    property image
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.65
    •  
  • 2117 Ballingarry Drive Statesville, NC 2
    • 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
    •  
  • 2301 Marthas Ridge Drive Statesville, NC 3
    • 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2018
    property image
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.72
    •  
  • 1411 Forest Park Drive Statesville, NC 5
    • 4 beds 3 baths ∙ 2,451 Sqft ∙ Built 1969 4 beds 3 baths ∙ 2,451 Sqft ∙ Built 1969
    property image
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.63
    •  
PROPERTY LISTING DETAILS
Amanda Coleman
1.704.902.7462
Tarheel Realty Ii
BESbswy