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2610 Eastbrook Lane Statesville, NC 28625

4 Beds 3 Baths 2,133 sqft Built 1980

$295,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $138.30
  • 3 Days on Market
  • MLS # : 3690761
  • Updated Date : 12/11/2020 at 17:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,133 sqft
  • Baths : 3 full
Listing Agent

Tarheel Realty Ii

Listing Agent's Description

Beautiful ranch style home with finished basement! This home features many recent updates to include a new roof, a new HVAC system, remodeled kitchen and bathrooms, fresh neutral paint colors throughout the home, and new vinyl plank flooring. When you enter this home, you immediately feel right at home with everything from the cozy fireplace in the family room to the abundance of natural light throughout. The large fenced backyard is perfect for children or pets and there are endless possibilities for the large bonus room in the basement. This home will not disappoint!

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: 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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$1,088
Property Tax -$261
Property Insurance -$67
Property Management Fees -$119
CASH FLOW
-$15

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.

$295,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.52%

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$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$17,689

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,466

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,353
1$1,3532$1,3653$1,5004$1,5205$1,550
$1,550
RENT COMPS ANALYSIS
  • 2610 Eastbrook Lane Statesville, NC 4
    • 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 1980 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.71
    •  
  • 603 Old Farm Road Statesville, NC 1
    • 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 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
Tammy Kennedy
1.704.657.8995
Tarheel Realty Ii
BESbswy