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271 Bostian Lake Road Statesville, NC 28677

3 Beds 2 Baths 1,537 sqft Built 1962

$199,000

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $129.47
  • 2 Days on Market
  • MLS # : 3692666
  • Updated Date : 12/19/2020 at 16:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,537 sqft
  • Baths : 2 full
Listing Agent

Lake Norman Realty Inc

Listing Agent's Description

The trifecta!! Very nice all brick ranch home, in quiet neighborhood on a large level corner lot. This home has been very well cared for and it shows! Both bathrooms have been renovated and the owners suite has a large tiled walk in shower. The living room and hallway have beautiful hardwood floors, accented by beadboard, and the white and gray farmhouse feel. All of the bedrooms are very spacious, and fit larger suites of furniture comfortably. The back yard is a lovely size for entertaining or gardening. New roof, windows and HVAC in 2012, new septic tank in 2018, and painted throughout in 2018. This is a MUST SEE!! Professional measurements and pictures to come later this week.

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
Celeste Henkel Elementary School Primary Regular 584 38 4
West Iredell Middle School Middle Regular 716 42 5
West Iredell High School High Regular 918 56 4

Celeste Henkel Elementary School

  • Education Level: Primary
  • # of students: 584
  • # of teachers: 38
4
GreatSchools Rating

West Iredell Middle School

  • Education Level: Middle
  • # of students: 716
  • # of teachers: 42
5
GreatSchools Rating

West Iredell High School

  • Education Level: High
  • # of students: 918
  • # of teachers: 56
4
GreatSchools Rating
 

$179,100$218,900$199,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$734
Property Tax -$148
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$352

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.

$199,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.71%

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$16k$18k

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$58,485

INVESTMENT

$58,485

Down Payment
$49,750
Rehab Estimate
$5,750
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

13.58

YEARS SAVED

$51,147

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,522

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,4103$1,4754$1,625
$1,625
RENT COMPS ANALYSIS
  • 271 Bostian Lake Road Statesville, NC 2
    • 3 beds 2 baths ∙ 1,537 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,537 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.92
    •  
  • 1135 Rita Avenue Statesville, NC 1
    • 4 beds 2 baths ∙ 1,240 Sqft ∙ Built 1966 4 beds 2 baths ∙ 1,240 Sqft ∙ Built 1966
    LEASED 07/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.89
    •  
  • 132 Winding Cedar Drive Statesville, NC 3
    • 3 beds 2 baths ∙ 1,388 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,388 Sqft ∙ Built 2004
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.06
    •  
  • 116 Clove Hitch Drive Statesville, NC 4
    • 3 beds 2 baths ∙ 1,587 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,587 Sqft ∙ Built 2020
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $1.02
    •  
PROPERTY LISTING DETAILS
Crystal Mcintosh
1.704.657.3127
Lake Norman Realty Inc
BESbswy