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321 Salisbury Road Statesville, NC 28677

3 Beds 2 Baths 1,128 sqft Built 2021

$179,900

List Price

$1,030

$927 - $1.1K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $159.49
  • 2 Days on Market
  • MLS # : 3699493
  • Updated Date : 01/23/2021 at 14:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,128 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

UNDER CONSTRUCTION, 3bd/2ba ranch style home with covered front porch and side deck. Great location close to downtown Stateville! You're going to love the beautiful white kitchen with Shaker-style cabinets, soft close drawers, and stainless steel appliances. Additional upgrades include luxury vinyl plank flooring and granite countertops in the kitchen and baths. Square footage is taken from the builder's plans, the house will be professionally measured once completed. Estimated completion date 5/2021.

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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
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
 

$161,910$197,890$179,900

PURCHASE PRICE

$927$1,133$1,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,030
EXPENSES Loan Payment -$625
Property Tax -$140
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
$98

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$179,900

PROJECTED PRICE

$1,030

PROJECTED RENT

0.57%

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) 3.00%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$49,674

INVESTMENT

$49,674

Down Payment
$44,975
Rehab Estimate
$2,000
Closing Costs
$2,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$625

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $44,975
Loan Amount $134,925
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$20,518

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,030

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,015

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$775
1$7752$9253$9954$1,0305$1,250
$1,250
RENT COMPS ANALYSIS
  • 321 Salisbury Road Statesville, NC 4
    • 3 beds 2 baths ∙ 1,128 Sqft ∙ Built 2021 3 beds 2 baths ∙ 1,128 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,030
    • $0.91
    •  
  • 316 Westwood Drive Statesville, NC 1
    • 3 beds 2 baths ∙ 941 Sqft ∙ Built 1948 3 beds 2 baths ∙ 941 Sqft ∙ Built 1948
    property image
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $775
    • $0.82
    •  
  • 385 Westwood Drive Statesville, NC 2
    • 3 beds 1 baths ∙ 1,045 Sqft ∙ Built 1946 3 beds 1 baths ∙ 1,045 Sqft ∙ Built 1946
    property image
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.89
    •  
  • 613 W Sharpe Street Statesville, NC 3
    • 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1948
    property image
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $0.90
    •  
  • 205 Armfield Street Statesville, NC 5
    • 3 beds 2 baths ∙ 1,258 Sqft ∙ Built 1926 3 beds 2 baths ∙ 1,258 Sqft ∙ Built 1926
    property image
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.99
    •  
PROPERTY LISTING DETAILS
Stacy Label
1.704.302.5035
Exp Realty Llc
BESbswy