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3300 Windsor Place #46 Statesville, NC 28625

4 Beds 3 Baths 2,094 sqft Built 1969

$272,900

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $130.32
  • 3 Days on Market
  • MLS # : 3700020
  • Updated Date : 01/23/2021 at 08:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,094 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lake Norman Realty, Inc.

Listing Agent's Description

Sellers down sizing. This is total remodel but not a flip. High quality work was done on this home that sellers planned on living in. 4 Bedrooms or the 4th can be an office for the work from home employee. All new everything- appliances, new HVAC into ducked work and, new baseboard heaters and a working fireplace. Newly paved driveway leading into large garage that leads level into kitchen. Move in Ready. This won't last long.

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
 

$245,610$300,190$272,900

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$948
Property Tax -$241
Property Insurance -$67
Property Management Fees -$119
CASH FLOW
$276

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.

$272,900

PROJECTED PRICE

$1,650

PROJECTED RENT

0.60%

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$200k$400k$600k$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$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,069

INVESTMENT

$78,069

Down Payment
$68,225
Rehab Estimate
$5,750
Closing Costs
$4,094

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$948

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,225
Loan Amount $204,675
See What Happens When You Reinvest Cash Flow

10.25

YEARS SAVED

$41,122

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,675

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,353
1$1,3532$1,5003$1,6504$1,700
$1,700
RENT COMPS ANALYSIS
  • 3300 Windsor Place Statesville, NC 3
    • 3 beds 2 baths ∙ 2,094 Sqft ∙ Built 1969 3 beds 2 baths ∙ 2,094 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.79
    •  
  • 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
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,353
    • $0.73
    •  
  • 2301 Marthas Ridge Drive Statesville, NC 2
    • 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2018
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.72
    •  
  • 305 Camelot Drive Statesville, NC 4
    • 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1977
    LEASED 12/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.95
    •  
PROPERTY LISTING DETAILS
Deanna Gaither
1.704.450.3424
Lake Norman Realty, Inc.
BESbswy