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3315 E Broad Street Statesville, NC 28625

3 Beds 2 Baths 1,180 sqft Built 2000

$199,900

List Price

$1,240

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $169.41
  • 4 Days on Market
  • MLS # : 3704933
  • Updated Date : 02/06/2021 at 12:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,180 sqft
  • Baths : 2 full
Listing Agent

Lakeshore Realty, Inc.

Listing Agent's Description

A fantastic value for a stick built house w a 2 car garage in Statesville. House features: Nice master bedroom, ceiling fans, Walk in closet, private master bath with tile floor and jacuzzi tub, 2 vanity sinks, stall shower. Large vaulted great room/dining room with gas log FP and access to rear deck and back yard. Nice back yard with 8x12 storage building. House has sealed crawl and vapor barrier with gravity drain. City utilities.

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
 

$179,910$219,890$199,900

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$694
Property Tax -$177
Property Insurance -$49
Property Management Fees -$119
CASH FLOW
$201

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.

$199,900

PROJECTED PRICE

$1,240

PROJECTED RENT

0.62%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$58,724

INVESTMENT

$58,724

Down Payment
$49,975
Rehab Estimate
$5,750
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$694

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

10.25

YEARS SAVED

$29,701

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,240

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,074

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2003$1,240
$1,240
RENT COMPS ANALYSIS
  • 3315 E Broad Street Statesville, NC 3
    • 3 beds 2 baths ∙ 1,180 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,180 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $1.05
    •  
  • 213 Mapleleaf Road Statesville, NC 1
    • 3 beds 2 baths ∙ 1,155 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,155 Sqft ∙ Built 1979
    property image
    LEASED 04/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.95
    •  
  • 621 Sharon Drive Statesville, NC 2
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2000
    property image
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.80
    •  
PROPERTY LISTING DETAILS
Jon Grigorian
1.704.696.2200
Lakeshore Realty, Inc.
BESbswy