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3321 Winchester Lane Statesville, NC 28625

3 Beds 2 Baths 1,593 sqft Built 1978

$219,900

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1978
  • Price/Sqft : $138.04
  • 3 Days on Market
  • MLS # : 3679996
  • Updated Date : 11/06/2020 at 11:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,593 sqft
  • Baths : 2 full
Listing Agent

Tarheel Realty Ii

Listing Agent's Description

A MUST SEE! All brick ranch home in the desirable Camelot Acres subdivision! Careful attention to detail and completely turnkey and ready for a new owner! This gorgeous ranch boasts 3 bedrooms and 2 bathrooms, an open dining and living room concept, a nice brick patio and private/spacious backyard perfect for entertaining/family fun/pets, a rocking chair front porch and brand new vinyl plank floors! New roof in 2014 and new HVAC in 2017. Conveniently located near many amenities including both I-77/I-40, the Statesville Country Club, the Statesville Fitness and Activity Center, the Statesville Greenway, the Statesville Park and Soccer Complex, grocery stores, dining, entertainment and Davis Hospital. WELCOME HOME!

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
 

$197,910$241,890$219,900

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$811
Property Tax -$194
Property Insurance -$57
Property Management Fees -$128
CASH FLOW
$230

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.

$219,900

PROJECTED PRICE

$1,420

PROJECTED RENT

0.65%

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

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$64,024

INVESTMENT

$64,024

Down Payment
$54,975
Rehab Estimate
$5,750
Closing Costs
$3,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$811

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,975
Loan Amount $164,925
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$35,022

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,402

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2503$1,4204$1,700
$1,700
RENT COMPS ANALYSIS
  • 3321 Winchester Lane Statesville, NC 3
    • 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.89
    •  
  • 621 Sharon Drive Statesville, NC 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2000
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.80
    •  
  • 633 Colonial Drive Statesville, NC 2
    • 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1974
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.82
    •  
  • 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 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.95
    •  
PROPERTY LISTING DETAILS
Jennifer Griggs
1.704.881.4878
Tarheel Realty Ii
BESbswy