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342 Euclid Avenue Statesville, NC 28677

5 Beds 2 Baths 2,846 sqft Built 1962

$275,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $96.63
  • 10 Days on Market
  • MLS # : 3687000
  • Updated Date : 12/04/2020 at 09:23
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,846 sqft
  • Baths : 2 full
Listing Agent

Tarheel Realty Ii

Listing Agent's Description

NOT TO BE MISSED! Well built split-level home on a nice lot with the possibility of six bedrooms! Carpet freshly cleaned, brand new tile in the entryway, HVAC units are 3 years old, 9 new double-paned windows upstairs, French Drain installed in 2019, electric cooktop in kitchen new in 2018, cedar shake was painted in 2020. Natural gas available for outdoor grill hookup. The rec room on the lower level could be used as a sixth bedroom. Gorgeous flowers in yard include clematis, azaleas and rhododendrons. Incredibly desirable location near historic downtown Statesville including Mitchell Community College, dining, entertainment, farmers markets, parks, public library, ARS charter school and shopping. Also conveniently located close to Iredell Memorial Hospital and both I-77 & I-40. WELCOME HOME!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$1,015
Property Tax -$243
Property Insurance -$81
Property Management Fees -$119
CASH FLOW
-$57

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.

$275,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.51%

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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,015

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$13,245

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.49

    LIST RENT PER SQFT
  • $1,423

    COMP ESTIMATED VALUE
  • $0.5

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,525
$1,525
RENT COMPS ANALYSIS
  • 342 Euclid Avenue Statesville, NC 1
    • 5 beds 2 baths ∙ 2,846 Sqft ∙ Built 1962 5 beds 2 baths ∙ 2,846 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.49
    •  
  • 630 Margaret Drive Statesville, NC 2
    • 4 beds 2 baths ∙ 3,075 Sqft ∙ Built 1949 4 beds 2 baths ∙ 3,075 Sqft ∙ Built 1949
    LEASED 11/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.50
    •  
PROPERTY LISTING DETAILS
Jennifer Griggs
1.704.881.4878
Tarheel Realty Ii
BESbswy