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348 West Avenue Troutman, NC 28166

3 Beds 3 Baths 1,429 sqft Built 1974

$216,000

List Price

$1,100

$990 - $1.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $151.15
  • 6 Days on Market
  • MLS # : 3721190
  • Updated Date : 03/24/2021 at 16:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,429 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Troutman cul-de-sac home has one story.

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: 28166

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $106k261k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 28166

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7581375

* 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
Troutman Elementary School Primary Regular 757 45 6
Troutman Middle School Middle Regular 436 25 4
South Iredell High School High Regular 1,505 92 5

Troutman Elementary School

  • Education Level: Primary
  • # of students: 757
  • # of teachers: 45
6
GreatSchools Rating

Troutman Middle School

  • Education Level: Middle
  • # of students: 436
  • # of teachers: 25
4
GreatSchools Rating

South Iredell High School

  • Education Level: High
  • # of students: 1,505
  • # of teachers: 92
5
GreatSchools Rating
 

$194,400$237,600$216,000

PURCHASE PRICE

$990$1,210$1,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,100
EXPENSES Loan Payment -$750
Property Tax -$171
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$5

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.

$216,000

PROJECTED PRICE

$1,100

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.2%
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-$2.0k$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$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,990

INVESTMENT

$62,990

Down Payment
$54,000
Rehab Estimate
$5,750
Closing Costs
$3,240

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$750

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $54,000
Loan Amount $162,000
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$12,145

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,100

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,247

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$950
1$9502$1,0953$1,1004$1,2255$1,350
$1,350
RENT COMPS ANALYSIS
  • 348 West Avenue Troutman, NC 3
    • 3 beds 3 baths ∙ 1,429 Sqft ∙ Built 1974 3 beds 3 baths ∙ 1,429 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.77
    •  
  • 172 W Church Street Troutman, NC 1
    • 3 beds 1 baths ∙ 1,160 Sqft ∙ Built 1958 3 beds 1 baths ∙ 1,160 Sqft ∙ Built 1958
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.82
    •  
  • 415 Avon Avenue Troutman, NC 2
    • 3 beds 2 baths ∙ 1,264 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,264 Sqft ∙ Built 1975
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.87
    •  
  • 805 Stratford Road Troutman, NC 4
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2007
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.91
    •  
  • 234 Eastway Drive Troutman, NC 5
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1913 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1913
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.89
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3721190
Last Updated: 03/24/2021
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