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3510 Flint Drive Statesville, NC 28677

2 Beds 2 Baths 1,805 sqft Built 1982

INVESTimate

$165,000

List Price

$1,060

$954 - $1,166

Rent Est.

$171,914  ( +4.19%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1982
  • Price/Sqft : $91.41
  • 10 Days on Market
  • MLS # : 3652350
  • Updated Date : 08/21/2020 at 12:31
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,805 sqft
  • Baths : 1 full , 1 half
Listing Agent

Excel Real Estate Group

Listing Agent's Description

Updated ranch on corner lot, New floors living room, kitchen, and hall. Fresh paint inside and out.

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: 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
N B Mills Elementary School Primary Regular 493 35 4
West Iredell Middle School Middle Regular 716 42 5
West Iredell High School High Regular 918 56 4

N B Mills Elementary School

  • Education Level: Primary
  • # of students: 493
  • # of teachers: 35
4
GreatSchools Rating

West Iredell Middle School

  • Education Level: Middle
  • # of students: 716
  • # of teachers: 42
5
GreatSchools Rating

West Iredell High School

  • Education Level: High
  • # of students: 918
  • # of teachers: 56
4
GreatSchools Rating
 

$148,500$181,500$165,000

PURCHASE PRICE

$954$1,166$1,060

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k$400k$450k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,060
EXPENSES Loan Payment -$609
Property Tax -$124
Property Insurance -$61
Property Management Fees -$95
CASH FLOW
$171

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.

$165,000

PROJECTED PRICE

$1,060

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 4.19%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$49,475

INVESTMENT

$49,475

Down Payment
$41,250
Rehab Estimate
$5,750
Closing Costs
$2,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$609

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $41,250
Loan Amount $123,750
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$26,408

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,060

    LIST RENT
  • $0.59

    LIST RENT PER SQFT
  • $1,047

    COMP ESTIMATED VALUE
  • $0.58

    COMP AVG. RENT PER SQFT
Comps Range
$895
1$8952$1,060
$1,060
RENT COMPS ANALYSIS
  • 3510 Flint Drive Statesville, NC 2
    • 3 beds 2 baths ∙ 1,805 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,805 Sqft ∙ Built 1982
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,060
    • $0.59
    •  
  • 138 Travis Loop Statesville, NC 1
    • 3 beds 1 baths ∙ 1,533 Sqft ∙ Built 1928 3 beds 1 baths ∙ 1,533 Sqft ∙ Built 1928
    property image
    LEASED 02/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $895
    • $0.58
    •  
PROPERTY LISTING DETAILS
Wendy Overcash
1.704.902.9153
Excel Real Estate Group
BESbswy