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428 Coolidge Avenue Statesville, NC 28677

3 Beds 2 Baths 1,590 sqft Built 1956

$185,000

List Price

$1,200

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $116.35
  • 2 Days on Market
  • MLS # : 3688959
  • Updated Date : 12/05/2020 at 12:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,590 sqft
  • Baths : 2 full
Listing Agent

Excel Real Estate Group

Listing Agent's Description

Remodeled 3 bedroom 2 bath Ranch in Statesville! Centrally located close to all Statesville has to offer. 3 bedrooms, living room and foyer have refinished hardwood flooring. New LVP in dining area, kitchen, laundry room and bathrooms. New cabinets, granite countertops and stainless steel appliances in the kitchen. Bathroom tub and showers refinished and completed with new cabinets/countertops in master and pedestal in hall bath. Fresh paint and fixtures throughout. Exterior with new vinyl siding and vinyl windows. Electric upgraded to 200 amp service, new electric water heater, and vapor barrier in crawlspace. Don't miss your opportunity to call this home!

SEE MORE

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
Cloverleaf Elementary School Primary Regular 699 45 2
Statesville Middle School Middle Regular 454 34 1
Statesville High School High Regular 1,029 67 1

Cloverleaf Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 45
2
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
 

$166,500$203,500$185,000

PURCHASE PRICE

$1,080$1,320$1,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,200
EXPENSES Loan Payment -$683
Property Tax -$163
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$178

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.

$185,000

PROJECTED PRICE

$1,200

PROJECTED RENT

0.65%

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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$54,775

INVESTMENT

$54,775

Down Payment
$46,250
Rehab Estimate
$5,750
Closing Costs
$2,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$683

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $46,250
Loan Amount $138,750
See What Happens When You Reinvest Cash Flow

10.17

YEARS SAVED

$31,507

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,200

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,328

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2003$1,2954$1,4255$1,500
$1,500
RENT COMPS ANALYSIS
  • 428 Coolidge Avenue Statesville, NC 2
    • 3 beds 2 baths ∙ 1,590 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,590 Sqft ∙ Built 1956
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.75
    •  
  • 223 Maple Street Statesville, NC 1
    • 4 beds 2 baths ∙ 1,553 Sqft ∙ Built 1916 4 beds 2 baths ∙ 1,553 Sqft ∙ Built 1916
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.74
    •  
  • 566 Hartness Road Statesville, NC 3
    • 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1964
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.87
    •  
  • 360 Holland Drive Statesville, NC 4
    • 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1955
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.81
    •  
  • 619 S Carolina Avenue Statesville, NC 5
    • 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1960
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.92
    •  
PROPERTY LISTING DETAILS
Patrick Bannon
1.704.605.8163
Excel Real Estate Group
BESbswy