Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more
REQUEST INFO
SCHEDULE APPOINTMENT
It's free, with no obligation
PROPERTY INFO
FACTS
- Single Family
- Built In 1959
- Price/Sqft : $132.18
- 3 Days on Market
- MLS # : 3710558
- Updated Date : 02/20/2021 at 11:13
CONSTRUCTION
- Beds : 3
- Floor Size : 1,097 sqft
- Baths : 1 full
Listing Agent
Doug Madison Realty
Listing Agent's Description
Very well kept 3 bedroom 1 bath home on a corner lot. From the moment you walk in you will feel the charm and be amazed at the great condition of this home. Beautiful hardwood floor in the living room and hallway. New tile in the shower. Granite counters in kitchen. The lot is partially fenced and has a large outbuilding that will stay. This home is 100% move in ready and a MUST see!
SEE MORE
- 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: 28677
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Zip Code: 28677
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,060 |
| EXPENSES | Loan Payment | -$504 |
| Property Tax | -$128 | |
| Property Insurance | -$48 | |
| Property Management Fees | -$119 | |
|
CASH FLOW
$261
|
||
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.
$145,000
PROJECTED PRICE
$1,060
PROJECTED RENT
0.73%
PROJECTED RENT / PRICE RATIO
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$44,175
LOAN DETAILS
$504
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $36,250 |
| Loan Amount | $108,750 |
13.58
YEARS SAVED
$31,662
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 -
$0.97
LIST RENT PER SQFT
-
$1,061
COMP ESTIMATED VALUE -
$0.97
COMP AVG. RENT PER SQFT
Comps Range
-
500 N Miller Avenue Statesville, NC 4
- 3 beds 1 baths ∙ 1,097 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,097 Sqft ∙ Built 1959
- Rent
- Rent Per SQFT
- $1,060
- $0.97
-
823 Bristol Drive Statesville, NC 1
- 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1945 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1945
LEASED 09/03/19- Rent
- Rent Per SQFT
- $975
- $0.89
-
613 W Sharpe Street Statesville, NC 2
- 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1948
LEASED 09/21/20- Rent
- Rent Per SQFT
- $995
- $0.90
-
340 Wilson Street Statesville, NC 3
- 3 beds 1 baths ∙ 1,050 Sqft ∙ Built 3 beds 1 baths ∙ 1,050 Sqft ∙ Built
LEASED 03/25/20- Rent
- Rent Per SQFT
- $1,000
- $0.95
-
525 N Miller Avenue Statesville, NC 5
- 3 beds 2 baths ∙ 1,209 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,209 Sqft ∙ Built 1964
LEASED 12/28/20- Rent
- Rent Per SQFT
- $1,250
- $1.03
PROPERTY LISTING DETAILS
1.704.905.3664
Doug Madison Realty
MLS #: 3710558
Last Updated: 02/20/2021
