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501 Peterson Street Stanley, NC 28164

4 Beds 2 Baths 1,830 sqft Built 1957

$225,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $122.95
  • 3 Days on Market
  • MLS # : 3711494
  • Updated Date : 02/27/2021 at 14:49
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,830 sqft
  • Baths : 2 full
Listing Agent

Century 21 Murphy & Rudolph

Listing Agent's Description

Sprawling brick ranch on oversized private lot. Lot extends beyond fence line Beautiful custom cabinets thru out home. Covered deck off back yard. Small man cave in basement. Home being sold as is...no known structural defects by seller. Easy to show. Structurally sound only needs some cosmetic updates. Ready for new occupancy.

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: 28164

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k213k

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

Zip Code: 28164

ZipNIR Market*CityMarket2010Year20002019 Q275080085090095010001050110011501200125013001350Rent in $7221375

* 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
Kiser Elementary School Primary Regular 443 22 3
Stanley Middle School Middle Regular 485 30 7
East Gaston High School High Regular 1,122 67 5

Kiser Elementary School

  • Education Level: Primary
  • # of students: 443
  • # of teachers: 22
3
GreatSchools Rating

Stanley Middle School

  • Education Level: Middle
  • # of students: 485
  • # of teachers: 30
7
GreatSchools Rating

East Gaston High School

  • Education Level: High
  • # of students: 1,122
  • # of teachers: 67
5
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$782
Property Tax -$191
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$437

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.

$225,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.3%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

14.08

YEARS SAVED

$51,522

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,825

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,5903$1,850
$1,850
RENT COMPS ANALYSIS
  • 501 Peterson Street Stanley, NC 2
    • 4 beds 2 baths ∙ 1,789 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,789 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.89
    •  
  • 400 Bennington Drive Stanley, NC 1
    • 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 2003
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.95
    •  
  • 121 Riley Road Dallas, NC 3
    • 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1971
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.27
    •  
PROPERTY LISTING DETAILS
Corinne Murphy
1.704.516.8956
Century 21 Murphy & Rudolph
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3711494
Last Updated: 02/27/2021
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