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521 S Carolina Avenue Statesville, NC 28677

3 Beds 2 Baths 1,980 sqft Built 1966

$234,900

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1966
  • Price/Sqft : $118.64
  • 18 Days on Market
  • MLS # : 3712025
  • Updated Date : 03/20/2021 at 21:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,980 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Statesville

Listing Agent's Description

Large full brick ranch in a wonderful location close to restaurants, hospital and shopping. Beautiful bay window offers the home lots of natural light and looks out over the front yard. 3 bedroom 2 bath with family room, den and office area. 2 large bedrooms share a bath. Additional bath features dual vanities. Cozy den with masonry fireplace and gas logs opens to the enclosed back porch overlooking a fenced yard. Patio and newer outbuilding complete the yard. Office area with bay window overlooks the back and is a bright area for work from home. Large eat in kitchen and formal dining area. 2 car garage. Hardwood floors in the main living areas. Beautiful landscaped large corner lot. **HIGHEST AND BEST BY 5:00PM ON 3-22**

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
 

$211,410$258,390$234,900

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$816
Property Tax -$207
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
$93

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.

$234,900

PROJECTED PRICE

$1,300

PROJECTED RENT

0.55%

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$700k

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$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$67,999

INVESTMENT

$67,999

Down Payment
$58,725
Rehab Estimate
$5,750
Closing Costs
$3,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,725
Loan Amount $176,175
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$20,764

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,391

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,2953$1,3004$1,3805$1,425
$1,425
RENT COMPS ANALYSIS
  • 521 S Carolina Avenue Statesville, NC 3
    • 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 1966
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.66
    •  
  • 221 East End Avenue Statesville, NC 1
    • 3 beds 2 baths ∙ 1,682 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,682 Sqft ∙ Built 1948
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.77
    •  
  • 937 Restmore Lane Statesville, NC 2
    • 3 beds 2 baths ∙ 2,006 Sqft ∙ Built 1929 3 beds 2 baths ∙ 2,006 Sqft ∙ Built 1929
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.65
    •  
  • 418 Coolidge Avenue Statesville, NC 4
    • 4 beds 3 baths ∙ 2,185 Sqft ∙ Built 1955 4 beds 3 baths ∙ 2,185 Sqft ∙ Built 1955
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.63
    •  
  • 360 Holland Drive Statesville, NC 5
    • 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
    •  
PROPERTY LISTING DETAILS
Roxanna Levan
1.704.437.0204
Allen Tate Statesville
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3712025
Last Updated: 03/20/2021
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