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524 Berkshire Drive Statesville, NC 28677

4 Beds 3 Baths 1,820 sqft Built 1965

$250,000

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $137.36
  • 9 Days on Market
  • MLS # : 3688096
  • Updated Date : 12/11/2020 at 20:50
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,820 sqft
  • Baths : 3 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Prime Opportunity to Own a Beautiful 4BR/3BA Home in a Great Location! This Low Maintenance Brick Ranch with Full Basement sits on a Large Corner property off a dead end road just minutes from Beautiful Downtown Statesville. Lake Norman, Charlotte, Winston-Salem & Hickory just a short drive down I-40 & I-77. Completely Updated with new roof, gutters, windows, insulation, plumbing, water heater, HVAC, electrical, fixtures, bathrooms, stainless kitchen appliances, hardware, backsplash, granite countertops, luxury vinyl plank floors & refinished hardwoods, freshly painted inside & out. Upstairs offers huge living room, den with fireplace, formal dining & eat in kitchen, plus 3 bedrooms & 2 full baths. Downstairs you'll find a den w/ fireplace, laundry room, bedroom with walk in closet & large bathroom complete with a separate entrance providing easy access from the ground floor perfect for 2nd living quarters or to Airbnb. Easy access from front porch or carport-no steps. Survey on file.

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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
Third Creek Elementary School Primary Regular 540 39 5
Statesville Middle School Middle Regular 454 34 1
Statesville High School High Regular 1,029 67 1

Third Creek Elementary School

  • Education Level: Primary
  • # of students: 540
  • # of teachers: 39
5
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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$922
Property Tax -$221
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$116

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.

$250,000

PROJECTED PRICE

$1,440

PROJECTED RENT

0.58%

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$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$28,398

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,524

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,1953$1,3504$1,4405$1,550
$1,550
RENT COMPS ANALYSIS
  • 524 Berkshire Drive Statesville, NC 4
    • 4 beds 3 baths ∙ 1,820 Sqft ∙ Built 1965 4 beds 3 baths ∙ 1,820 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $0.79
    •  
  • 607 Salisbury Road Statesville, NC 1
    • 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1949
    LEASED 09/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.77
    •  
  • 231 End Avenue Statesville, NC 2
    • 3 beds 2 baths ∙ 1,574 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,574 Sqft ∙ Built 1941
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.76
    •  
  • 139 Bost Street Statesville, NC 3
    • 3 beds 2 baths ∙ 1,475 Sqft ∙ Built 1927 3 beds 2 baths ∙ 1,475 Sqft ∙ Built 1927
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.92
    •  
  • 1214 Knox Street Statesville, NC 5
    • 3 beds 2 baths ∙ 1,727 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,727 Sqft ∙ Built 1953
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.90
    •  
PROPERTY LISTING DETAILS
Oliver Cross
1.910.690.7772
Exp Realty Llc
BESbswy