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609 N Carolina Avenue Statesville, NC 28677

3 Beds 2 Baths 1,720 sqft Built 1962

$200,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $116.28
  • 7 Days on Market
  • MLS # : 3720056
  • Updated Date : 03/26/2021 at 15:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,720 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Let's talk about convenience...This 1700+ sqft home with a basement is about a mile from I-40, I-77 and Hwy 21 for a quick commute. It offers 3 beds, 2 baths with a freshly installed barn door over the guest bathroom, New paint throughout the home and basement, newer flooring in Kitchen, and updated carpet in the den with a brick wood burning fireplace. This home has real hardwood flooring in the foyer, halls, and bedrooms. The living area is large enough that you could easily create an office space off the foyer. Don't miss the basement accessed from the kitch. The home had a termite bond up until about a year ago. Roof was replaced approximately in 2005 and windows have been updated. We are in multiple offers! Showings will end on Sunday @ 6pm with all offers to be submitted no later than 8pm on Sunday. A decision will be made no later than Monday at 5pm.

SEE MORE

MARKET HIGHLIGHTS

  • 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

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
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$695
Property Tax -$177
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$370

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.

$200,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.71%

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$16k$18k

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$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$695

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

13.67

YEARS SAVED

$44,736

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,428

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3993$1,4204$1,4255$1,500
$1,500
RENT COMPS ANALYSIS
  • 609 N Carolina Avenue Statesville, NC 3
    • 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.83
    •  
  • 114 May Drive Statesville, NC 1
    • 4 beds 3 baths ∙ 1,742 Sqft ∙ Built 1955 4 beds 3 baths ∙ 1,742 Sqft ∙ Built 1955
    LEASED 03/19/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.75
    •  
  • 1167 Valley Street Statesville, NC 2
    • 3 beds 3 baths ∙ 1,690 Sqft ∙ Built 2011 3 beds 3 baths ∙ 1,690 Sqft ∙ Built 2011
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.83
    •  
  • 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
Oliver Cross
1.888.584.9431
Exp Realty Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3720056
Last Updated: 03/26/2021
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