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617 E Chestnut Street Stanley, NC 28164

3 Beds 2 Baths 1,064 sqft Built 1950

$182,900

List Price

$870

$783 - $957

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $171.90
  • 5 Days on Market
  • MLS # : 3695605
  • Updated Date : 01/06/2021 at 18:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,064 sqft
  • Baths : 2 full
Listing Agent

Carolinas Realty

Listing Agent's Description

Beautiful 3 bed 2 bath move in ready home. Updated include new vinyl plank floor throughout house. Lovely kitchen with new cabinets, beautiful granite countertops, and stainless appliances. Freshly painted. New bath & light fixtures. Huge workshop/storage building. So many updates to list. Conveniently located near shopping and restaurants. Must see.

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: 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
 

$164,610$201,190$182,900

PURCHASE PRICE

$783$957$870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $870
EXPENSES Loan Payment -$635
Property Tax -$101
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
-$32

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.

$182,900

PROJECTED PRICE

$870

PROJECTED RENT

0.48%

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$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$54,219

INVESTMENT

$54,219

Down Payment
$45,725
Rehab Estimate
$5,750
Closing Costs
$2,744

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$635

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $45,725
Loan Amount $137,175
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$8,258

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $870

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $951

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$870
1$8702$8953$9504$975
$975
RENT COMPS ANALYSIS
  • 617 E Chestnut Street Stanley, NC 1
    • 3 beds 2 baths ∙ 1,064 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,064 Sqft ∙ Built 1950
    • Rent
    • Rent Per SQFT
    •  
    • $870
    • $0.82
    •  
  • 603 Ralph Handsel Boulevard Stanley, NC 2
    • 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1980
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $895
    • $0.85
    •  
  • 113 Woodhaven Drive Stanley, NC 3
    • 3 beds 1 baths ∙ 1,130 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,130 Sqft ∙ Built 1957
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.84
    •  
  • 307 E Parkwood Street Stanley, NC 4
    • 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1964 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1964
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $0.98
    •  
PROPERTY LISTING DETAILS
Ismail Nagda
1.704.524.3945
Carolinas Realty
BESbswy