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617 Old Farm Road Statesville, NC 28625

4 Beds 3 Baths 2,179 sqft Built 1973

$235,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $107.85
  • 4 Days on Market
  • MLS # : 3719573
  • Updated Date : 03/19/2021 at 16:24
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,179 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Realty Elite

Listing Agent's Description

Don't miss this well maintained 4 bedroom, 3 bath home with guest bedroom on the main level. Convenient to I-77, I-40, and Statesville amenities. Walking distance to Statesville Soccer Complex & playgrounds. Roof replaced 10/2019. New gutters, vinyl siding, & master bath 2021.Refinished hardwood, new carpet & fresh paint. Replacement windows & back door installed 2010. Two sheds. Wood burning fireplace and more!

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: 28625

ZipNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $59k213k

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

Zip Code: 28625

ZipNIR Market*CityMarket2010Year20002019 Q275080085090095010001050110011501200125013001350Rent in $7481375

* 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
East Iredell Elementary School Primary Regular 851 52 2
East Middle School Middle Regular 516 34 3
Statesville High School High Regular 1,029 67 1

East Iredell Elementary School

  • Education Level: Primary
  • # of students: 851
  • # of teachers: 52
2
GreatSchools Rating

East Middle School

  • Education Level: Middle
  • # of students: 516
  • # of teachers: 34
3
GreatSchools Rating

Statesville High School

  • Education Level: High
  • # of students: 1,029
  • # of teachers: 67
1
GreatSchools Rating
 

$211,500$258,500$235,000

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 -$816
Property Tax -$208
Property Insurance -$68
Property Management Fees -$119
CASH FLOW
$209

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.

$235,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 2.9%
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$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$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% 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 $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$31,800

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
  • $0.65

    LIST RENT PER SQFT
  • $1,540

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,353
1$1,3532$1,3653$1,4204$1,500
$1,500
RENT COMPS ANALYSIS
  • 617 Old Farm Road Statesville, NC 3
    • 4 beds 3 baths ∙ 2,179 Sqft ∙ Built 1973 4 beds 3 baths ∙ 2,179 Sqft ∙ Built 1973
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.65
    •  
  • 603 Old Farm Road Statesville, NC 1
    • 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 1973
    property image
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,353
    • $0.73
    •  
  • 2117 Ballingarry Drive Statesville, NC 2
    • 3 beds 3 baths ∙ 2,028 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,028 Sqft ∙ Built 2003
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,365
    • $0.67
    •  
  • 2301 Marthas Ridge Drive Statesville, NC 4
    • 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2018
    property image
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.72
    •  
PROPERTY LISTING DETAILS
Denise Eddleman
1.704.450.8407
Keller Williams Realty Elite
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719573
Last Updated: 03/19/2021
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