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632 Greenway Drive Statesville, NC 28677

3 Beds 2 Baths 1,760 sqft Built 1949

INVESTimate

$165,000

List Price

$1,000

$900 - $1,100

Rent Est.

$171,914  ( +4.19%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1949
  • Price/Sqft : $93.75
  • 2 Days on Market
  • MLS # : 3655306
  • Updated Date : 08/25/2020 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,760 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Lovely full brick ranch home with original hardwoods throughout! Home sits on almost 1/2 acre in the old country club area of Statesville inside city limits. Square footage of this 3 bed, 2 bath home is very-well laid out and most rooms contain the attractive original hardwood floors. Fresh, neutral paint in much of the home. Large and well-lit living room with fireplace. All windows replaced in recent years, and new roof in Oct 2019. Large, level yard and spacious patio with courtyard walls provide a great outdoor living and entertainment space! Adjacent 1/4 acre corner lot is also available. Convenient location just minutes from downtown Statesville and I77 with easy access to Mooresville, Hickory, Winston-Salem, & Charlotte. Schedule your viewing today!

SEE MORE

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
 

$148,500$181,500$165,000

PURCHASE PRICE

$900$1,100$1,000

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k$400k$450k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,000
EXPENSES Loan Payment -$609
Property Tax -$146
Property Insurance -$60
Property Management Fees -$90
CASH FLOW
$95

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.

$165,000

PROJECTED PRICE

$1,000

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 4.19%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$49,475

INVESTMENT

$49,475

Down Payment
$41,250
Rehab Estimate
$5,750
Closing Costs
$2,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$609

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $41,250
Loan Amount $123,750
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$16,757

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,000

    LIST RENT
  • $0.57

    LIST RENT PER SQFT
  • $1,280

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,0503$1,1954$1,2955$1,295
$1,295
RENT COMPS ANALYSIS
  • 632 Greenway Drive Statesville, NC 1
    • 3 beds 2 baths ∙ 1,760 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,760 Sqft ∙ Built 1949
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.57
    •  
  • 607 Salisbury Road Statesville, NC 2
    • 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1949
    LEASED 03/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.71
    •  
  • 231 End Avenue Statesville, NC 3
    • 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
    •  
  • 221 East End Avenue Statesville, NC 4
    • 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
    •  
  • 140 Park Terrace Statesville, NC 5
    • 3 beds 1 baths ∙ 1,780 Sqft ∙ Built 1973 3 beds 1 baths ∙ 1,780 Sqft ∙ Built 1973
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.73
    •  
PROPERTY LISTING DETAILS
Cathy Reyes
1.704.500.8892
Exp Realty Llc
BESbswy