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667 Turnersburg Highway Statesville, NC 28625

3 Beds 2 Baths 1,729 sqft Built 1970

$225,900

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $130.65
  • 4 Days on Market
  • MLS # : 3688311
  • Updated Date : 12/04/2020 at 13:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,729 sqft
  • Baths : 2 full
Listing Agent

Re/max Executive

Listing Agent's Description

Move-in ready brick ranch waiting for your new home. Spacious bedroom and updated master bath with walk-in shower. Open floor plan for easy living and enjoining your guest while finishing cooking your meal. The kitchen countertops are Corian. Custom cabinets with ample storage and the laundry room has additional cabinets for storage. The sunroom has a vaulted ceiling with lots of windows to bring natural light. The great room has plantation wooden blinds. Storage building for all your tools or expand one for your at-home office "DYI project."

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: 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
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
 

$203,310$248,490$225,900

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$833
Property Tax -$169
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$39

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.

$225,900

PROJECTED PRICE

$1,220

PROJECTED RENT

0.54%

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

PROJECTED ANNUAL CASH FLOW

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

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$65,614

INVESTMENT

$65,614

Down Payment
$56,475
Rehab Estimate
$5,750
Closing Costs
$3,389

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$833

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,475
Loan Amount $169,425
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$18,758

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,305

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2003$1,2204$1,3505$1,375
$1,375
RENT COMPS ANALYSIS
  • 667 Turnersburg Highway Statesville, NC 3
    • 3 beds 2 baths ∙ 1,729 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,729 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.71
    •  
  • 115 Victoria Drive Statesville, NC 1
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1974
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.76
    •  
  • 137 W Meadowview Drive Statesville, NC 2
    • 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1974
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.78
    •  
  • 139 Coddington Lane Statesville, NC 4
    • 3 beds 3 baths ∙ 1,765 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,765 Sqft ∙ Built 2006
    LEASED 07/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.76
    •  
  • 132 Altondale Drive Statesville, NC 5
    • 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2013
    LEASED 11/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.72
    •  
PROPERTY LISTING DETAILS
Beverly Gish
1.704.500.6907
Re/max Executive
BESbswy