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708 W Pine Circle Statesville, NC 28677

3 Beds 2 Baths 1,374 sqft Built 1965

$144,900

List Price

$1,100

$990 - $1.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Built In 1965
  • Price/Sqft : $105.46
  • 16 Days on Market
  • MLS # : 3666440
  • Updated Date : 11/02/2020 at 10:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,374 sqft
  • Baths : 1 full , 1 half
Listing Agent

Bee Home Solutions, Inc.

Listing Agent's Description

Have you been waiting for a roomy brick ranch in Statesville? This home could be your new home sweet home! You get two living areas in this home and one room has a real brick wall! The kitchen has been updated with painted cabinets, new hardware, new countertops, new sink and faucet and stainless steel appliances!! The interior has been freshly painted throughout and also has a lot of the original hardwood floors (living room and bedrooms)! Bathrooms have been refreshed, new lighting, ceiling fans, some new flooring and newer windows/blinds. Sit out on your front porch, or the deck, and enjoy the yard! Driveway parking pad has been extended to accommodate more vehicles. Easy access to shopping and Hwys 40 and 70. Professional photos to be added 10/31. Seller is completing final punch list.

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
N B Mills Elementary School Primary Regular 493 35 4
Statesville Middle School Middle Regular 454 34 1
Statesville High School High Regular 1,029 67 1

N B Mills Elementary School

  • Education Level: Primary
  • # of students: 493
  • # of teachers: 35
4
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
 

$130,410$159,390$144,900

PURCHASE PRICE

$990$1,210$1,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,100
EXPENSES Loan Payment -$535
Property Tax -$112
Property Insurance -$53
Property Management Fees -$99
CASH FLOW
$301

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.

$144,900

PROJECTED PRICE

$1,100

PROJECTED RENT

0.76%

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

PROJECTED ANNUAL CASH FLOW

11530$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$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$44,149

INVESTMENT

$44,149

Down Payment
$36,225
Rehab Estimate
$5,750
Closing Costs
$2,174

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$535

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $36,225
Loan Amount $108,675
See What Happens When You Reinvest Cash Flow

13.83

YEARS SAVED

$38,417

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,100

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,134

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$975
1$9752$1,0953$1,1004$1,2955$1,300
$1,300
RENT COMPS ANALYSIS
  • 708 W Pine Circle Statesville, NC 3
    • 3 beds 2 baths ∙ 1,374 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,374 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.80
    •  
  • 930 Cherry Street Statesville, NC 1
    • 3 beds 2 baths ∙ 1,222 Sqft ∙ Built 1915 3 beds 2 baths ∙ 1,222 Sqft ∙ Built 1915
    property image
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $0.80
    •  
  • 343 Dunavant Lane Statesville, NC 2
    • 3 beds 2 baths ∙ 1,401 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,401 Sqft ∙ Built 1959
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.78
    •  
  • 225 W Turner Street Statesville, NC 4
    • 3 beds 1 baths ∙ 1,554 Sqft ∙ Built 1880 3 beds 1 baths ∙ 1,554 Sqft ∙ Built 1880
    property image
    LEASED 11/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.83
    •  
  • 547 Colony Court Statesville, NC 5
    • 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1964
    property image
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.83
    •  
PROPERTY LISTING DETAILS
Mike Moulton
1.704.885.0488
Bee Home Solutions, Inc.
BESbswy