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761 N Center Street Statesville, NC 28677

4 Beds 2 Baths 3,011 sqft Built 1950

$330,000

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $109.60
  • 12 Days on Market
  • MLS # : 3693957
  • Updated Date : 01/16/2021 at 09:42
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,011 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Statesville

Listing Agent's Description

Stately all brick home located in downtown Statesville. A great location, convenient to I40 and minutes to historic downtown Statesville's shops, restaurants and many other amenities. This is a grand home with many updates. Newly painted, both exterior and interior, updated kitchen with granite and stainless appliances, new lighting. Large rooms with beautiful original hardwood flooring throughout. Large windows with lots of natural light. This home is the best of both worlds .. numerous updates plus character galore!

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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
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
 

$297,000$363,000$330,000

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$1,146
Property Tax -$256
Property Insurance -$84
Property Management Fees -$119
CASH FLOW
-$75

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.

$330,000

PROJECTED PRICE

$1,530

PROJECTED RENT

0.46%

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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$93,200

INVESTMENT

$93,200

Down Payment
$82,500
Rehab Estimate
$5,750
Closing Costs
$4,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,146

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,500
Loan Amount $247,500
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$12,535

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.51

    LIST RENT PER SQFT
  • $1,490

    COMP ESTIMATED VALUE
  • $0.5

    COMP AVG. RENT PER SQFT
Comps Range
$1,525
1$1,5252$1,5303$1,600
$1,600
RENT COMPS ANALYSIS
  • 761 N Center Street Statesville, NC 2
    • 4 beds 2 baths ∙ 3,011 Sqft ∙ Built 1950 4 beds 2 baths ∙ 3,011 Sqft ∙ Built 1950
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.51
    •  
  • 630 Margaret Drive Statesville, NC 1
    • 4 beds 2 baths ∙ 3,075 Sqft ∙ Built 1949 4 beds 2 baths ∙ 3,075 Sqft ∙ Built 1949
    LEASED 11/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.50
    •  
  • 614 Carolina Avenue S Statesville, NC 3
    • 5 beds 3 baths ∙ 3,240 Sqft ∙ Built 1966 5 beds 3 baths ∙ 3,240 Sqft ∙ Built 1966
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.49
    •  
PROPERTY LISTING DETAILS
Sheila Lange
1.704.965.8783
Allen Tate Statesville
BESbswy