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921 Avalon Street Statesville, NC 28677

3 Beds 2 Baths 2,312 sqft Built 1975

$299,900

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $129.71
  • 3 Days on Market
  • MLS # : 3697732
  • Updated Date : 01/15/2021 at 09:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,312 sqft
  • Baths : 2 full
Listing Agent

Chris Johnson Realty

Listing Agent's Description

Very unique property with a separate GUEST HOUSE located on a quiet dead-end street! This property offers a main house as well as a 2 BR guest house. The guest house was built in 1996. The main house is a 3 bedroom 2 bath contemporary style home with open floor plan, sunken living room with fireplace, formal dining room, sunroom, spacious bedrooms, fenced backyard and much more! Great property with separate living quarters for the in-laws or boomerang kids!

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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
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
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$1,042
Property Tax -$265
Property Insurance -$71
Property Management Fees -$119
CASH FLOW
$44

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.

$299,900

PROJECTED PRICE

$1,540

PROJECTED RENT

0.51%

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-$2.0k$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

5.83

YEARS SAVED

$19,772

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,480

    COMP ESTIMATED VALUE
  • $0.64

    COMP AVG. RENT PER SQFT
Comps Range
$1,380
1$1,3802$1,4753$1,540
$1,540
RENT COMPS ANALYSIS
  • 921 Avalon Street Statesville, NC 3
    • 3 beds 2 baths ∙ 2,312 Sqft ∙ Built 1975 3 beds 2 baths ∙ 2,312 Sqft ∙ Built 1975
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.67
    •  
  • 418 Coolidge Avenue Statesville, NC 1
    • 4 beds 3 baths ∙ 2,185 Sqft ∙ Built 1955 4 beds 3 baths ∙ 2,185 Sqft ∙ Built 1955
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.63
    •  
  • 229 W Turner Street Statesville, NC 2
    • 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 2007
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.64
    •  
PROPERTY LISTING DETAILS
Christopher Johnson
1.704.873.4133
Chris Johnson Realty
BESbswy