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922 Winston Avenue Statesville, NC 28677

3 Beds 2 Baths 1,118 sqft Built 2020

$175,000

List Price

$970

$873 - $1.1K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $156.53
  • 5 Days on Market
  • MLS # : 3693903
  • Updated Date : 01/14/2021 at 13:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,118 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Mooresville/lake Norman

Listing Agent's Description

Shiny, bright, brand new home with 3 bedrooms and 2 bathrooms gives you the hassle free, move in-ready home with high end finishes and neutral color scheme at an amazing price point that you've been waiting for! A cute front porch welcomes you into an open floor plan with finishes that will include vinyl plank floors, granite countertops, stainless appliances, and a beautiful ensuite master with a walk in closet. Just minutes from historic and thriving downtown Statesville with no HOA on a quiet street! This home includes a 3 year 2-10 new construction warranty and a 1 year builder warranty. Don't let this one pass you by! *Interior photos are finish representations ONLY.

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
Celeste Henkel Elementary School Primary Regular 584 38 4
West Iredell Middle School Middle Regular 716 42 5
West Iredell High School High Regular 918 56 4

Celeste Henkel Elementary School

  • Education Level: Primary
  • # of students: 584
  • # of teachers: 38
4
GreatSchools Rating

West Iredell Middle School

  • Education Level: Middle
  • # of students: 716
  • # of teachers: 42
5
GreatSchools Rating

West Iredell High School

  • Education Level: High
  • # of students: 918
  • # of teachers: 56
4
GreatSchools Rating
 

$157,500$192,500$175,000

PURCHASE PRICE

$873$1,067$970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $970
EXPENSES Loan Payment -$608
Property Tax -$136
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
$59

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$175,000

PROJECTED PRICE

$970

PROJECTED RENT

0.55%

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) 3.00%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$48,375

INVESTMENT

$48,375

Down Payment
$43,750
Rehab Estimate
$2,000
Closing Costs
$2,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$608

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $43,750
Loan Amount $131,250
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$15,328

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $970

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $948

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$849
1$8492$9193$9294$9705$995
$995
RENT COMPS ANALYSIS
  • 922 Winston Avenue Statesville, NC 4
    • 3 beds 2 baths ∙ 1,118 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,118 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $970
    • $0.87
    •  
  • 1307 11th Street Statesville, NC 1
    • 3 beds 2 baths ∙ 960 Sqft ∙ Built 1940 3 beds 2 baths ∙ 960 Sqft ∙ Built 1940
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $849
    • $0.88
    •  
  • 1312 Caldwell Street Statesville, NC 2
    • 3 beds 1 baths ∙ 1,142 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,142 Sqft ∙ Built 1930
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $919
    • $0.80
    •  
  • 816 Wilmington Avenue Statesville, NC 3
    • 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1946 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1946
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $929
    • $0.81
    •  
  • 613 W Sharpe Street Statesville, NC 5
    • 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1948
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $0.90
    •  
PROPERTY LISTING DETAILS
Rebekah Sosa
1.704.699.0447
Allen Tate Mooresville/lake Norman
BESbswy