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926 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 # : 3693979
  • 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! Finishes will include vinyl plank floors, granite countertops, stainless appliances, and a beautiful ensuite master with a walk in closet . Great Statesville location 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.

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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
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
  • 926 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