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1001 Meadowbrook Lane Concord, NC 28027

4 Beds 3 Baths 1,878 sqft Built 2001

$280,000

List Price

$1,510

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $149.09
  • 3 Days on Market
  • MLS # : 3718592
  • Updated Date : 03/20/2021 at 08:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,878 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams University City

Listing Agent's Description

Don't miss this charming, newly updated 4-bedroom, 2.5-bathroom home in the highly desired Meadowbrook Subdivision in Concord! This home has a ton of upgrades including freshly painted walls, new quartz kitchen countertops, newly painted kitchen cabinets, new carpet, new HVAC, new front door, new outdoor lighting, and a new roof in 2019. The kitchen has all stainless-steel appliances and an island which opens to the breakfast area and family room. The front room can be used as a formal dining room, home office or sitting room. Upstairs you will find a loft with three spacious bedrooms and a master bedroom with vaulted ceilings a large walk-in closet, and spacious master bath with a linen closet. There is lots of storage in this home including a large pantry, coat closet and linen closets. This amazing home sits on a corner fenced lot with mature trees and is close to everything...great schools, tons of shopping, lots of restaurants and wonderful parks for recreation.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Meadowbrook

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k216k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Meadowbrook

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8401395

* 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
Pitts School Road Elementary School Primary Regular 809 49 5
Harold Winkler Middle School Middle Regular 978 60 6
Jay M Robinson High School High Regular 1,339 86 3

Pitts School Road Elementary School

  • Education Level: Primary
  • # of students: 809
  • # of teachers: 49
5
GreatSchools Rating

Harold Winkler Middle School

  • Education Level: Middle
  • # of students: 978
  • # of teachers: 60
6
GreatSchools Rating

Jay M Robinson High School

  • Education Level: High
  • # of students: 1,339
  • # of teachers: 86
3
GreatSchools Rating
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$973
Property Tax -$296
Property Insurance -$62
HOA -$9
Property Management Fees -$119
CASH FLOW
$52

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$280,000

PROJECTED PRICE

$1,510

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$973

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$18,086

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,510

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,578

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,299
1$1,2992$1,4953$1,5104$1,5755$1,645
$1,645
RENT COMPS ANALYSIS
  • 1001 Meadowbrook Lane Concord, NC 3
    • 4 beds 3 baths ∙ 1,830 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,830 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $0.83
    •  
  • 3969 Hollows Glen Court Sw Concord, NC 1
    • 4 beds 2 baths ∙ 1,511 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,511 Sqft ∙ Built 1998
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.86
    •  
  • 1065 Meadowbrook Lane Concord, NC 2
    • 3 beds 3 baths ∙ 1,852 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,852 Sqft ∙ Built 2000
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.81
    •  
  • 5043 Wheat Drive Sw Concord, NC 4
    • 4 beds 3 baths ∙ 1,702 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,702 Sqft ∙ Built 2001
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.93
    •  
  • 3520 Larkhaven Avenue Sw Concord, NC 5
    • 3 beds 2 baths ∙ 1,924 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,924 Sqft ∙ Built 2015
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.85
    •  
PROPERTY LISTING DETAILS
Joslyn Blackburn
1.704.559.9665
Keller Williams University City
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3718592
Last Updated: 03/20/2021
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