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103 Summey Barker Drive Dallas, NC 28034

3 Beds 2 Baths 1,369 sqft Built 1999

$234,900

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $171.59
  • 6 Days on Market
  • MLS # : 3694150
  • Updated Date : 12/31/2020 at 14:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,369 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Here is the Dallas home you've been waiting for! This ranch is located in the beloved Summey Knoll neighborhood and close to everything Dallas has to offer. This is a 3 bedroom, 2 full bath home sitting on a large .88 acre lot. The lot is fenced behind the home with un-fenced area to the side. The kitchen was totally remodeled just over a year ago with custom soft close cabinets, new stainless appliances, floating wood shelves, granite counters, stainless farmhouse sink with motion sensor faucet and Luxury Vinyl Plank flooring that flows into the living areas. Hall bath is also updated with the farmhouse look you'll love. Outside you'll find a built in fire pit great for those chilly nights and entertaining. Water heater was replaced in 2018 and crawl has vapor barrier. This will NOT last long! Make your appointments now!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28034

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k213k

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

Zip Code: 28034

ZipNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300Rent in $6411375

* 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
Costner Elementary School Primary Regular 583 32 5
W.c. Friday Middle School Middle Regular 687 38 4
North Gaston High School High Regular 1,095 60 3

Costner Elementary School

  • Education Level: Primary
  • # of students: 583
  • # of teachers: 32
5
GreatSchools Rating

W.c. Friday Middle School

  • Education Level: Middle
  • # of students: 687
  • # of teachers: 38
4
GreatSchools Rating

North Gaston High School

  • Education Level: High
  • # of students: 1,095
  • # of teachers: 60
3
GreatSchools Rating
 

$211,410$258,390$234,900

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$867
Property Tax -$181
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$61

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.

$234,900

PROJECTED PRICE

$1,280

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 3.6%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$67,999

INVESTMENT

$67,999

Down Payment
$58,725
Rehab Estimate
$5,750
Closing Costs
$3,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,725
Loan Amount $176,175
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$22,096

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,129

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,280
1$1,2802$1,3753$1,425
$1,425
RENT COMPS ANALYSIS
  • 103 Summey Barker Drive Dallas, NC 1
    • 3 beds 2 baths ∙ 1,369 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,369 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.93
    •  
  • 2680 Mcintosh Street Dallas, NC 2
    • 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2020
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.81
    •  
  • 2665 Mcintosh Street Dallas, NC 3
    • 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2020
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.84
    •  
PROPERTY LISTING DETAILS
Charity Mcminn
1.980.722.1541
Exp Realty Llc
BESbswy