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1071 Stirrup Place Concord, NC 28027

3 Beds 2 Baths 1,515 sqft Built 1996

$225,000

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $148.51
  • 9 Days on Market
  • MLS # : 3693750
  • Updated Date : 01/02/2021 at 22:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,515 sqft
  • Baths : 2 full
Listing Agent

Re/max Leading Edge

Listing Agent's Description

This cute as a button ranch lives large and is in the heart of vibrant Concord. From the sweet covered front porch to the lovely, flexible floorpan, to the huge great room/bonus area, this home has it all! Upon entry, there is a flex space/study that opens to the upgraded eat-in-kitchen and with granite and upgraded appliances. The huge, soaring great room opens to a screened porch area and a functional yard with a fence. The three ample bedrooms and laundry are tucked away and offer privacy. No HOA! Come see this home today and experience all that Concord has to offer- just minutes away from I-85 and shopping.

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

Neighborhood: Bedford Downs

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k216k

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

Neighborhood: Bedford Downs

NeighborhoodNIR 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
Winecoff Elementary School Primary Regular 904 58 2
Northwest Cabarrus Middle School Middle Regular 905 58 4
Northwest Cabarrus High School High Regular 1,198 72 3

Winecoff Elementary School

  • Education Level: Primary
  • # of students: 904
  • # of teachers: 58
2
GreatSchools Rating

Northwest Cabarrus Middle School

  • Education Level: Middle
  • # of students: 905
  • # of teachers: 58
4
GreatSchools Rating

Northwest Cabarrus High School

  • Education Level: High
  • # of students: 1,198
  • # of teachers: 72
3
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$830
Property Tax -$243
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$12

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.

$225,000

PROJECTED PRICE

$1,260

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.3%
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-$2.0k$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$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$15,581

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,280

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,260
1$1,2602$1,2993$1,2994$1,3455$1,395
$1,395
RENT COMPS ANALYSIS
  • 1071 Stirrup Place Concord, NC 1
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1996
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.83
    •  
  • 1372 Zered Place Nw Concord, NC 2
    • 4 beds 3 baths ∙ 1,607 Sqft ∙ Built 2007 4 beds 3 baths ∙ 1,607 Sqft ∙ Built 2007
    property image
    LEASED 01/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.81
    •  
  • 514 Havenbrook Way Concord, NC 3
    • 3 beds 3 baths ∙ 1,547 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,547 Sqft ∙ Built 2003
    property image
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.84
    •  
  • 1432 Jabbok Place Concord, NC 4
    • 3 beds 3 baths ∙ 1,505 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,505 Sqft ∙ Built 2003
    property image
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.89
    •  
  • 429 Havenbrook Way Concord, NC 5
    • 3 beds 3 baths ∙ 1,599 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,599 Sqft ∙ Built 2002
    property image
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.87
    •  
PROPERTY LISTING DETAILS
Christy Bradshaw
1.704.492.6161
Re/max Leading Edge
BESbswy