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11058 River Oaks Drive Nw Concord, NC 28027

4 Beds 3 Baths 3,130 sqft Built 2017

$410,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $130.99
  • 4 Days on Market
  • MLS # : 3683657
  • Updated Date : 01/09/2021 at 12:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,130 sqft
  • Baths : 3 full
Listing Agent

Dm Properties & Associates

Listing Agent's Description

***OPEN HOUSE SUNDAY 1/10/21- 1-3PM*** Meticulously maintained home in highly sought after Sykbrook neighborhood. Open chef's kitchen with gas range, stainless steel appliances, granite countertops, soft close cabinets, and huge walk-in pantry. Master en-suite is complete with walk-in tiled shower, garden tub, his & hers sinks, walk-in closet, and tranquil flex space with lots of natural light. Beautiful drop zone and a very clean garage. Custom built back patio with stone work, built in gas grill, deep fire pit, and pergola - perfect for entertaining! This home is ready for it's next family!

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

Neighborhood: Villages at Skybrook North

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k355k

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

Neighborhood: Villages at Skybrook North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8402028

* 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
W R Odell Elementary School Primary Regular 882 52 NA
Harris Road Middle School Middle Regular 1,185 63 9
Cox Mill High School High Regular 1,478 76 7

W R Odell Elementary School

  • Education Level: Primary
  • # of students: 882
  • # of teachers: 52
NA
GreatSchools Rating

Harris Road Middle School

  • Education Level: Middle
  • # of students: 1,185
  • # of teachers: 63
9
GreatSchools Rating

Cox Mill High School

  • Education Level: High
  • # of students: 1,478
  • # of teachers: 76
7
GreatSchools Rating
 

$369,000$451,000$410,000

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,424
Property Tax -$510
Property Insurance -$86
HOA -$31
Property Management Fees -$119
CASH FLOW
-$120

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.

$410,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,400

INVESTMENT

$114,400

Down Payment
$102,500
Rehab Estimate
$5,750
Closing Costs
$6,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,424

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $102,500
Loan Amount $307,500
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$13,702

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $2,089

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9953$2,0004$2,0505$2,200
$2,200
RENT COMPS ANALYSIS
  • 11058 River Oaks Drive Nw Concord, NC 4
    • 4 beds 3 baths ∙ 3,130 Sqft ∙ Built 2017 4 beds 3 baths ∙ 3,130 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.65
    •  
  • 9651 Laurie Avenue Concord, NC 1
    • 5 beds 3 baths ∙ 3,006 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,006 Sqft ∙ Built 2006
    LEASED 11/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.62
    •  
  • 11266 Trailside Road Concord, NC 2
    • 4 beds 3 baths ∙ 2,922 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,922 Sqft ∙ Built 2018
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.68
    •  
  • 1248 Tranquility Point Avenue Nw Concord, NC 3
    • 5 beds 3 baths ∙ 3,001 Sqft ∙ Built 2015 5 beds 3 baths ∙ 3,001 Sqft ∙ Built 2015
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.67
    •  
  • 1267 Middlecrest Drive Concord, NC 5
    • 5 beds 3 baths ∙ 3,200 Sqft ∙ Built 2009 5 beds 3 baths ∙ 3,200 Sqft ∙ Built 2009
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.69
    •  
PROPERTY LISTING DETAILS
Drew Maher
1.704.258.9227
Dm Properties & Associates
BESbswy