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11147 River Oaks Drive Concord, NC 28027

4 Beds 4 Baths 3,154 sqft Built 2015

$420,000

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $133.16
  • 3 Days on Market
  • MLS # : 3702950
  • Updated Date : 01/29/2021 at 16:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,154 sqft
  • Baths : 4 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

Built in 2015, this Concord two-story home offers a patio, granite countertops, and a two-car garage. This home is vacant and cleaned regularly.

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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: 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
 

$378,000$462,000$420,000

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,459
Property Tax -$499
Property Insurance -$87
HOA -$34
Property Management Fees -$119
CASH FLOW
-$117

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.

$420,000

PROJECTED PRICE

$2,080

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$1.2M

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$117,050

INVESTMENT

$117,050

Down Payment
$105,000
Rehab Estimate
$5,750
Closing Costs
$6,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,459

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $105,000
Loan Amount $315,000
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$14,613

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $2,074

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9953$2,0004$2,0805$2,200
$2,200
RENT COMPS ANALYSIS
  • 11147 River Oaks Drive Concord, NC 4
    • 4 beds 4 baths ∙ 3,154 Sqft ∙ Built 2015 4 beds 4 baths ∙ 3,154 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.66
    •  
  • 10829 Dry Stone Drive Huntersville, NC 1
    • 3 beds 3 baths ∙ 3,238 Sqft ∙ Built 2005 3 beds 3 baths ∙ 3,238 Sqft ∙ Built 2005
    LEASED 01/23/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.59
    •  
  • 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
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy