Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1151 Michael Avenue Concord, NC 28025

4 Beds 4 Baths 2,647 sqft Built 1981

$315,000

List Price

$1,830

$1.6K - $2K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $119.00
  • 3 Days on Market
  • MLS # : 3686823
  • Updated Date : 12/04/2020 at 16:13
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,647 sqft
  • Baths : 3 full , 1 half
Listing Agent

Craven & Company, Realtors

Listing Agent's Description

Great opportunity to make Brafford Farm's first house yours! No HOA and no city taxes. Large flat lot with fence. Master down and three bedrooms upstairs. Two car garage with attached workshop complete with upstairs storage and large door to backyard. Screened in back porch. Downtown Concord restaurants, breweries, and shops are just minutes down the road.

SEE MORE

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: Wil-Lotta Acres

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $74k299k

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

Neighborhood: Wil-Lotta Acres

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270080090010001100120013001400150016001700Rent in $6771759

* 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 M Irvin Elementary School Primary Regular 870 56 2
Concord Middle School Middle Regular 922 62 2
Concord High School High Regular 1,252 79 3

W M Irvin Elementary School

  • Education Level: Primary
  • # of students: 870
  • # of teachers: 56
2
GreatSchools Rating

Concord Middle School

  • Education Level: Middle
  • # of students: 922
  • # of teachers: 62
2
GreatSchools Rating

Concord High School

  • Education Level: High
  • # of students: 1,252
  • # of teachers: 79
3
GreatSchools Rating
 

$283,500$346,500$315,000

PURCHASE PRICE

$1,647$2,013$1,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,830
EXPENSES Loan Payment -$1,162
Property Tax -$238
Property Insurance -$77
Property Management Fees -$119
CASH FLOW
$234

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.

$315,000

PROJECTED PRICE

$1,830

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.9%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,162

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$46,730

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,830

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,826

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,830
$1,830
RENT COMPS ANALYSIS
  • 1151 Michael Avenue Concord, NC 2
    • 4 beds 4 baths ∙ 2,647 Sqft ∙ Built 1981 4 beds 4 baths ∙ 2,647 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,830
    • $0.69
    •  
  • 298 Meadow Oaks Drive Concord, NC 1
    • 3 beds 3 baths ∙ 2,450 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,450 Sqft ∙ Built 2015
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.69
    •  
PROPERTY LISTING DETAILS
Ford Craven
1.704.652.2422
Craven & Company, Realtors
BESbswy