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1481 Astoria Lane Nw Concord, NC 28027

3 Beds 3 Baths 1,984 sqft Built 2009

$295,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $148.69
  • 3 Days on Market
  • MLS # : 3703404
  • Updated Date : 01/30/2021 at 08:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,984 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jp & Associates, Realtors Carolina Living

Listing Agent's Description

Fantastic, move-in ready 3 bed, 2.5 bath, with upstairs loft and main level office/flex room! Freshly painted, all new flooring, new light fixtures, new SS appliances, new water heater, large, flat, fenced rear yard, low maintenance landscaping with front yard irrigation....all this is a highly desirable school district and community with plenty of great amenities! Come see it this weekend during the open houses on both Saturday AND Sunday from 10-2.

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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: Moss Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Moss Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8401874

* 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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$1,025
Property Tax -$345
Property Insurance -$64
HOA -$60
Property Management Fees -$119
CASH FLOW
-$93

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.

$295,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.5%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$9,550

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,662

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,520
1$1,5202$1,5503$1,5854$1,5855$1,600
$1,600
RENT COMPS ANALYSIS
  • 1481 Astoria Lane Nw Concord, NC 1
    • 3 beds 3 baths ∙ 1,973 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,973 Sqft ∙ Built 2009
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.77
    •  
  • 1523 Cold Creek Place Huntersville, NC 2
    • 4 beds 3 baths ∙ 1,927 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,927 Sqft ∙ Built 2005
    property image
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.80
    •  
  • 1437 Laraway Court Concord, NC 3
    • 4 beds 3 baths ∙ 1,882 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,882 Sqft ∙ Built 2005
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.84
    •  
  • 9431 Pepperidge Avenue Nw Concord, NC 4
    • 4 beds 2 baths ∙ 1,841 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,841 Sqft ∙ Built 2004
    property image
    LEASED 01/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.86
    •  
  • 9635 Marquette Street Concord, NC 5
    • 3 beds 3 baths ∙ 1,870 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,870 Sqft ∙ Built 2006
    property image
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.86
    •  
PROPERTY LISTING DETAILS
Sarah Zdeb
1.704.661.2328
Jp & Associates, Realtors Carolina Living
BESbswy