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171 Suburban Avenue Ne Concord, NC 28025

3 Beds 2 Baths 1,862 sqft Built 1964

$299,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $160.58
  • 11 Days on Market
  • MLS # : 3699461
  • Updated Date : 01/30/2021 at 00:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,862 sqft
  • Baths : 2 full
Listing Agent

Lantern Realty & Development Llc

Listing Agent's Description

Beautiful ranch in the desirable Beverly Hills neighborhood of Concord.Well maintained, newer appliances, some fresh, neutral paint, and crown molding throughout, this is a very comfortable place to call home. 3 beds, 2 baths, and 2 living areas means space for the family to spread out. Covered deck off the back, in the fenced-in backyard. Convenient location for shopping, dining, and Atrium Medical Center. Owners are in the process of moving, furnishings left do not convey, freezer and black storage shelving in garage no not convey. Washer and dryer negotiable. Water heater installed 2019. Sellers to make no repairs or replacements, home sold as-is.

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: Northgate South

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k218k

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

Neighborhood: Northgate South

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
Beverly Hills Elementary School Primary Regular 355 24 2
Concord Middle School Middle Regular 922 62 2
Concord High School High Regular 1,252 79 3

Beverly Hills Elementary School

  • Education Level: Primary
  • # of students: 355
  • # of teachers: 24
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
 

$269,100$328,900$299,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$1,039
Property Tax -$316
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
-$56

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.

$299,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 6.3%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,039

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$11,522

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,573

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3953$1,3954$1,4805$1,795
$1,795
RENT COMPS ANALYSIS
  • 171 Suburban Avenue Ne Concord, NC 4
    • 3 beds 2 baths ∙ 1,862 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,862 Sqft ∙ Built 1964
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.79
    •  
  • 538 Goldmoor Drive Concord, NC 1
    • 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 1963
    property image
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.84
    •  
  • 429 Havenbrook Way Concord, NC 2
    • 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
    •  
  • 230 Parkway Avenue Nw Concord, NC 3
    • 4 beds 3 baths ∙ 1,725 Sqft ∙ Built 1993 4 beds 3 baths ∙ 1,725 Sqft ∙ Built 1993
    property image
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.81
    •  
  • 1027 Burrage Road Concord, NC 5
    • 3 beds 2 baths ∙ 2,013 Sqft ∙ Built 1950 3 beds 2 baths ∙ 2,013 Sqft ∙ Built 1950
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.89
    •  
PROPERTY LISTING DETAILS
Cheryl Baxter
1.704.796.8843
Lantern Realty & Development Llc
BESbswy