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210 Ravine Circle Concord, NC 28025

4 Beds 2 Baths 3,143 sqft Built 1950

INVESTimate

$349,900

List Price

$1,910

$1,719 - $2,101

Rent Est.

$364,001  ( +4.03%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1950
  • Price/Sqft : $111.33
  • 6 Days on Market
  • MLS # : 3654258
  • Updated Date : 08/23/2020 at 10:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,143 sqft
  • Baths : 2 full
Listing Agent

Craven & Company, Realtors

Listing Agent's Description

Original family resides in this traditional 1.5 Sty w/character-tucked away on quiet cul de sac-literally one of Concord's most sought-after neighborhoods. Mechanical updates & some cosmetics. Freshly refinished hardwoods, main living spaces. replacement windows. new bath vanities. Engineered retaining wall along right side of property. Formal Living/Dining. Kitchen could be designer space-huge, work island, professional range/oven & excellent natural light. Main level offers 2 Bedrs plus center pine-paneled Den/Study w/wet bar in addition to Sunroom/Exercise space off Kitchen. Inviting Fam Room w/masonry firepl completes main level. Upstairs are 2 additional Bedrs, inclusive of Master w/walk-in closet & walk-in attic. Bonus footage exists in upstairs dormer/landing areas. Unf Basement is used for Laundry, Workshop & storage. Beyond is a series of garage spaces, accommodating up to 3 vehicles. Generous city lot extends from Ravine to Eastover w/large concreted space in rear.

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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: Hillcrest

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210kPrice in $104k216k

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

Neighborhood: Hillcrest

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7511375

* 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
R B Mcallister Elementary School Primary Regular 280 16 4
Concord Middle School Middle Regular 922 62 2
Concord High School High Regular 1,252 79 3

R B Mcallister Elementary School

  • Education Level: Primary
  • # of students: 280
  • # of teachers: 16
4
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
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,719$2,101$1,910

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,910
EXPENSES Loan Payment -$1,291
Property Tax -$370
Property Insurance -$80
Property Management Fees -$172
CASH FLOW
-$2

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$349,900

PROJECTED PRICE

$1,910

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.03%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$16,096

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,910

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,989

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,8953$1,910
$1,910
RENT COMPS ANALYSIS
  • 210 Ravine Circle Concord, NC 3
    • 4 beds 2 baths ∙ 2,782 Sqft ∙ Built 1950 4 beds 2 baths ∙ 2,782 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $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
    property image
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.69
    •  
  • 1315 Thompson Drive Concord, NC 2
    • 3 beds 3 baths ∙ 2,558 Sqft ∙ Built 1978 3 beds 3 baths ∙ 2,558 Sqft ∙ Built 1978
    property image
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.74
    •  
PROPERTY LISTING DETAILS
Deborah Fink
1.704.467.3049
Craven & Company, Realtors
BESbswy