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2466 Cold Springs Road #6 Concord, NC 28025

3 Beds 2 Baths 1,440 sqft Built 1992

$245,000

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $170.14
  • 3 Days on Market
  • MLS # : 3675785
  • Updated Date : 12/25/2020 at 20:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,440 sqft
  • Baths : 2 full
Listing Agent

Wilson Realty

Listing Agent's Description

Updated brick ranch convenient to Mount Pleasant and Concord..Large flat One Acre lot with some of the back yard fenced in...additional property behind fence where well is located.. Separate carport with storage and a 8 X 12 wooden shed for all your stuff....New laminate flooring in the living room, new carpet in all three bedrooms and new flooring in the baths. Kitchen flooring is 4 years old...New paint throughout...Master has large walk in closet and attached bath...nice size hall bath for the two secondary bedrooms...Kitchen has lots of cabinets and counter space...Oversized garage with work bench...This home has a newer roof and newer garage door and motor..Heat pump and Water Heater are approximately 5 years old. This home has lots of extra parking and storage for all your stuff! Has electrical plug in for RV on back of house...Original well and septic permit in attachments...please submit approval letter with offer...Schools should be verified by agent...

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Heritage Springs

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $113k245k

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

Neighborhood: Heritage Springs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8401375

* 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
A T Allen Elementary School Primary Regular 925 59 5
Mt. Pleasant Middle School Middle Regular 644 43 6
Mount Pleasant High School High Regular 831 55 4

A T Allen Elementary School

  • Education Level: Primary
  • # of students: 925
  • # of teachers: 59
5
GreatSchools Rating

Mt. Pleasant Middle School

  • Education Level: Middle
  • # of students: 644
  • # of teachers: 43
6
GreatSchools Rating

Mount Pleasant High School

  • Education Level: High
  • # of students: 831
  • # of teachers: 55
4
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$904
Property Tax -$192
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$171

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.

$245,000

PROJECTED PRICE

$1,440

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$34,084

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,195

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,275
1$1,2752$1,2953$1,440
$1,440
RENT COMPS ANALYSIS
  • 2466 Cold Springs Road Concord, NC 3
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1992
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $1.00
    •  
  • 1622 Wild Turkey Way Concord, NC 1
    • 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2005
    property image
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.75
    •  
  • 1737 Red Bird Circle Concord, NC 2
    • 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 2005
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.91
    •  
PROPERTY LISTING DETAILS
Mike Doggette
1.704.763.5232
Wilson Realty
BESbswy