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249 Scalybark Trail Concord, NC 28027

3 Beds 3 Baths 2,083 sqft Built 1976

$348,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $167.07
  • 43 Days on Market
  • MLS # : 3700204
  • Updated Date : 03/05/2021 at 13:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,083 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fathom Realty

Listing Agent's Description

Car lover, auto mechanic, race car driver DELIGHT! 8 total garages. Three car detached garage (new garage floor epoxy) next to the home, a 4 car detached auto shop in the rear of the home together with a new 1 car garage/workshop. You will not run out of storage in this property. The home sits on .72 acres and NO HOA. This 3 bed 2.5 home has a newer HVAC (2018, 2019) for both floors. Newer carpet throughout home. Addition of Nest thermostat downstairs. Low maintenance laminate flooring. Kitchen has granite ctops & SS appliances. There is a formal LR and dining room in addition to a den (Flex Space) with a wood burning fireplace. The laundry room has a sliding barn door and the half bath has been updated. There is a huge family room addition that looks out to the saltwater pool with new pool pump, booster pump and salt water generator. The pool area has a larger paver patio and fire pit. The property is completely fenced for privacy. Close to I-85, shopping & the speedway.

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: Poplar Trails

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Poplar Trails

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8401823

* 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
 

$313,200$382,800$348,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,209
Property Tax -$285
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
-$10

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.

$348,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.3%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,970

INVESTMENT

$97,970

Down Payment
$87,000
Rehab Estimate
$5,750
Closing Costs
$5,220

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,209

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,000
Loan Amount $261,000
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$20,744

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,708

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,525
1$1,5252$1,6703$1,7504$1,7955$1,795
$1,795
RENT COMPS ANALYSIS
  • 249 Scalybark Trail Concord, NC 2
    • 3 beds 3 baths ∙ 2,083 Sqft ∙ Built 1976 3 beds 3 baths ∙ 2,083 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.80
    •  
  • 8100 Chatham Oaks Drive Concord, NC 1
    • 3 beds 3 baths ∙ 1,927 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,927 Sqft ∙ Built 2002
    LEASED 11/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.79
    •  
  • 8422 Bampton Drive Concord, NC 3
    • 4 beds 2 baths ∙ 2,006 Sqft ∙ Built 4 beds 2 baths ∙ 2,006 Sqft ∙ Built
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.87
    •  
  • 388 Sweet Shrub Court Concord, NC 4
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2012
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.82
    •  
  • 8390 Bampton Drive Concord, NC 5
    • 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 1999
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.79
    •  
PROPERTY LISTING DETAILS
Patty Swan
1.704.577.9744
Fathom Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3700204
Last Updated: 03/05/2021
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