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251 Salem Street Concord, NC 28025

3 Beds 2 Baths 1,060 sqft Built 1963

$139,900

List Price

$1,170

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $131.98
  • 19 Days on Market
  • MLS # : 3701683
  • Updated Date : 02/11/2021 at 10:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,060 sqft
  • Baths : 2 full
Listing Agent

Bottom Line Property Management

Listing Agent's Description

This Charming 3 Bedroom and 2 Bath house has a Spacious Floor Plan. Tasteful Colors- Freshly Painted Interior. Outstanding Master Suite, Large Backyard with a Shed.

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: Logan

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $50k216k

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

Neighborhood: Logan

NeighborhoodNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5711375

* 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
Wolf Meadow Elementary School Primary Regular 594 42 3
Concord Middle School Middle Regular 922 62 2
Jay M Robinson High School High Regular 1,339 86 3

Wolf Meadow Elementary School

  • Education Level: Primary
  • # of students: 594
  • # of teachers: 42
3
GreatSchools Rating

Concord Middle School

  • Education Level: Middle
  • # of students: 922
  • # of teachers: 62
2
GreatSchools Rating

Jay M Robinson High School

  • Education Level: High
  • # of students: 1,339
  • # of teachers: 86
3
GreatSchools Rating
 

$125,910$153,890$139,900

PURCHASE PRICE

$1,053$1,287$1,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,170
EXPENSES Loan Payment -$486
Property Tax -$148
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
$370

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.

$139,900

PROJECTED PRICE

$1,170

PROJECTED RENT

0.84%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 0.1%
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$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$42,824

INVESTMENT

$42,824

Down Payment
$34,975
Rehab Estimate
$5,750
Closing Costs
$2,099

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$486

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $34,975
Loan Amount $104,925
See What Happens When You Reinvest Cash Flow

16

YEARS SAVED

$37,189

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,170

    LIST RENT
  • $1.1

    LIST RENT PER SQFT
  • $908

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$995
1$9952$1,0453$1,1504$1,170
$1,170
RENT COMPS ANALYSIS
  • 251 Salem Street Concord, NC 4
    • 3 beds 2 baths ∙ 1,060 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,060 Sqft ∙ Built 1963
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,170
    • $1.10
    •  
  • 94 Wilkinson Court Se Concord, NC 1
    • 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 1935 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 1935
    property image
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $0.83
    •  
  • 150 Franklin Avenue Nw Concord, NC 2
    • 3 beds 1 baths ∙ 1,216 Sqft ∙ Built 1940 3 beds 1 baths ∙ 1,216 Sqft ∙ Built 1940
    property image
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,045
    • $0.86
    •  
  • 262 Buffalo Avenue Concord, NC 3
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1900 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1900
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.88
    •  
PROPERTY LISTING DETAILS
Kathryn Cook Crespo
1.704.998.9520
Bottom Line Property Management
BESbswy