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2560 Mcginnes Place Nw Concord, NC 28027

3 Beds 2 Baths 1,695 sqft Built 2003

$275,000

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $162.24
  • 5 Days on Market
  • MLS # : 3675032
  • Updated Date : 01/14/2021 at 15:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,695 sqft
  • Baths : 2 full
Listing Agent

Realty One Group Revolution

Listing Agent's Description

Seller to allow showings beginning 1/15/21. Multiple offers received, seller to accept offers through 9pm on Saturday 1/16/21. A taste of country living within a mile and a half to I85, minutes to Charlotte Motor Speedway and shopping in Afton Ridge. This home features the classic traditional charm of a formal dining room as well as the contemporary living of an open concept kitchen and living area. Your new generous owners suite comes complete with garden tub, perfect for rest and relaxation after a long day. Two additional bedrooms and a full hall bath complete this single level ranch style home. Enjoy the outdoors on your deck with ample grilling space or take a short walk to neighborhood amenities including two outdoor swimming pools, tennis courts, playground and so much more! HVAC and water heater recently updated! Showings will begin on 1/16/21.

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: Laurel Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $113k372k

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

Neighborhood: Laurel Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8402111

* 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
Weddington Hills Elementary School Primary Regular 917 57 5
Northwest Cabarrus Middle School Middle Regular 905 58 4
Northwest Cabarrus High School High Regular 1,198 72 3

Weddington Hills Elementary School

  • Education Level: Primary
  • # of students: 917
  • # of teachers: 57
5
GreatSchools Rating

Northwest Cabarrus Middle School

  • Education Level: Middle
  • # of students: 905
  • # of teachers: 58
4
GreatSchools Rating

Northwest Cabarrus High School

  • Education Level: High
  • # of students: 1,198
  • # of teachers: 72
3
GreatSchools Rating
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$955
Property Tax -$300
Property Insurance -$59
HOA -$50
Property Management Fees -$119
CASH FLOW
$77

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.

$275,000

PROJECTED PRICE

$1,560

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.7%
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$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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$19,270

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,356

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3493$1,3954$1,4655$1,560
$1,560
RENT COMPS ANALYSIS
  • 2560 Mcginnes Place Nw Concord, NC 5
    • 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.92
    •  
  • 579 Old Speedway Drive Nw Concord, NC 1
    • 3 beds 2 baths ∙ 1,728 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,728 Sqft ∙ Built 1953
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.75
    •  
  • 4015 Maderia Drive Nw Concord, NC 2
    • 4 beds 3 baths ∙ 1,601 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,601 Sqft ∙ Built 2019
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.84
    •  
  • 5557 Lemley Road Concord, NC 3
    • 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 1997
    LEASED 12/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.80
    •  
  • 4011 Maderia Drive Concord, NC 4
    • 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 2019
    LEASED 10/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,465
    • $0.81
    •  
PROPERTY LISTING DETAILS
Ashley Nuzzolese
1.803.389.3614
Realty One Group Revolution
BESbswy