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2616 Lynn Drive Concord, NC 28025

3 Beds 2 Baths 1,099 sqft Built 1972

INVESTimate

$170,000

List Price

$1,020

$918 - $1,122

Rent Est.

$183,855  ( +8.15%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1972
  • Price/Sqft : $154.69
  • 20 Days on Market
  • MLS # : 3649283
  • Updated Date : 08/24/2020 at 10:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,099 sqft
  • Baths : 2 full
Listing Agent

Debbie Clontz Real Estate Llc

Listing Agent's Description

Check out this great home. All brick home with three bedrooms and two baths with no HOA fees. . This home is in a sought after school district and has a beautiful fenced in back yard. Wonderful place for fun and very dog friendly. Large back porch overlooks a big backyard that has a small fire pit and a large Outbuilding that is wired. There is a large lean- to attached for extra storage. Roof was replaced in 2018, Heat/Air unit and hot water heater replaced in 2017. New windows, gutters and microwave and all new inside doors. Home has a home warranty provided for peace of mind. Showings start Saturday, August 22, 2020.

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: Mount Pleasant

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $94k217k

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

Neighborhood: Mount Pleasant

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6761375

* 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
 

$153,000$187,000$170,000

PURCHASE PRICE

$918$1,122$1,020

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,020
EXPENSES Loan Payment -$627
Property Tax -$128
Property Insurance -$48
Property Management Fees -$92
CASH FLOW
$125

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.

$170,000

PROJECTED PRICE

$1,020

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.15%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,800

INVESTMENT

$50,800

Down Payment
$42,500
Rehab Estimate
$5,750
Closing Costs
$2,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$627

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $42,500
Loan Amount $127,500
See What Happens When You Reinvest Cash Flow

7.83

YEARS SAVED

$20,655

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,020

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,092

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,020
1$1,0202$1,2953$1,3994$1,399
$1,399
RENT COMPS ANALYSIS
  • 2616 Lynn Drive Concord, NC 1
    • 3 beds 2 baths ∙ 1,099 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,099 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $1,020
    • $0.93
    •  
  • 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
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.91
    •  
  • 1670 Red Bird Circle Se Concord, NC 3
    • 3 beds 2 baths ∙ 1,341 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,341 Sqft ∙ Built 2003
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $1.04
    •  
  • 4150 Ringtail Court Concord, NC 4
    • 3 beds 2 baths ∙ 1,363 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,363 Sqft ∙ Built 2000
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $1.03
    •  
PROPERTY LISTING DETAILS
Lezli Leath
1.980.355.2377
Debbie Clontz Real Estate Llc
BESbswy