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288 South Circle Drive Concord, NC 28027

3 Beds 2 Baths 1,335 sqft Built 2018

$220,000

List Price

$1,130

$1K - $1.2K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $164.79
  • 4 Days on Market
  • MLS # : 3706141
  • Updated Date : 02/13/2021 at 17:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,335 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Premier

Listing Agent's Description

Adorable One Story Home in Concord! One Owner Custom Home Built in 2018. House Sits on Large 0.55 Acre Lot with No HOA. Rocking Chair Front Porch to Enjoy the Upcoming Warmer Weather! Desirable Open Floor Plan. Home has Lots of Natural Light. Kitchen includes Granite Countertops, Maple Cabinets, Stainless Steel Appliances and Wood Flooring. Dining Area off Kitchen with custom Picture Molding. Nice Sized Bedrooms, Laundry Room with Upper Cabinets. Full Bathroom in Hallway with Granite Countertop and Tile Floor. Master Bedroom and Bathroom located at the Rear of the Home for Added Privacy. Master Bathroom includes Granite Countertop, Tile Floor, Garden Tub/Shower and Nice Sized Walk-In Closet. Large Lot, Back Patio and 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: Parkwood

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200kPrice in $64k216k

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

Neighborhood: Parkwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6931375

* 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
Winecoff Elementary School Primary Regular 904 58 2
Northwest Cabarrus Middle School Middle Regular 905 58 4
Northwest Cabarrus High School High Regular 1,198 72 3

Winecoff Elementary School

  • Education Level: Primary
  • # of students: 904
  • # of teachers: 58
2
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
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,017$1,243$1,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,130
EXPENSES Loan Payment -$764
Property Tax -$166
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
$29

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.

$220,000

PROJECTED PRICE

$1,130

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.3%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

5.83

YEARS SAVED

$14,333

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,130

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,145

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,099
1$1,0992$1,1303$1,3454$1,3955$1,395
$1,395
RENT COMPS ANALYSIS
  • 288 South Circle Drive Concord, NC 2
    • 3 beds 2 baths ∙ 1,335 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,335 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $1,130
    • $0.85
    •  
  • 924 Pine Circle Drive Concord, NC 1
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 2002
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,099
    • $0.85
    •  
  • 1432 Jabbok Place Concord, NC 3
    • 3 beds 3 baths ∙ 1,505 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,505 Sqft ∙ Built 2003
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.89
    •  
  • 1455 Eschol Lane Concord, NC 4
    • 4 beds 3 baths ∙ 1,634 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,634 Sqft ∙ Built 2005
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.85
    •  
  • 429 Havenbrook Way Concord, NC 5
    • 3 beds 3 baths ∙ 1,599 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,599 Sqft ∙ Built 2002
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.87
    •  
PROPERTY LISTING DETAILS
Allison Wightman
1.980.521.0784
Keller Williams Premier
BESbswy