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308 Amber Court Sw Concord, NC 28025

3 Beds 1 Baths 925 sqft Built 1968

$109,900

List Price

$990

$891 - $1.1K

Rent Est.

PROPERTY INFO

February 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $118.81
  • 2 Days on Market
  • MLS # : 3708437
  • Updated Date : 02/14/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 925 sqft
  • Baths : 1 full
Listing Agent

Mountain Island Lake Realty Llc

Listing Agent's Description

Brick ranch on a large flat lot backing to wood on a quiet street. Covered front porch. NO HOA! Walking to parks, grocery, shops, restaurants & entertainments. Minutes driving to Concord downtown, schools, library & Cabarrus Country Club. Home features a great room, kitchen with dining area, 3 bedrooms and a full bath. Major updates have been done in the past 6 years. NEW in 2015: HVAC, kitchen cabinets, stainless appliances, paint and laminate floor. NEW concrete parking & driveway in 2017. NEW counter top, sinks, bathroom, tall toilet and exterior paint in 2018. Major updates in 2019: new vapor barrier & insulation in crawl space, duct work cleaned or replaced, plumbing updated to codes with new water pipes both interior & exterior. New Whirlpool dishwasher and faucet in 2021. Home needs more updates to shine and priced accordingly. SOLD AS IS! After putting your touches on, it would make a great flip or rental property for an investor, or an affordable home for a first-time buyer!

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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: Amber Court

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $42k216k

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

Neighborhood: Amber Court

NeighborhoodNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5201375

* 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
 

$98,910$120,890$109,900

PURCHASE PRICE

$891$1,089$990

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $990
EXPENSES Loan Payment -$382
Property Tax -$126
Property Insurance -$45
Property Management Fees -$119
CASH FLOW
$318

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.

$109,900

PROJECTED PRICE

$990

PROJECTED RENT

0.90%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.9%
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

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$34,874

INVESTMENT

$34,874

Down Payment
$27,475
Rehab Estimate
$5,750
Closing Costs
$1,649

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$382

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $27,475
Loan Amount $82,425
See What Happens When You Reinvest Cash Flow

16.42

YEARS SAVED

$30,206

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $990

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $782

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$990
1$9902$9953$1,045
$1,045
RENT COMPS ANALYSIS
  • 308 Amber Court Sw Concord, NC 1
    • 3 beds 1 baths ∙ 925 Sqft ∙ Built 1968 3 beds 1 baths ∙ 925 Sqft ∙ Built 1968
    • Rent
    • Rent Per SQFT
    •  
    • $990
    • $1.07
    •  
  • 94 Wilkinson Court Se Concord, NC 2
    • 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 1935 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 1935
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $0.83
    •  
  • 150 Franklin Avenue Nw Concord, NC 3
    • 3 beds 1 baths ∙ 1,216 Sqft ∙ Built 1940 3 beds 1 baths ∙ 1,216 Sqft ∙ Built 1940
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,045
    • $0.86
    •  
PROPERTY LISTING DETAILS
Joann Qiu
1.704.699.9156
Mountain Island Lake Realty Llc
BESbswy