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3089 Hawick Commons Drive Concord, NC 28027

3 Beds 3 Baths 1,502 sqft Built 1998

$219,000

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $145.81
  • 11 Days on Market
  • MLS # : 3703190
  • Updated Date : 02/04/2021 at 11:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,502 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Leading Edge

Listing Agent's Description

Located in a desirable area, this 3 bedroom, 2.5 bath home has new carpet, new AC unit, new dishwasher, and has been recently painted. It has a large loft area upstairs PLUS a large bonus room on the main level that is currently being used as a bedroom (the bonus room is cooled with a window AC unit and heated with a space heater therefore is not included in the HLA). Every bedroom has lighted ceiling fans. Schedule your Showing Today!! Please follow COVID-19 protocol and remove shoes at time of showing...Thank you. MULTIPLE OFFERS RECEIVED. PLEASE SUBMIT HIGHEST AND BEST OFFER BY 6:00 PM FRIDAY FEBRUARY 5TH.

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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: Hawick Commons

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k216k

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

Neighborhood: Hawick Commons

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8241375

* 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
Pitts School Road Elementary School Primary Regular 809 49 5
Hickory Ridge Middle School Middle Regular 1,164 65 NA
Hickory Ridge High School High Regular 1,573 77 7

Pitts School Road Elementary School

  • Education Level: Primary
  • # of students: 809
  • # of teachers: 49
5
GreatSchools Rating

Hickory Ridge Middle School

  • Education Level: Middle
  • # of students: 1,164
  • # of teachers: 65
NA
GreatSchools Rating

Hickory Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 77
7
GreatSchools Rating
 

$197,100$240,900$219,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$761
Property Tax -$165
Property Insurance -$55
HOA -$20
Property Management Fees -$119
CASH FLOW
$289

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.

$219,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 6.0%
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$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$63,785

INVESTMENT

$63,785

Down Payment
$54,750
Rehab Estimate
$5,750
Closing Costs
$3,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$761

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $54,750
Loan Amount $164,250
See What Happens When You Reinvest Cash Flow

11.67

YEARS SAVED

$39,676

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,431

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,199
1$1,1992$1,4103$1,4504$1,5505$1,575
$1,575
RENT COMPS ANALYSIS
  • 3089 Hawick Commons Drive Concord, NC 2
    • 3 beds 3 baths ∙ 1,502 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,502 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.94
    •  
  • 4873 Renfrew Drive Concord, NC 1
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1999
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $0.97
    •  
  • 4337 Fescue Place Concord, NC 3
    • 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 2002
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.00
    •  
  • 2093 Chapel Creek Road Concord, NC 4
    • 4 beds 2 baths ∙ 1,701 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,701 Sqft ∙ Built 1999
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.91
    •  
  • 5043 Wheat Drive Sw Concord, NC 5
    • 4 beds 3 baths ∙ 1,702 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,702 Sqft ∙ Built 2001
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.93
    •  
PROPERTY LISTING DETAILS
Kandie Lambert
1.704.904.4680
Re/max Leading Edge
BESbswy