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3276 Westridge Lane Concord, NC 28027

3 Beds 2 Baths 1,376 sqft Built 2004

$245,000

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $178.05
  • 4 Days on Market
  • MLS # : 3714956
  • Updated Date : 03/06/2021 at 19:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,376 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Cute all brick ranch in small all brick community. Nice living room space with cathedral ceilings and gas log fireplace. Split bedroom floorplan. Eat in kitchen with bay window. Master bedroom with 2 closets, master bathroom with garden tub and large walk in shower. Fenced yard. NEW roof (Jan 2021), NEW water heater (Oct. 2020), microwave less than a year old. Transferable home warranty to be provided.

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: Roberta Woods

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $74k267k

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

Neighborhood: Roberta Woods

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6771512

* 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
Harold Winkler Middle School Middle Regular 978 60 6
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

Harold Winkler Middle School

  • Education Level: Middle
  • # of students: 978
  • # of teachers: 60
6
GreatSchools Rating

Jay M Robinson High School

  • Education Level: High
  • # of students: 1,339
  • # of teachers: 86
3
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$851
Property Tax -$281
Property Insurance -$53
HOA -$10
Property Management Fees -$119
CASH FLOW
$36

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.

$245,000

PROJECTED PRICE

$1,350

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.3%
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$600k$700k$800k

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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$15,273

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,266

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,199
1$1,1992$1,2993$1,3504$1,575
$1,575
RENT COMPS ANALYSIS
  • 3276 Westridge Lane Concord, NC 3
    • 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.98
    •  
  • 4873 Renfrew Drive Concord, NC 1
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1999
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $0.97
    •  
  • 3969 Hollows Glen Court Sw Concord, NC 2
    • 4 beds 2 baths ∙ 1,511 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,511 Sqft ∙ Built 1998
    property image
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.86
    •  
  • 5043 Wheat Drive Sw Concord, NC 4
    • 4 beds 3 baths ∙ 1,702 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,702 Sqft ∙ Built 2001
    property image
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.93
    •  
PROPERTY LISTING DETAILS
Felicia Murphy
1.704.301.9764
Exp Realty Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3714956
Last Updated: 03/06/2021
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