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329 Broad Drive Concord, NC 28025

4 Beds 2 Baths 1,307 sqft Built 2013

$170,000

List Price

$1,160

$1K - $1.3K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $130.07
  • 2 Days on Market
  • MLS # : 3703648
  • Updated Date : 01/30/2021 at 17:18
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,307 sqft
  • Baths : 2 full
Listing Agent

Kole's Keys Real Estate

Listing Agent's Description

Home sold "AS IS WHERE IS" No exceptions. Cute 4 bedroom, 2 full bath ranch home in an up and growing area. The perfect opportunity to get in on this this growth curve. laminate flooring throughout. Breakfast area across from living room, laundry room opposite kitchen.What more could you ask for. This won't last long. Showings 1-31-2021 ONLY.

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: Logan

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200kPrice in $50k216k

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

Neighborhood: Logan

NeighborhoodNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5711375

* 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
W M Irvin Elementary School Primary Regular 870 56 2
Concord Middle School Middle Regular 922 62 2
Concord High School High Regular 1,252 79 3

W M Irvin Elementary School

  • Education Level: Primary
  • # of students: 870
  • # of teachers: 56
2
GreatSchools Rating

Concord Middle School

  • Education Level: Middle
  • # of students: 922
  • # of teachers: 62
2
GreatSchools Rating

Concord High School

  • Education Level: High
  • # of students: 1,252
  • # of teachers: 79
3
GreatSchools Rating
 

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

PURCHASE PRICE

$1,044$1,276$1,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,160
EXPENSES Loan Payment -$590
Property Tax -$195
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
$204

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.

$170,000

PROJECTED PRICE

$1,160

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 0.1%
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$350k

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 30% down payment or higher enables the proceeds from the asset to cover all costs.

$590

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $42,500
Loan Amount $127,500
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$28,102

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,160

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,104

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$995
1$9952$1,0453$1,1604$1,2455$1,295
$1,295
RENT COMPS ANALYSIS
  • 329 Broad Drive Concord, NC 3
    • 4 beds 2 baths ∙ 1,307 Sqft ∙ Built 2013 4 beds 2 baths ∙ 1,307 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $1,160
    • $0.89
    •  
  • 94 Wilkinson Court Se Concord, NC 1
    • 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 2
    • 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
    •  
  • 541 Pullman Street Concord, NC 4
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2002
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $0.83
    •  
  • 526 Railway Place Sw Concord, NC 5
    • 3 beds 3 baths ∙ 1,498 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,498 Sqft ∙ Built 2001
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.86
    •  
PROPERTY LISTING DETAILS
Nykole Wyatt
1.704.439.7478
Kole's Keys Real Estate
BESbswy