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3312 Farm Lake Drive Sw Concord, NC 28027

3 Beds 2 Baths 1,098 sqft Built 1984

$199,000

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

February 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $181.24
  • 3 Days on Market
  • MLS # : 3704335
  • Updated Date : 02/07/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,098 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Premier

Listing Agent's Description

Please be aware that some improvements are still underway. During the last two years the following has been completed: new roof, guttering, vinyl replacement window, vinyl siding and a new Trane HVAC. Currently: Fresh paint throughout, new carpet in 2 bedrooms & new flooring in the foyer, hall and main bath. Wood burning fireplace in the sunken living room. Over sized 2 car detached garage/workshop wired with 220 and a room upstairs for storage, plus 2 additional storage sheds. Almost a half acre lot with fenced back yard.

SEE MORE

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: Parkview

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k216k

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

Neighborhood: Parkview

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6771375

* 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
Central Cabarrus High School High Regular 1,416 88 4

Wolf Meadow Elementary School

  • Education Level: Primary
  • # of students: 594
  • # of teachers: 42
3
GreatSchools Rating

Central Cabarrus High School

  • Education Level: High
  • # of students: 1,416
  • # of teachers: 88
4
GreatSchools Rating
 

$179,100$218,900$199,000

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$691
Property Tax -$210
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
$152

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.

$199,000

PROJECTED PRICE

$1,220

PROJECTED RENT

0.61%

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

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$100k$200k$300k$400k$500k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,485

INVESTMENT

$58,485

Down Payment
$49,750
Rehab Estimate
$5,750
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$691

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

9.08

YEARS SAVED

$24,241

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,065

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,199
1$1,1992$1,2203$1,2754$1,3255$1,350
$1,350
RENT COMPS ANALYSIS
  • 3312 Farm Lake Drive Sw Concord, NC 2
    • 3 beds 2 baths ∙ 1,098 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,098 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $1.11
    •  
  • 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
    •  
  • 2875 Rockingham Court Concord, NC 3
    • 3 beds 2 baths ∙ 1,273 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,273 Sqft ∙ Built 2000
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $1.00
    •  
  • 2985 Champion Lane Concord, NC 4
    • 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1999
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.95
    •  
  • 3084 Parade Lane Concord, NC 5
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1997
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.96
    •  
PROPERTY LISTING DETAILS
Amber Harrison
1.704.577.5966
Keller Williams Premier
BESbswy