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3565 Old Salisbury Concord Road Concord, NC 28025

3 Beds 2 Baths 1,382 sqft Built 1977

$309,500

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $223.95
  • 4 Days on Market
  • MLS # : 3720747
  • Updated Date : 03/26/2021 at 19:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,382 sqft
  • Baths : 2 full
Listing Agent

Bestway Realty

Listing Agent's Description

!!! All Brick home with Full Basement on almost 10 ACRES !!! NO HOA DUES & NO CITY TAXES!!! Property is covered in mature pines and a creek, great for hunting. Just minutes away from Interstate 85 for convenience. Bathrooms have been beautifully upgraded !!! 26' Kitchen - Breakfast Combo has double door Pantry & Upgraded atrium doors to HUGE Deck overlooking Pasture and Private Backyard / Beautiful Wood Floors / Master bedroom & Bedroom #2 have 6' walk-in closets / Full Basement with HVAC ductwork + Garage area with door to Large Covered Carport Area + Swingset / Per Owners: Upgraded New HVAC unit 2019, interior doors & hardware, New ROOF, Gutters & Soffit 2013, NEW Well Pump & Tank May 2020, remodeled HUGE Deck 2018, New screen door on front door & BEAUTIFUL REMODELED TILE BATHROOM ..... See Pictures !!! Drone video provided / Ask your agent for a copy of the attached seller's list for all updates from MLS / Water heater replaced 2021. Seller request, no showing until Saturday.

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: New Gilead

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210kPrice in $103k218k

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

Neighborhood: New Gilead

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6951375

* 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
Royal Oaks Elementary School Primary Regular 320 20 2
Concord Middle School Middle Regular 922 62 2
Concord High School High Regular 1,252 79 3

Royal Oaks Elementary School

  • Education Level: Primary
  • # of students: 320
  • # of teachers: 20
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
 

$278,550$340,450$309,500

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$1,075
Property Tax -$234
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
-$111

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.

$309,500

PROJECTED PRICE

$1,370

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.9%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,768

INVESTMENT

$87,768

Down Payment
$77,375
Rehab Estimate
$5,750
Closing Costs
$4,643

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,075

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $77,375
Loan Amount $232,125
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$9,110

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,202

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,330
1$1,3302$1,3703$1,395
$1,395
RENT COMPS ANALYSIS
  • 3565 Old Salisbury Concord Road Concord, NC 2
    • 3 beds 2 baths ∙ 1,382 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,382 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.99
    •  
  • 4861 Samuel Richard Street Kannapolis, NC 1
    • 3 beds 3 baths ∙ 1,604 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,604 Sqft ∙ Built 2005
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $0.83
    •  
  • 2828 Ireton Place Kannapolis, NC 3
    • 3 beds 3 baths ∙ 1,528 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,528 Sqft ∙ Built 2003
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.91
    •  
PROPERTY LISTING DETAILS
Kim Newton
1.704.791.9233
Bestway Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3720747
Last Updated: 03/26/2021
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