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3578 Larkhaven Avenue Sw Concord, NC 28027

4 Beds 3 Baths 2,399 sqft Built 2008

$349,900

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $145.85
  • 49 Days on Market
  • MLS # : 3685639
  • Updated Date : 01/07/2021 at 12:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,399 sqft
  • Baths : 3 full
Listing Agent

The Stewart Group

Listing Agent's Description

Welcome to this amazing ranch home! Bright and airy, with crown moldings & judges paneling downstairs... 3 trey ceilings.. expanded seating area in the master BR... The kitchen is a chef's delight, w/ wonderful bkkfst bar, pull out shelves in cabinets, storage drawers and more! Upstairs you have the option of 4th BR, or bonus room with ensuite bath. Impeccably maintained, home has been smoke free! Excellent soundproofing....we never hear the neighbors! whole house Water softener New roof & AC Compressor 2020 ... A Small but lush back yard has irrigation system & is professionally landscaped...It overlooks the common area/pond & fountain- no homes are behind you!. Unique invisible screened porch (no wood supports, rear patio and spacious covered front porch have ceiling fans, are the perfect spot for summer evenings. Convenient to everything: Shopping, I-85, I-485. Plus enjoy lower Cabarrus Co Schools and taxes! (Price reduced to allow for carpet/vinyl change)

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: Glengrove

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $113k323k

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

Neighborhood: Glengrove

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8401929

* 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
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,215
Property Tax -$380
Property Insurance -$72
HOA -$46
Property Management Fees -$119
CASH FLOW
-$33

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.

$349,900

PROJECTED PRICE

$1,800

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 3.4%
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$1.0M

PROJECTED ANNUAL CASH FLOW

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

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$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,215

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$14,272

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,781

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,7253$1,7454$1,8005$1,845
$1,845
RENT COMPS ANALYSIS
  • 3578 Larkhaven Avenue Sw Concord, NC 4
    • 4 beds 3 baths ∙ 2,399 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,399 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.75
    •  
  • 3575 Alister Avenue Concord, NC 1
    • 4 beds 3 baths ∙ 2,221 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,221 Sqft ∙ Built 2009
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.74
    •  
  • 3494 Alister Avenue Concord, NC 2
    • 4 beds 3 baths ∙ 2,486 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,486 Sqft ∙ Built 2013
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.69
    •  
  • 3516 Larkhaven Avenue Concord, NC 3
    • 4 beds 2 baths ∙ 2,270 Sqft ∙ Built 2012 4 beds 2 baths ∙ 2,270 Sqft ∙ Built 2012
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.77
    •  
  • 5359 Roberta Crossing Concord, NC 5
    • 4 beds 3 baths ∙ 2,452 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,452 Sqft ∙ Built 2017
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.75
    •  
PROPERTY LISTING DETAILS
Jenni Stewart
1.704.796.1369
The Stewart Group
BESbswy