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3609 Shadowridge Place #36 Concord, NC 28027

3 Beds 3 Baths 1,821 sqft Built 1991

$298,500

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $163.92
  • 3 Days on Market
  • MLS # : 3720034
  • Updated Date : 03/20/2021 at 07:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,821 sqft
  • Baths : 2 full , 1 half
Listing Agent

Carolina Roots Realty Group Llc

Listing Agent's Description

Gorgeous, turn-key home with lots of extras. Well maintained home is located in the beautiful Hidden Pond. Tons of updates and new features. New exterior paint, new fence, new porch railings, new kitchen flooring, just to name a few. Upon entering the home, you are welcomed with a large living space with high vaulted ceilings and lots of lighting. Kitchen offers stainless steel appliances and MASSIVE walk-in pantry. Also, on the main level, you will find a bonus space for an office or playroom. All bedrooms are located on the top floor, including the oversized master bedroom. Garage has large workbench. If you like outdoor space, then look no further. This home is located on a nice size lot, with large patio and storage shed. Swing set, grilling canopy, pool, security system, Nest system, washer and dryer, and refrigerator all convey. Seller is also leaving custom built shelves with hidden storage. Oh, and if that's not enough, the neighborhood offers 2 stocked fishing ponds!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Hidden Pond

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230kPrice in $113k238k

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

Neighborhood: Hidden Pond

NeighborhoodNIR Market*CityMarket2010Year20002019 Q28509009501000105011001150120012501300135014001450Rent in $8401484

* 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
Charles E. Boger Elementary School Primary Regular 803 49 4
Northwest Cabarrus Middle School Middle Regular 905 58 4
Northwest Cabarrus High School High Regular 1,198 72 3

Charles E. Boger Elementary School

  • Education Level: Primary
  • # of students: 803
  • # of teachers: 49
4
GreatSchools Rating

Northwest Cabarrus Middle School

  • Education Level: Middle
  • # of students: 905
  • # of teachers: 58
4
GreatSchools Rating

Northwest Cabarrus High School

  • Education Level: High
  • # of students: 1,198
  • # of teachers: 72
3
GreatSchools Rating
 

$268,650$328,350$298,500

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$1,037
Property Tax -$316
Property Insurance -$61
HOA -$22
Property Management Fees -$119
CASH FLOW
-$95

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.

$298,500

PROJECTED PRICE

$1,460

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.3%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,853

INVESTMENT

$84,853

Down Payment
$74,625
Rehab Estimate
$5,750
Closing Costs
$4,478

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,037

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,625
Loan Amount $223,875
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$8,394

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,475

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,345
1$1,3452$1,3493$1,4604$1,4655$1,525
$1,525
RENT COMPS ANALYSIS
  • 3609 Shadowridge Place Concord, NC 3
    • 3 beds 3 baths ∙ 1,821 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,821 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.80
    •  
  • 3378 Chadbury Drive Concord, NC 1
    • 3 beds 3 baths ∙ 1,654 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,654 Sqft ∙ Built 1994
    LEASED 10/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.81
    •  
  • 4015 Maderia Drive Nw Concord, NC 2
    • 4 beds 3 baths ∙ 1,601 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,601 Sqft ∙ Built 2019
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.84
    •  
  • 4011 Maderia Drive Concord, NC 4
    • 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 2019
    LEASED 10/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,465
    • $0.81
    •  
  • 231 Christianna Court Concord, NC 5
    • 3 beds 2 baths ∙ 1,946 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,946 Sqft ∙ Built 2003
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.78
    •  
PROPERTY LISTING DETAILS
Crystal Magnano
1.704.299.6627
Carolina Roots Realty Group Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3720034
Last Updated: 03/20/2021
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