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382 Morning Dew Drive Concord, NC 28025

4 Beds 3 Baths 2,492 sqft Built 2007

$265,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $106.34
  • 2 Days on Market
  • MLS # : 3703563
  • Updated Date : 01/30/2021 at 10:42
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,492 sqft
  • Baths : 2 full , 1 half
Listing Agent

C-a-re Realty

Listing Agent's Description

Don't miss out on this 4BR/2.5BA, almost 2500 sq ft home in the desirable community of Park Place in Concord. Main floor features living room, large family room, 1/2 bath, kitchen and dining area. Upper level features four spacious bedrooms, including the master bedroom with walk-in closet and master bathroom, a second full bathroom and second floor laundry! Community features neighborhood park and playground. Located conveniently close to Hwy 49/601, shopping and restaurants! Professional pictures coming soon.

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: Park Place

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k216k

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

Neighborhood: Park Place

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6771378

* 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
Rocky River Elementary School Primary Regular 771 54 2
C C Griffin Middle School Middle Regular 1,092 70 4
Central Cabarrus High School High Regular 1,416 88 4

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 771
  • # of teachers: 54
2
GreatSchools Rating

C C Griffin Middle School

  • Education Level: Middle
  • # of students: 1,092
  • # of teachers: 70
4
GreatSchools Rating

Central Cabarrus High School

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

$238,500$291,500$265,000

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$920
Property Tax -$294
Property Insurance -$74
HOA -$20
Property Management Fees -$119
CASH FLOW
$202

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.

$265,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.9%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$920

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$31,581

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $1,651

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,6003$1,6304$1,7005$1,700
$1,700
RENT COMPS ANALYSIS
  • 382 Morning Dew Drive Concord, NC 3
    • 4 beds 3 baths ∙ 2,492 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,492 Sqft ∙ Built 2007
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.65
    •  
  • 227 Morning Dew Drive Concord, NC 1
    • 4 beds 3 baths ∙ 2,602 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,602 Sqft ∙ Built 2008
    property image
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.57
    •  
  • 4011 Bethesda Place Concord, NC 2
    • 5 beds 3 baths ∙ 2,361 Sqft ∙ Built 2018 5 beds 3 baths ∙ 2,361 Sqft ∙ Built 2018
    property image
    LEASED 04/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.68
    •  
  • 598 Shellbark Drive Concord, NC 4
    • 5 beds 3 baths ∙ 2,414 Sqft ∙ Built 2018 5 beds 3 baths ∙ 2,414 Sqft ∙ Built 2018
    property image
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.70
    •  
  • 1042 Arrowhead Drive Se Concord, NC 5
    • 4 beds 3 baths ∙ 2,416 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,416 Sqft ∙ Built 2008
    property image
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.70
    •  
PROPERTY LISTING DETAILS
Don Gomez
1.704.644.1467
C-a-re Realty
BESbswy