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409 Easy Street Concord, NC 28027

3 Beds 2 Baths 1,440 sqft Built 1995

INVESTimate

$186,000

List Price

$1,400

$1,260 - $1,540

Rent Est.

$195,802  ( +5.27%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $129.17
  • 4 Days on Market
  • MLS # : 3654746
  • Updated Date : 08/23/2020 at 12:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,440 sqft
  • Baths : 2 full
Listing Agent

Providence Real Estate Llc

Listing Agent's Description

Beautiful ranch , 3 bedrooms, 2 baths , french door that open to the deck " enjoy the the look of a large back yard", new roof 2020, relax on the spacious front porch as you overlook the pomegranate tree in the front yard

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

Zip Code: 28027

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $113k248k

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

Zip Code: 28027

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8401526

* 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
Winecoff Elementary School Primary Regular 904 58 2
Northwest Cabarrus Middle School Middle Regular 905 58 4
Northwest Cabarrus High School High Regular 1,198 72 3

Winecoff Elementary School

  • Education Level: Primary
  • # of students: 904
  • # of teachers: 58
2
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
 

$167,400$204,600$186,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

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$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$686
Property Tax -$158
Property Insurance -$54
Property Management Fees -$126
CASH FLOW
$376

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.

$186,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.27%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$55,040

INVESTMENT

$55,040

Down Payment
$46,500
Rehab Estimate
$5,750
Closing Costs
$2,790

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$686

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $46,500
Loan Amount $139,500
See What Happens When You Reinvest Cash Flow

13.58

YEARS SAVED

$48,230

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,400

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,299
1$1,2992$1,3203$1,3254$1,3705$1,400
$1,400
RENT COMPS ANALYSIS
  • 409 Easy Street Concord, NC 5
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.97
    •  
  • 2627 Brodie Court Kannapolis, NC 1
    • 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 2000
    property image
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $1.00
    •  
  • 2231 Oakhurst Court Kannapolis, NC 2
    • 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 2001
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.92
    •  
  • 113 Cline Street Concord, NC 3
    • 3 beds 3 baths ∙ 1,326 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,326 Sqft ∙ Built 2016
    property image
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $1.00
    •  
  • 615 Flicker Street Concord, NC 4
    • 3 beds 2 baths ∙ 1,411 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,411 Sqft ∙ Built 2001
    property image
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.97
    •  
PROPERTY LISTING DETAILS
Miguel Escoto
1.240.687.7283
Providence Real Estate Llc
BESbswy