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4117 Old Glory Road Concord, NC 28025

3 Beds 2 Baths 1,080 sqft Built 2001

$194,700

List Price

$1,140

$1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $180.28
  • 6 Days on Market
  • MLS # : 3698102
  • Updated Date : 01/15/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,080 sqft
  • Baths : 2 full
Listing Agent

Realty Point

Listing Agent's Description

Prefect home for both first time buyers and investors alike. Brand new floors, brand new granite countertops in BOTH bathroom and Kitchen. Brand new appliances... REFRIGERATOR included. Freshing landscaping. Your buyers will love this home. NO city taxes, county only!!

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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: Colonial Hills

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $91k216k

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

Neighborhood: Colonial Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7781375

* 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
 

$175,230$214,170$194,700

PURCHASE PRICE

$1,026$1,254$1,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,140
EXPENSES Loan Payment -$676
Property Tax -$147
Property Insurance -$48
HOA -$11
Property Management Fees -$119
CASH FLOW
$139

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.

$194,700

PROJECTED PRICE

$1,140

PROJECTED RENT

0.59%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,346

INVESTMENT

$57,346

Down Payment
$48,675
Rehab Estimate
$5,750
Closing Costs
$2,921

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$676

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $48,675
Loan Amount $146,025
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$22,968

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,140

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $975

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,095
1$1,0952$1,1003$1,1404$1,2305$1,275
$1,275
RENT COMPS ANALYSIS
  • 4117 Old Glory Road Concord, NC 3
    • 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,140
    • $1.06
    •  
  • 5107 Daffodil Lane Concord, NC 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1998
    property image
    LEASED 09/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.91
    •  
  • 1204 Abbey Lane Concord, NC 2
    • 3 beds 2 baths ∙ 1,284 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,284 Sqft ∙ Built 1971
    property image
    LEASED 09/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.86
    •  
  • 781 Sir Raleigh Drive Concord, NC 4
    • 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 2000
    property image
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.92
    •  
  • 947 Loch Lomond Circle Concord, NC 5
    • 3 beds 2 baths ∙ 1,382 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,382 Sqft ∙ Built 2001
    property image
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.92
    •  
PROPERTY LISTING DETAILS
Jeff Royal
1.980.244.0675
Realty Point
BESbswy