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4157 Griswell Drive Nw # 179 Concord, NC 28027

4 Beds 3 Baths 2,142 sqft Built 1995

INVESTimate

$302,000

List Price

$1,610

$1,449 - $1,771

Rent Est.

$321,902  ( +6.59%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $140.99
  • 4 Days on Market
  • MLS # : 3654854
  • Updated Date : 08/24/2020 at 10:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,142 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lantern Realty & Development Llc

Listing Agent's Description

Open floor plan kitchen and living room! Office / Flex Space, Formal Dining Room, and Large Covered Outdoor Patio! New Roof 2019, and New HVAC 2019! New Hardwood on stairs on upper 2017! Clubhouse with Community Pool, Tennis Courts, and Playground area!

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: Oak Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Oak Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8401809

* 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
 

$271,800$332,200$302,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

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$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$1,114
Property Tax -$319
Property Insurance -$68
HOA -$33
Property Management Fees -$145
CASH FLOW
-$68

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.

$302,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.59%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,780

INVESTMENT

$85,780

Down Payment
$75,500
Rehab Estimate
$5,750
Closing Costs
$4,530

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,114

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,500
Loan Amount $226,500
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$10,886

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,592

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4453$1,5254$1,610
$1,610
RENT COMPS ANALYSIS
  • 4157 Griswell Drive Nw Concord, NC 4
    • 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.75
    •  
  • 1356 Sinai Place Concord, NC 1
    • 3 beds 3 baths ∙ 1,882 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,882 Sqft ∙ Built 2006
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.74
    •  
  • 1376 Zered Place Concord, NC 2
    • 4 beds 3 baths ∙ 2,037 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,037 Sqft ∙ Built 2006
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.71
    •  
  • 231 Christianna Court Concord, NC 3
    • 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
Sandi Laney
1.704.773.5886
Lantern Realty & Development Llc
BESbswy