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421 S Scalybark Trail Concord, NC 28027

3 Beds 3 Baths 1,941 sqft Built 2007

$425,000

List Price

$1,910

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $218.96
  • 2 Days on Market
  • MLS # : 3721272
  • Updated Date : 03/27/2021 at 15:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,941 sqft
  • Baths : 3 full
Listing Agent

Allen Tate Concord

Listing Agent's Description

Convenient location to I-85 access, abounding in privacy, no HOA and highly sought schools. Enjoy an evening by the fire with a beautiful stone profile fireplace in main living room or sit outside on the deck accessible from living room and private one accessible only from the master suite. Low maintenance ceramic tile flooring in high traffic living areas. Master suite has step-in shower, water closet, large walk-in closet complete w wall safe. Enjoy the lovely landscaping from the kitchen windows. Contemporary cabinetry with soft close drawers and doors. Laundry with ample storage cabinetry, folding area and utility sink. Home office space upstairs and basement. Come and see the 2nd living quarters in the basement plus 540 square feet of storage space or room for a workshop with walk-out door. The basements features kitchenette, dining area, and access to patio from living area and bedroom. Hot Water Heater replaced 2020; Bosch Dishwasher 2019; Septic pump 2016.

SEE MORE

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: Beech Bluff

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k351k

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

Neighborhood: Beech Bluff

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8402009

* 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
Cox Mill Elementary School Primary Regular 1,112 61 9
Harris Road Middle School Middle Regular 1,185 63 9
Cox Mill High School High Regular 1,478 76 7

Cox Mill Elementary School

  • Education Level: Primary
  • # of students: 1,112
  • # of teachers: 61
9
GreatSchools Rating

Harris Road Middle School

  • Education Level: Middle
  • # of students: 1,185
  • # of teachers: 63
9
GreatSchools Rating

Cox Mill High School

  • Education Level: High
  • # of students: 1,478
  • # of teachers: 76
7
GreatSchools Rating
 

$382,500$467,500$425,000

PURCHASE PRICE

$1,719$2,101$1,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,910
EXPENSES Loan Payment -$1,476
Property Tax -$361
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
-$110

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.

$425,000

PROJECTED PRICE

$1,910

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$17,394

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,910

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,592

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,525
1$1,5252$1,7503$1,7954$1,7955$1,910
$1,910
RENT COMPS ANALYSIS
  • 421 S Scalybark Trail Concord, NC 5
    • 3 beds 3 baths ∙ 1,941 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,941 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $0.98
    •  
  • 8100 Chatham Oaks Drive Concord, NC 1
    • 3 beds 3 baths ∙ 1,927 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,927 Sqft ∙ Built 2002
    LEASED 11/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.79
    •  
  • 8422 Bampton Drive Concord, NC 2
    • 4 beds 2 baths ∙ 2,006 Sqft ∙ Built 4 beds 2 baths ∙ 2,006 Sqft ∙ Built
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.87
    •  
  • 388 Sweet Shrub Court Concord, NC 3
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2012
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.82
    •  
  • 8390 Bampton Drive Concord, NC 4
    • 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 1999
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.79
    •  
PROPERTY LISTING DETAILS
Bonnie Mcdonald
1.980.621.0086
Allen Tate Concord
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3721272
Last Updated: 03/27/2021
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