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4224 Pegwell Avenue Concord, NC 28025

4 Beds 3 Baths 2,100 sqft Built 2017

INVESTimate

$259,000

List Price

$1,550

$1,395 - $1,705

Rent Est.

$278,062  ( +7.36%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2017
  • Price/Sqft : $123.33
  • 16 Days on Market
  • MLS # : 3642256
  • Updated Date : 08/22/2020 at 11:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,100 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Mountain View

Listing Agent's Description

Welcome Home to Ramsgate Community!!! Low Cabarrus County Taxes. This 2 story home consists of 3 Oversized Bedrooms,SpaciousMasterbedroom, One Car Garage, large closets. The main foor has a nice open plan connecting with the Great Room, Dining and Kitchen area. Low HOA Dues. Call showing appointment to schedule an appointment to view on Monday after 2pm. "SOLD AS IS"

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: Ramsgate

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210kPrice in $108k216k

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

Neighborhood: Ramsgate

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2850900950100010501100115012001250130013501400Rent in $8401421

* 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
A T Allen Elementary School Primary Regular 925 59 5
C C Griffin Middle School Middle Regular 1,092 70 4
Central Cabarrus High School High Regular 1,416 88 4

A T Allen Elementary School

  • Education Level: Primary
  • # of students: 925
  • # of teachers: 59
5
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
 

$233,100$284,900$259,000

PURCHASE PRICE

$1,395$1,705$1,550

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-$2.0k$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$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$956
Property Tax -$274
Property Insurance -$67
HOA -$7
Property Management Fees -$140
CASH FLOW
$108

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.

$259,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.36%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,385

INVESTMENT

$74,385

Down Payment
$64,750
Rehab Estimate
$5,750
Closing Costs
$3,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$956

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,750
Loan Amount $194,250
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$21,388

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,517

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4503$1,4954$1,4955$1,550
$1,550
RENT COMPS ANALYSIS
  • 4224 Pegwell Avenue Concord, NC 5
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.74
    •  
  • 657 Shellbark Drive Concord, NC 1
    • 3 beds 3 baths ∙ 2,056 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,056 Sqft ∙ Built 2009
    property image
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.68
    •  
  • 982 Ramsgate Drive Concord, NC 2
    • 3 beds 3 baths ∙ 1,978 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,978 Sqft ∙ Built 2007
    property image
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.73
    •  
  • 926 Littleton Drive Concord, NC 3
    • 4 beds 3 baths ∙ 2,050 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,050 Sqft ∙ Built 2006
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.73
    •  
  • 945 Ramsgate Drive Concord, NC 4
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2007
    property image
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.75
    •  
PROPERTY LISTING DETAILS
Denise Edwards
1.704.606.5752
Coldwell Banker Mountain View
BESbswy