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435 Groff Street Nw Concord, NC 28027

3 Beds 3 Baths 1,448 sqft Built 2005

$225,000

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $155.39
  • 2 Days on Market
  • MLS # : 3697104
  • Updated Date : 01/09/2021 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,448 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

Charming 3 bedroom 2-1/2 bath home with 1 car garage and partly finished basement. An extra room is already started and there is a workbench area. Master bedroom is located on the main floor. Fireplace with gas logs in the family room. The home has fiber optic internet(Gigabit). Main living area and kitchen has beautiful bamboo flooring. Come and see this home today!

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

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
Weddington Hills Elementary School Primary Regular 917 57 5
Harold Winkler Middle School Middle Regular 978 60 6
Concord High School High Regular 1,252 79 3

Weddington Hills Elementary School

  • Education Level: Primary
  • # of students: 917
  • # of teachers: 57
5
GreatSchools Rating

Harold Winkler Middle School

  • Education Level: Middle
  • # of students: 978
  • # of teachers: 60
6
GreatSchools Rating

Concord High School

  • Education Level: High
  • # of students: 1,252
  • # of teachers: 79
3
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$782
Property Tax -$238
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$177

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.

$225,000

PROJECTED PRICE

$1,370

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.3%
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$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

9.08

YEARS SAVED

$27,461

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,187

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,245
1$1,2452$1,3453$1,3704$1,3955$1,395
$1,395
RENT COMPS ANALYSIS
  • 435 Groff Street Nw Concord, NC 3
    • 3 beds 3 baths ∙ 1,448 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,448 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.95
    •  
  • 679 Magnolia Crossing Circle Concord, NC 1
    • 4 beds 2 baths ∙ 1,421 Sqft ∙ Built 2009 4 beds 2 baths ∙ 1,421 Sqft ∙ Built 2009
    property image
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $0.88
    •  
  • 3378 Chadbury Drive Concord, NC 2
    • 3 beds 3 baths ∙ 1,654 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,654 Sqft ∙ Built 1994
    property image
    LEASED 10/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.81
    •  
  • 3003 Dylan Place Nw Concord, NC 4
    • 3 beds 2 baths ∙ 1,788 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,788 Sqft ∙ Built 1992
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.78
    •  
  • 230 Parkway Avenue Nw Concord, NC 5
    • 4 beds 3 baths ∙ 1,725 Sqft ∙ Built 1993 4 beds 3 baths ∙ 1,725 Sqft ∙ Built 1993
    property image
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.81
    •  
PROPERTY LISTING DETAILS
Suzette Roop
1.704.490.8810
Southern Homes Of The Carolinas
BESbswy