Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

4480 Turnberry Court Concord, NC 28027

4 Beds 3 Baths 1,813 sqft Built 1988

$335,000

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

December 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $184.78
  • 7 Days on Market
  • MLS # : 3683409
  • Updated Date : 12/28/2020 at 12:55
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,813 sqft
  • Baths : 3 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

Beautiful 4 bed, 3 full bath home in charming Morris Glen community! This property sits on a corner lot with a large wooden pergola, perfect for grilling and entertaining! Once inside, you’ll find gorgeous hardwood floors, a gas fireplace, and modern laminate flooring upstairs! The kitchen provides an open layout with granite countertops, stainless steel appliances, and stylish backsplash. Don’t miss out on this great location, just minutes from shopping and restaurants! This home has been well cared for and ready for move-in! This home is vacant and cleaned regularly.

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: Morris Glen

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k333k

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

Neighborhood: Morris Glen

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8401978

* 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
Pitts School Road Elementary School Primary Regular 809 49 5
Harold Winkler Middle School Middle Regular 978 60 6
Jay M Robinson High School High Regular 1,339 86 3

Pitts School Road Elementary School

  • Education Level: Primary
  • # of students: 809
  • # of teachers: 49
5
GreatSchools Rating

Harold Winkler Middle School

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

Jay M Robinson High School

  • Education Level: High
  • # of students: 1,339
  • # of teachers: 86
3
GreatSchools Rating
 

$301,500$368,500$335,000

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$1,236
Property Tax -$357
Property Insurance -$61
HOA -$47
Property Management Fees -$119
CASH FLOW
-$130

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.

$335,000

PROJECTED PRICE

$1,690

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,236

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$12,692

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,410

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,345
1$1,3452$1,4953$1,5254$1,6905$1,695
$1,695
RENT COMPS ANALYSIS
  • 4480 Turnberry Court Concord, NC 4
    • 4 beds 3 baths ∙ 1,813 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,813 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.93
    •  
  • 4251 Barley Street Concord, NC 1
    • 4 beds 3 baths ∙ 1,849 Sqft ∙ Built 1999 4 beds 3 baths ∙ 1,849 Sqft ∙ Built 1999
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.73
    •  
  • 1064 Meadowbrook Lane Concord, NC 2
    • 4 beds 3 baths ∙ 1,846 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,846 Sqft ∙ Built 2000
    LEASED 08/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.81
    •  
  • 318 Pulaski Drive Sw Concord, NC 3
    • 3 beds 3 baths ∙ 1,960 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,960 Sqft ∙ Built 2013
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.78
    •  
  • 807 Treva Anne Drive Concord, NC 5
    • 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 2005
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.79
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy