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514 Meredith Court Concord, NC 28025

3 Beds 2 Baths 1,476 sqft Built 2003

$210,000

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $142.28
  • 9 Days on Market
  • MLS # : 3687086
  • Updated Date : 12/05/2020 at 12:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,476 sqft
  • Baths : 2 full
Listing Agent

Allure Realty Group

Listing Agent's Description

Charming Ranch home in a Private cul-de-sac that offers an incredible spilt bedroom floor plan. Eat In Kitchen, Spacious bedrooms, & a Large Living Room! You will love the huge back yard that backs up to open land. Don't miss out on this home it will not last long.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Saint Andrews

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210kPrice in $106k216k

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

Neighborhood: Saint Andrews

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7721375

* 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
 

$189,000$231,000$210,000

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$775
Property Tax -$191
Property Insurance -$55
HOA -$13
Property Management Fees -$119
CASH FLOW
$118

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.

$210,000

PROJECTED PRICE

$1,270

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.5%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$775

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

7.92

YEARS SAVED

$24,987

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,270

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,351

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,270
1$1,2702$1,2753$1,3504$1,3505$1,350
$1,350
RENT COMPS ANALYSIS
  • 514 Meredith Court Concord, NC 1
    • 3 beds 2 baths ∙ 1,476 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,476 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $0.86
    •  
  • 947 Loch Lomond Circle Concord, NC 2
    • 3 beds 2 baths ∙ 1,382 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,382 Sqft ∙ Built 2001
    property image
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.92
    •  
  • 1320 Piney Church Road Concord, NC 3
    • 3 beds 2 baths ∙ 1,473 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,473 Sqft ∙ Built 2004
    property image
    LEASED 01/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.92
    •  
  • 1030 Piney Church Road Concord, NC 4
    • 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 1999
    property image
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.91
    •  
  • 610 Winborne Avenue Sw Concord, NC 5
    • 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 2005
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.91
    •  
PROPERTY LISTING DETAILS
Jasmine Parker
1.704.273.2033
Allure Realty Group
BESbswy