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5807 Mcclenny Drive Concord, NC 28027

3 Beds 3 Baths 2,637 sqft Built 1974

$285,900

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $108.42
  • 62 Days on Market
  • MLS # : 3670250
  • Updated Date : 11/29/2020 at 21:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,637 sqft
  • Baths : 3 full
Listing Agent

Seller's Resource Group

Listing Agent's Description

Beautiful home!

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: Davidson

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $113k248k

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

Neighborhood: Davidson

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
Charles E. Boger Elementary School Primary Regular 803 49 4
Northwest Cabarrus Middle School Middle Regular 905 58 4
Northwest Cabarrus High School High Regular 1,198 72 3

Charles E. Boger Elementary School

  • Education Level: Primary
  • # of students: 803
  • # of teachers: 49
4
GreatSchools Rating

Northwest Cabarrus Middle School

  • Education Level: Middle
  • # of students: 905
  • # of teachers: 58
4
GreatSchools Rating

Northwest Cabarrus High School

  • Education Level: High
  • # of students: 1,198
  • # of teachers: 72
3
GreatSchools Rating
 

$257,310$314,490$285,900

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$1,055
Property Tax -$243
Property Insurance -$74
Property Management Fees -$119
CASH FLOW
-$41

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.

$285,900

PROJECTED PRICE

$1,450

PROJECTED RENT

0.51%

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$900k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,514

INVESTMENT

$81,514

Down Payment
$71,475
Rehab Estimate
$5,750
Closing Costs
$4,289

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,055

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,475
Loan Amount $214,425
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$14,948

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.58

    LIST RENT PER SQFT
  • $1,625

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,750
$1,750
RENT COMPS ANALYSIS
  • 5807 Mcclenny Drive Concord, NC 1
    • 3 beds 3 baths ∙ 2,500 Sqft ∙ Built 1974 3 beds 3 baths ∙ 2,500 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.58
    •  
  • 4094 Deerfield Drive Concord, NC 2
    • 4 beds 3 baths ∙ 2,712 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,712 Sqft ∙ Built 1998
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.65
    •  
PROPERTY LISTING DETAILS
Denice Niethammer
1.828.505.0960
Seller's Resource Group
BESbswy