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609 Deveron Place Ne Concord, NC 28025

3 Beds 2 Baths 1,355 sqft Built 1963

$175,000

List Price

$1,210

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $129.15
  • 3 Days on Market
  • MLS # : 3716343
  • Updated Date : 03/13/2021 at 12:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,355 sqft
  • Baths : 2 full
Listing Agent

Dm Properties & Associates

Listing Agent's Description

Hardwood floors, fenced backyard with a patio. Desired Concord neighborhood.Great for first time home buyers or investors. Lovely home close to downtown Concord, Atrium, I85.

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: Northgate South

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k218k

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

Neighborhood: Northgate South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6771375

* 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
Beverly Hills Elementary School Primary Regular 355 24 2
Concord Middle School Middle Regular 922 62 2
Concord High School High Regular 1,252 79 3

Beverly Hills Elementary School

  • Education Level: Primary
  • # of students: 355
  • # of teachers: 24
2
GreatSchools Rating

Concord Middle School

  • Education Level: Middle
  • # of students: 922
  • # of teachers: 62
2
GreatSchools Rating

Concord High School

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

$157,500$192,500$175,000

PURCHASE PRICE

$1,089$1,331$1,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,210
EXPENSES Loan Payment -$608
Property Tax -$204
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$227

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.

$175,000

PROJECTED PRICE

$1,210

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 6.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,125

INVESTMENT

$52,125

Down Payment
$43,750
Rehab Estimate
$5,750
Closing Costs
$2,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$608

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $43,750
Loan Amount $131,250
See What Happens When You Reinvest Cash Flow

11.5

YEARS SAVED

$30,528

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,210

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,206

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,1503$1,2104$1,2455$1,250
$1,250
RENT COMPS ANALYSIS
  • 609 Deveron Place Ne Concord, NC 3
    • 3 beds 2 baths ∙ 1,355 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,355 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,210
    • $0.89
    •  
  • 501 Todd Drive Concord, NC 1
    • 3 beds 1 baths ∙ 1,136 Sqft ∙ Built 1958 3 beds 1 baths ∙ 1,136 Sqft ∙ Built 1958
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.92
    •  
  • 262 Buffalo Avenue Concord, NC 2
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1900 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1900
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.88
    •  
  • 679 Magnolia Crossing Circle Concord, NC 4
    • 4 beds 2 baths ∙ 1,421 Sqft ∙ Built 2009 4 beds 2 baths ∙ 1,421 Sqft ∙ Built 2009
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $0.88
    •  
  • 386 Aycock Street Concord, NC 5
    • 3 beds 2 baths ∙ 1,415 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,415 Sqft ∙ Built 1948
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.88
    •  
PROPERTY LISTING DETAILS
Shanda Pierce
1.704.305.1662
Dm Properties & Associates
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3716343
Last Updated: 03/13/2021
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