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6594 Nw Weldon Circle Concord, NC 28027

3 Beds 2 Baths 1,586 sqft Built 1978

$224,900

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $141.80
  • 2 Days on Market
  • MLS # : 3682645
  • Updated Date : 11/21/2020 at 09:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,586 sqft
  • Baths : 2 full
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

All brick, one level home, waiting for your family to fill with memories! 3 BR/2 BA, with exposed ceiling beams in living room and gas logs, dining room, den and even a basketball pad in the backyard for the kids or grandkids to enjoy. New HVAC and Roof in 2017, metal framed storage building in back yard on concrete pad. Quiet neighborhood, large lots with easy access to I85 and Concord Mills is right around the corner. Excellent location, nothing else on the market in this neighborhood, make your appointment today! Seller is waiting on new home to be built and would like to close 90 days out or close soon and rent back for 3 months. Other terms and conditions may be entertained. Thank you so much for showing!

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: Tay Mor

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Tay Mor

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8401809

* 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
Carl A. Furr Elementary School Primary Regular 745 49 6
Harold Winkler Middle School Middle Regular 978 60 6
Jay M Robinson High School High Regular 1,339 86 3

Carl A. Furr Elementary School

  • Education Level: Primary
  • # of students: 745
  • # of teachers: 49
6
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
 

$202,410$247,390$224,900

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 -$830
Property Tax -$238
Property Insurance -$57
Property Management Fees -$114
CASH FLOW
$31

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.

$224,900

PROJECTED PRICE

$1,270

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.3%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$65,349

INVESTMENT

$65,349

Down Payment
$56,225
Rehab Estimate
$5,750
Closing Costs
$3,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,225
Loan Amount $168,675
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$15,019

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
  • $0.8

    LIST RENT PER SQFT
  • $1,408

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,270
1$1,2702$1,4953$1,5504$1,6005$1,700
$1,700
RENT COMPS ANALYSIS
  • 6594 Nw Weldon Circle Concord, NC 1
    • 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $0.80
    •  
  • 2933 Deep Cove Drive Concord, NC 2
    • 3 beds 3 baths ∙ 1,779 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,779 Sqft ∙ Built 2004
    LEASED 08/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.84
    •  
  • 611 Dusty Lane Concord, NC 3
    • 3 beds 2 baths ∙ 1,842 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,842 Sqft ∙ Built 2002
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.84
    •  
  • 623 Gable Oaks Lane Concord, NC 4
    • 3 beds 3 baths ∙ 1,854 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,854 Sqft ∙ Built 1995
    LEASED 07/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.86
    •  
  • 6530 Lynwood Drive Nw Concord, NC 5
    • 3 beds 3 baths ∙ 1,768 Sqft ∙ Built 1969 3 beds 3 baths ∙ 1,768 Sqft ∙ Built 1969
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.96
    •  
PROPERTY LISTING DETAILS
Bonnie Thomas
1.843.222.5667
Southern Homes Of The Carolinas
BESbswy