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675 Forest Street Nw Concord, NC 28025

3 Beds 1 Baths 986 sqft Built 1945

$162,000

List Price

$1,000

$900 - $1.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1945
  • Price/Sqft : $164.30
  • 3 Days on Market
  • MLS # : 3707578
  • Updated Date : 02/12/2021 at 23:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 986 sqft
  • Baths : 1 full
Listing Agent

Keller Williams Premier

Listing Agent's Description

Come check out this beautiful 3 bedroom 1 bath home established in the heart of downtown Concord. Original hardwood flooring, and granite counter tops. Open floor plan with eat-in kitchen area. Nice back yard with Shed building for your extra storage space. Conveniently located near shopping malls, restaurants, and easy access to I-85 and Hwy29. Paved driveway with carport. Adding the finish touch with a little TLC will make it the perfect home!! Seller offers a one year home warranty through APHW! MULTIPLE OFFERS HAVE BEEN RECEIVED, please present your highest and best offer by 7pm on Saturday 2/13.

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: Wil-Mar Park - Locke Mill

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k216k

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

Neighborhood: Wil-Mar Park - Locke Mill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300Rent in $6141375

* 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
 

$145,800$178,200$162,000

PURCHASE PRICE

$900$1,100$1,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,000
EXPENSES Loan Payment -$563
Property Tax -$122
Property Insurance -$46
Property Management Fees -$119
CASH FLOW
$150

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.

$162,000

PROJECTED PRICE

$1,000

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.1%
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

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$48,680

INVESTMENT

$48,680

Down Payment
$40,500
Rehab Estimate
$5,750
Closing Costs
$2,430

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $40,500
Loan Amount $121,500
See What Happens When You Reinvest Cash Flow

10.08

YEARS SAVED

$23,282

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,000

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $887

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$999
1$9992$1,0003$1,0504$1,150
$1,150
RENT COMPS ANALYSIS
  • 675 Forest Street Nw Concord, NC 2
    • 3 beds 1 baths ∙ 986 Sqft ∙ Built 1945 3 beds 1 baths ∙ 986 Sqft ∙ Built 1945
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $1.01
    •  
  • 260 Odell Drive Nw Concord, NC 1
    • 3 beds 1 baths ∙ 1,110 Sqft ∙ Built 1900 3 beds 1 baths ∙ 1,110 Sqft ∙ Built 1900
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $999
    • $0.90
    •  
  • 501 Todd Drive Concord, NC 3
    • 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 4
    • 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
    •  
PROPERTY LISTING DETAILS
Viviana Martinez Campos
1.704.777.7245
Keller Williams Premier
BESbswy