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PROPERTY INFO
FACTS
- Single Family
- Built In 2003
- Price/Sqft : $106.61
- 9 Days on Market
- MLS # : 3708513
- Updated Date : 02/20/2021 at 00:05
CONSTRUCTION
- Beds : 5
- Floor Size : 3,236 sqft
- Baths : 2 full , 1 half
Listing Agent
Exp Realty Llc
Listing Agent's Description
Upgraded finishes and space galore! Major renovations completed in 2019 to the kitchen and bathrooms. The kitchen boasts stainless steel appliances, upgraded cabinetry with pullout shelves & under cabinet lighting, granite countertops and travertine backsplash. Owner's Suite Bath makeover includes enlarged shower, free-standing soaking tub with marble backsplash, Silestone quartz countertops, upgraded cabinetry. The other bathrooms also got redone. Don't miss the backyard complete with a huge hardscape patio featuring lighted pillars, gazebo w/ ceiling fan, firepit, seating wall with built-in accent lighting. To top it off, the shed, playset, and fencing offer the perfect place to relax and entertain. Great schools, close to shopping, and access to 485 make this location ideal!
SEE MORE
- 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)
- 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)
PRICE & RENT TRENDS
Neighborhood: Rocky Meadows
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Rocky Meadows
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,900 |
| EXPENSES | Loan Payment | -$1,198 |
| Property Tax | -$274 | |
| Property Insurance | -$88 | |
| HOA | -$15 | |
| Property Management Fees | -$119 | |
|
CASH FLOW
$206
|
||
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.
$345,000
PROJECTED PRICE
$1,900
PROJECTED RENT
0.55%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.48% |
| Appreciation Year (1-5) | 5.9% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 6.31% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$97,175
LOAN DETAILS
$1,198
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $86,250 |
| Loan Amount | $258,750 |
8.67
YEARS SAVED
$40,881
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,900
LIST RENT -
$0.59
LIST RENT PER SQFT
-
$2,031
COMP ESTIMATED VALUE -
$0.63
COMP AVG. RENT PER SQFT
Comps Range
-
7055 Merrymount Court Concord, NC 2
- 5 beds 3 baths ∙ 3,236 Sqft ∙ Built 2003 5 beds 3 baths ∙ 3,236 Sqft ∙ Built 2003
- Rent
- Rent Per SQFT
- $1,900
- $0.59
-
6694 Thistle Down Drive Harrisburg, NC 1
- 4 beds 3 baths ∙ 3,008 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,008 Sqft ∙ Built 2005
LEASED 02/22/20- Rent
- Rent Per SQFT
- $1,835
- $0.61
-
2102 Grist Mill Drive Sw Concord, NC 3
- 5 beds 4 baths ∙ 3,320 Sqft ∙ Built 2018 5 beds 4 baths ∙ 3,320 Sqft ∙ Built 2018
LEASED 03/17/20- Rent
- Rent Per SQFT
- $2,000
- $0.60
-
7401 Bosson Street Sw Concord, NC 4
- 5 beds 3 baths ∙ 3,345 Sqft ∙ Built 2019 5 beds 3 baths ∙ 3,345 Sqft ∙ Built 2019
LEASED 05/21/20- Rent
- Rent Per SQFT
- $2,095
- $0.63
-
7454 Boulaide Street Sw Concord, NC 5
- 5 beds 3 baths ∙ 3,345 Sqft ∙ Built 2018 5 beds 3 baths ∙ 3,345 Sqft ∙ Built 2018
LEASED 02/03/21- Rent
- Rent Per SQFT
- $2,250
- $0.67
PROPERTY LISTING DETAILS
1.704.796.4867
Exp Realty Llc
MLS #: 3708513
Last Updated: 02/20/2021
