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711 Pitts School Road Concord, NC 28027

3 Beds 2 Baths 1,275 sqft Built 1998

$210,000

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $164.71
  • 3 Days on Market
  • MLS # : 3686842
  • Updated Date : 11/28/2020 at 10:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,275 sqft
  • Baths : 2 full
Listing Agent

Carolina Home Buyers Realty

Listing Agent's Description

Remodeled 3 bed / 2 bath ranch right across the street from Pitts School Rd Elementary School. Desirable location located minutes from Harrisburg, Concord Mills, Afton Village, Downtown Concord, and 485 loop. Home was well taken care of and has new flooring, new lighting, new appliances, freshly painted, 2 car garage and a fenced yard. Home is move in ready with little to do. Start the new year off right.

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: Cochran Farms

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k216k

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

Neighborhood: Cochran Farms

NeighborhoodNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8361375

* 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
Pitts School Road Elementary School Primary Regular 809 49 5
Harold Winkler Middle School Middle Regular 978 60 6
Jay M Robinson High School High Regular 1,339 86 3

Pitts School Road Elementary School

  • Education Level: Primary
  • # of students: 809
  • # of teachers: 49
5
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
 

$189,000$231,000$210,000

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$775
Property Tax -$222
Property Insurance -$51
Property Management Fees -$113
CASH FLOW
$99

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.

$210,000

PROJECTED PRICE

$1,260

PROJECTED RENT

0.60%

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

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$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$775

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$18,454

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,259

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,199
1$1,1992$1,2603$1,4504$1,4955$1,500
$1,500
RENT COMPS ANALYSIS
  • 711 Pitts School Road Concord, NC 2
    • 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.99
    •  
  • 4873 Renfrew Drive Concord, NC 1
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1999
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $0.97
    •  
  • 4337 Fescue Place Concord, NC 3
    • 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 2002
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.00
    •  
  • 6111 Boulder Creek Lane Harrisburg, NC 4
    • 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1979
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.00
    •  
  • 6299 Spring Court Lane Harrisburg, NC 5
    • 3 beds 2 baths ∙ 1,532 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,532 Sqft ∙ Built 1990
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.98
    •  
PROPERTY LISTING DETAILS
Keith Jayma
1.704.458.6173
Carolina Home Buyers Realty
BESbswy