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770 Mott Shue Drive Concord, NC 28027

4 Beds 4 Baths 2,895 sqft Built 2008

INVESTimate

$325,000

List Price

$1,810

$1,629 - $1,991

Rent Est.

$343,265  ( +5.62%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2008
  • Price/Sqft : $112.26
  • 12 Days on Market
  • MLS # : 3652168
  • Updated Date : 08/21/2020 at 19:20
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,895 sqft
  • Baths : 3 full , 1 half
Listing Agent

Lantern Realty & Development Llc

Listing Agent's Description

Welcome to 770 Mott Shue! This home immediately invites you in with a two story foyer. First floor offers formal living/dining room, and open kitchen/great room. Mud room located off garage. Two storage closets on main floor. Newer low maintenance flooring throughout the house. Only carpet in bedrooms. Kitchen has had recent updates with granite countertops, tile backsplash and painted cabinets. Upstairs you will find nice sized bedrooms, bonus room, and THREE full baths! One of the secondary bedrooms has it's own bathroom. Large bonus room for even more entertaining! This home certainly does not lack space! Fenced in level yard, complete with shed. Home is equipped with Nest thermostat and security system. Seller offering one year home warranty with acceptable offer. Yates Meadow is a well sought out community. Many cul-de-sacs streets, all with sidewalks. Amenities include pool, pergola with picnic tables, playground and dog park. All in the same vicinity for your convenience!

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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: Yates Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Yates Meadow

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
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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,629$1,991$1,810

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$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$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$1,199
Property Tax -$343
Property Insurance -$82
HOA -$33
Property Management Fees -$163
CASH FLOW
-$10

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.

$325,000

PROJECTED PRICE

$1,810

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.62%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$16,719

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,810

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,788

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,649
1$1,6492$1,7003$1,7954$1,8105$1,995
$1,995
RENT COMPS ANALYSIS
  • 770 Mott Shue Drive Concord, NC 4
    • 4 beds 4 baths ∙ 2,895 Sqft ∙ Built 2008 4 beds 4 baths ∙ 2,895 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.63
    •  
  • 5324 Bendix Court Harrisburg, NC 1
    • 4 beds 3 baths ∙ 3,036 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,036 Sqft ∙ Built 2005
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,649
    • $0.54
    •  
  • 5536 Hammermill Drive Harrisburg, NC 2
    • 4 beds 3 baths ∙ 2,914 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,914 Sqft ∙ Built 2005
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.58
    •  
  • 3527 Larkhaven Avenue Sw Concord, NC 3
    • 4 beds 3 baths ∙ 2,692 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,692 Sqft ∙ Built 2011
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.67
    •  
  • 4637 Arborview Drive Harrisburg, NC 5
    • 4 beds 3 baths ∙ 3,044 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,044 Sqft ∙ Built 2003
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.66
    •  
PROPERTY LISTING DETAILS
Kim Drakulich
1.704.778.6959
Lantern Realty & Development Llc
BESbswy