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78 Hillcrest Avenue Se Concord, NC 28025

4 Beds 3 Baths 2,246 sqft Built 1948

$295,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1948
  • Price/Sqft : $131.34
  • 5 Days on Market
  • MLS # : 3682189
  • Updated Date : 01/09/2021 at 00:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,246 sqft
  • Baths : 2 full , 1 half
Listing Agent

G2 Real Estate

Listing Agent's Description

Such a charming home with so much character. The perfect size home for a family in a very quiet neighborhood. An abundance of storage inside and out with 3 outbuildings that are wired. The covered outdoor seating area is perfect to enjoy year round along with the custom built hammock frame for the warmer months. 2015 improvements include new HVAC, galvanized plumbing pipes converted to plastic, remodeled both bathrooms with floor and wall tile, remodeled kitchen with new cabinets and all new appliances, and a sun porch makeover with new windows, flooring, and sheetrock.

SEE MORE

MARKET HIGHLIGHTS

  • 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: Hillcrest

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210kPrice in $104k216k

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

Neighborhood: Hillcrest

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7511375

* 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
R B Mcallister Elementary School Primary Regular 280 16 4
Concord Middle School Middle Regular 922 62 2
Concord High School High Regular 1,252 79 3

R B Mcallister Elementary School

  • Education Level: Primary
  • # of students: 280
  • # of teachers: 16
4
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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,025
Property Tax -$312
Property Insurance -$69
Property Management Fees -$119
CASH FLOW
$125

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.

$295,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.0%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$25,407

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,617

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4003$1,5004$1,650
$1,650
RENT COMPS ANALYSIS
  • 78 Hillcrest Avenue Se Concord, NC 4
    • 4 beds 3 baths ∙ 2,246 Sqft ∙ Built 1948 4 beds 3 baths ∙ 2,246 Sqft ∙ Built 1948
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.73
    •  
  • 148 Ingleside Drive Se Concord, NC 1
    • 3 beds 2 baths ∙ 1,899 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,899 Sqft ∙ Built 1952
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.72
    •  
  • 675 Union Street S Concord, NC 2
    • 5 beds 2 baths ∙ 2,074 Sqft ∙ Built 1951 5 beds 2 baths ∙ 2,074 Sqft ∙ Built 1951
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.68
    •  
  • 433 Winfield Boulevard Concord, NC 3
    • 3 beds 3 baths ∙ 1,968 Sqft ∙ Built 1956 3 beds 3 baths ∙ 1,968 Sqft ∙ Built 1956
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.76
    •  
PROPERTY LISTING DETAILS
Brian Gilmore
1.980.521.3013
G2 Real Estate
BESbswy