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7916 Concord Highway Monroe, NC 28110

3 Beds 2 Baths 1,738 sqft Built 1955

$395,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $227.27
  • 9 Days on Market
  • MLS # : 3705176
  • Updated Date : 02/13/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,738 sqft
  • Baths : 2 full
Listing Agent

1st Choice Properties, Inc.

Listing Agent's Description

Don't miss your chance to check out this one of a kind, Needle in a hay stack Property, perfect for a small farm quietly sitting on 5 acres with endless possibilities. This Beautiful Well kept 3 bedroom 2 Bathroom home comes equip with a New Roof, New HVAC and a Full heated basement ready to make it your own, Beautiful Views and Stainless steel Appliances. In the basement you will find a kitchen and bathroom perfect to make a second living quarters if desired. This Prime location will offer privacy, a desirable school system, and a sense of county living not far from town. Snuggle up by the fireplace on those cold nights or enjoy the weather drinking tea in the sunroom looking out over the fields. DO NOT drive in the grass when viewing the property, use the driveway to turn around !

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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

Zip Code: 28110

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k215k

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

Zip Code: 28110

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8011375

* 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
Fairview Elementary School Primary Regular 563 30 6
Piedmont Middle School Middle Regular 1,097 55 7
Piedmont High School High Regular 1,244 65 8

Fairview Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 30
6
GreatSchools Rating

Piedmont Middle School

  • Education Level: Middle
  • # of students: 1,097
  • # of teachers: 55
7
GreatSchools Rating

Piedmont High School

  • Education Level: High
  • # of students: 1,244
  • # of teachers: 65
8
GreatSchools Rating
 

$355,500$434,500$395,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$1,372
Property Tax -$208
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
-$169

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.

$395,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.1%
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$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,372

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$10,712

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,703

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,590
$1,590
RENT COMPS ANALYSIS
  • 7916 Concord Highway Monroe, NC 2
    • 3 beds 2 baths ∙ 1,738 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,738 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.91
    •  
  • 1518 Hwy 218 Road Indian Trail, NC 1
    • 3 beds 2 baths ∙ 1,522 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,522 Sqft ∙ Built 1995
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.98
    •  
PROPERTY LISTING DETAILS
Brittany Lowder
1.704.960.6902
1st Choice Properties, Inc.
BESbswy