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922 Littleton Drive Concord, NC 28025

4 Beds 3 Baths 2,341 sqft Built 2006

$240,000

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $102.52
  • 10 Days on Market
  • MLS # : 3705390
  • Updated Date : 02/12/2021 at 13:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,341 sqft
  • Baths : 2 full , 1 half
Listing Agent

The Virtual Realty Group

Listing Agent's Description

This 2 story home is in the much sought after county of Cabarrus. Updated floors and new carpet on stairs. Large dining area with large living room. Great size family room with fireplace. Large master bedroom with walk in closet.

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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: Brandon Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k216k

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

Neighborhood: Brandon Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2850900950100010501100115012001250130013501400Rent in $8401412

* 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
A T Allen Elementary School Primary Regular 925 59 5
C C Griffin Middle School Middle Regular 1,092 70 4
Central Cabarrus High School High Regular 1,416 88 4

A T Allen Elementary School

  • Education Level: Primary
  • # of students: 925
  • # of teachers: 59
5
GreatSchools Rating

C C Griffin Middle School

  • Education Level: Middle
  • # of students: 1,092
  • # of teachers: 70
4
GreatSchools Rating

Central Cabarrus High School

  • Education Level: High
  • # of students: 1,416
  • # of teachers: 88
4
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$834
Property Tax -$284
Property Insurance -$71
HOA -$19
Property Management Fees -$119
CASH FLOW
$144

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.

$240,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.9%
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$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$23,548

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,674

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,470
1$1,4702$1,6953$1,6954$1,7005$2,195
$2,195
RENT COMPS ANALYSIS
  • 922 Littleton Drive Concord, NC 1
    • 4 beds 3 baths ∙ 2,341 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,341 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.63
    •  
  • 4254 Long Arrow Drive Concord, NC 2
    • 5 beds 3 baths ∙ 2,368 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,368 Sqft ∙ Built 2020
    property image
    LEASED 01/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.72
    •  
  • 657 Nannyberry Lane Concord, NC 3
    • 5 beds 3 baths ∙ 2,368 Sqft ∙ Built 2019 5 beds 3 baths ∙ 2,368 Sqft ∙ Built 2019
    property image
    LEASED 02/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.72
    •  
  • 598 Shellbark Drive Concord, NC 4
    • 5 beds 3 baths ∙ 2,414 Sqft ∙ Built 2018 5 beds 3 baths ∙ 2,414 Sqft ∙ Built 2018
    property image
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.70
    •  
  • 624 Nannyberry Lane Concord, NC 5
    • 5 beds 3 baths ∙ 2,368 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,368 Sqft ∙ Built 2020
    property image
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.93
    •  
PROPERTY LISTING DETAILS
Annette Otero
1.980.621.2037
The Virtual Realty Group
BESbswy