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9919 Madres Court Concord, NC 28027

3 Beds 3 Baths 2,461 sqft Built 1997

$299,900

List Price

$1,930

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $121.86
  • 2 Days on Market
  • MLS # : 3695032
  • Updated Date : 01/02/2021 at 21:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,461 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

What a great opportunity for someone to get a great house that needs TLC. Great split bedroom floor plan with an upstairs bonus room on this full brick home in West Cabarrus just off of Poplar Tent road in popular Northchase subdivision. Sold in "as-is" condition. No exceptions.

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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: Northchase

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $118k405k

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

Neighborhood: Northchase

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900200021002200Rent in $8402235

* 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
Cox Mill Elementary School Primary Regular 1,112 61 9
Harris Road Middle School Middle Regular 1,185 63 9
Cox Mill High School High Regular 1,478 76 7

Cox Mill Elementary School

  • Education Level: Primary
  • # of students: 1,112
  • # of teachers: 61
9
GreatSchools Rating

Harris Road Middle School

  • Education Level: Middle
  • # of students: 1,185
  • # of teachers: 63
9
GreatSchools Rating

Cox Mill High School

  • Education Level: High
  • # of students: 1,478
  • # of teachers: 76
7
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,737$2,123$1,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,930
EXPENSES Loan Payment -$1,107
Property Tax -$325
Property Insurance -$73
HOA -$21
Property Management Fees -$119
CASH FLOW
$285

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.

$299,900

PROJECTED PRICE

$1,930

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$53,334

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,930

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,975

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,875
1$1,8752$1,8753$1,8754$1,9305$1,995
$1,995
RENT COMPS ANALYSIS
  • 9919 Madres Court Concord, NC 4
    • 3 beds 3 baths ∙ 2,461 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,461 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $0.78
    •  
  • 10366 Wesson Hunt Road Huntersville, NC 1
    • 3 beds 3 baths ∙ 2,401 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,401 Sqft ∙ Built 2009
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.78
    •  
  • 10210 Falling Leaf Drive Nw Concord, NC 2
    • 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 2013
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.80
    •  
  • 10292 Shrader Street Concord, NC 3
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2013
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.82
    •  
  • 1247 Bridgeford Drive Huntersville, NC 5
    • 4 beds 3 baths ∙ 2,456 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,456 Sqft ∙ Built 2008
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.81
    •  
PROPERTY LISTING DETAILS
Heather Littrell
1.704.791.7881
Exp Realty Llc
BESbswy