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1676 Mill Creek Lane Concord, NC 28025

4 Beds 3 Baths 2,371 sqft Built 2016

$340,000

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $143.40
  • 2 Days on Market
  • MLS # : 3699287
  • Updated Date : 01/16/2021 at 10:23
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,371 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

LOCATION, LOCATION, LOCATION!!! This gorgeous home has everything you have been looking for. Located in a highly desirable neighborhood with top rated schools and resort style amenities, this home is nothing short of amazing. The gorgeous kitchen with tall cabinets and stainless steel appliances combined with the dining space will leave you speechless. The open floor plan makes it perfect for entertaining. Spacious bedrooms and a huge master closet. This house has been incredibly well kept. Large corner lot in a culd-a- sac. Come be part of this amazing community. This house won't last long. Come see it for yourself, you'll be glad you did it.

SEE MORE

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: The Mills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k327k

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

Neighborhood: The Mills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8401826

* 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
Patriots Elementary School Primary Regular 893 50 NA
C C Griffin Middle School Middle Regular 1,092 70 4
Central Cabarrus High School High Regular 1,416 88 4

Patriots Elementary School

  • Education Level: Primary
  • # of students: 893
  • # of teachers: 50
NA
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
 

$306,000$374,000$340,000

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,181
Property Tax -$383
Property Insurance -$72
HOA -$67
Property Management Fees -$119
CASH FLOW
-$92

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.

$340,000

PROJECTED PRICE

$1,730

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.1%
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-$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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,850

INVESTMENT

$95,850

Down Payment
$85,000
Rehab Estimate
$5,750
Closing Costs
$5,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $85,000
Loan Amount $255,000
See What Happens When You Reinvest Cash Flow

3.83

YEARS SAVED

$12,110

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,719

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,6953$1,7304$1,7455$1,795
$1,795
RENT COMPS ANALYSIS
  • 1676 Mill Creek Lane Concord, NC 3
    • 4 beds 3 baths ∙ 2,371 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,371 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.73
    •  
  • 7372 Dover Mill Drive Concord, NC 1
    • 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2014
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.77
    •  
  • 6912 Babbling Brook Lane Concord, NC 2
    • 4 beds 4 baths ∙ 2,479 Sqft ∙ Built 2002 4 beds 4 baths ∙ 2,479 Sqft ∙ Built 2002
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.68
    •  
  • 1824 Mill Creek Lane Concord, NC 4
    • 4 beds 3 baths ∙ 2,458 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,458 Sqft ∙ Built 2016
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.71
    •  
  • 2255 Galloway Lane Concord, NC 5
    • 4 beds 3 baths ∙ 2,437 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,437 Sqft ∙ Built 2015
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.74
    •  
PROPERTY LISTING DETAILS
Adriana Chrestler
1.315.751.7212
Coldwell Banker Realty
BESbswy