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1729 Mill Creek Lane Sw Concord, NC 28025

4 Beds 3 Baths 3,217 sqft Built 2017

$385,000

List Price

$1,970

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $119.68
  • 6 Days on Market
  • MLS # : 3706230
  • Updated Date : 02/19/2021 at 00:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,217 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group Select

Listing Agent's Description

Spacious 4 Bed, 2.5 Bath home in The Mills at Rocky River is waiting for you to make it your own! This open floor plan home features a beautiful kitchen w/stainless steel appliances and large island, perfect for entertaining. Main floor office for those that work from home.The upstairs opens to a large loft, 3 great sized bedrooms, and an oversized master suite, complete w/his and hers walk-in closets. Upstairs laundry room is also a plus. The Elementary and Middle School are conveniently located within the community. Clubhouse with fitness room and resort style pool, complete with splash pad and slide, will make you wish everyday was Summer. This is a very friendly neighborhood. Easy access to I-485, shopping, and restaurants. Schedule your showing today...this home won't last! Showings start Friday, February 19th.

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: 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 Unknown 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:
  • # of teachers:
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
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,773$2,167$1,970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,970
EXPENSES Loan Payment -$1,337
Property Tax -$460
Property Insurance -$88
HOA -$67
Property Management Fees -$119
CASH FLOW
-$100

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.

$385,000

PROJECTED PRICE

$1,970

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$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$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$13,558

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,970

    LIST RENT
  • $0.61

    LIST RENT PER SQFT
  • $2,019

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,835
1$1,8352$1,9703$2,0004$2,0955$2,250
$2,250
RENT COMPS ANALYSIS
  • 1729 Mill Creek Lane Sw Concord, NC 2
    • 4 beds 3 baths ∙ 3,217 Sqft ∙ Built 2017 4 beds 3 baths ∙ 3,217 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.61
    •  
  • 6694 Thistle Down Drive Harrisburg, NC 1
    • 4 beds 3 baths ∙ 3,008 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,008 Sqft ∙ Built 2005
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,835
    • $0.61
    •  
  • 2102 Grist Mill Drive Sw Concord, NC 3
    • 5 beds 4 baths ∙ 3,320 Sqft ∙ Built 2018 5 beds 4 baths ∙ 3,320 Sqft ∙ Built 2018
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.60
    •  
  • 7401 Bosson Street Sw Concord, NC 4
    • 5 beds 3 baths ∙ 3,345 Sqft ∙ Built 2019 5 beds 3 baths ∙ 3,345 Sqft ∙ Built 2019
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.63
    •  
  • 7454 Boulaide Street Sw Concord, NC 5
    • 5 beds 3 baths ∙ 3,345 Sqft ∙ Built 2018 5 beds 3 baths ∙ 3,345 Sqft ∙ Built 2018
    LEASED 02/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.67
    •  
PROPERTY LISTING DETAILS
Jackie Kersey
1.704.787.0575
Realty One Group Select
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3706230
Last Updated: 02/19/2021
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