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1744 Mill Creek Lane Concord, NC 28025

4 Beds 3 Baths 3,096 sqft Built 2017

$354,900

List Price

$1,820

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $114.63
  • 3 Days on Market
  • MLS # : 3696278
  • Updated Date : 01/08/2021 at 10:54
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,096 sqft
  • Baths : 2 full , 1 half
Listing Agent

Offerpad Brokerage Llc

Listing Agent's Description

VACANT! Step inside this like-new 4 bedroom, 2.5 bathroom home in the desirable Mills at Rocky River neighborhood. Convenient to highly-rated schools and just minutes from I-85, this home has a beautiful open living area with a large living area with a large kitchen, complete with an oversized island and eat-in kitchen area. Just next door is a spacious dining room that opens into an office space with glass-front doors. Upstairs you will find all 4 bedrooms, and the two full bathrooms. There is a spacious loft adjoining all of the rooms, giving each room the sense of separation from the next. There is a lot to see and enjoy here, and you are sure to like what the home has to offer. Stop by today and make yourself at home.

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 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
 

$319,410$390,390$354,900

PURCHASE PRICE

$1,638$2,002$1,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,820
EXPENSES Loan Payment -$1,233
Property Tax -$433
Property Insurance -$85
HOA -$67
Property Management Fees -$119
CASH FLOW
-$117

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.

$354,900

PROJECTED PRICE

$1,820

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-$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$99,799

INVESTMENT

$99,799

Down Payment
$88,725
Rehab Estimate
$5,750
Closing Costs
$5,324

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,233

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $88,725
Loan Amount $266,175
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$10,771

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,820

    LIST RENT
  • $0.59

    LIST RENT PER SQFT
  • $1,912

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,820
1$1,8202$1,8353$2,0004$2,0955$2,099
$2,099
RENT COMPS ANALYSIS
  • 1744 Mill Creek Lane Concord, NC 1
    • 4 beds 3 baths ∙ 3,096 Sqft ∙ Built 2017 4 beds 3 baths ∙ 3,096 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $0.59
    •  
  • 6694 Thistle Down Drive Harrisburg, NC 2
    • 4 beds 3 baths ∙ 3,008 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,008 Sqft ∙ Built 2005
    property image
    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
    property image
    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
    property image
    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
    property image
    LEASED 09/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,099
    • $0.63
    •  
PROPERTY LISTING DETAILS
Derek Dickson
1.704.810.1576
Offerpad Brokerage Llc
BESbswy