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2116 Galloway Lane Concord, NC 28025

4 Beds 3 Baths 3,096 sqft Built 2013

$364,900

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $117.86
  • 38 Days on Market
  • MLS # : 3682628
  • Updated Date : 01/08/2021 at 12:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,096 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Feels like you're in the country, but close to shopping/restaurants/schools and outdoor recreation. Desirable Cabarrus county schools. Looking for a practical floorplan? Formals areas, open living/kitchen with extended island & breakfast room. Additional room with door on main floor can be used as an office. 4 bedrooms include a large ensuite master with lots of closet space PLUS a Bonus Room. Functional and separate use of square footage for school/work/quiet time, yet open for socializing and family time. Laminate flooring, fresh paint, double sinks in master and hall bath. Cooktop range is electric OR Gas, on demand water heater. Get moved in before the New Year!!

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
 

$328,410$401,390$364,900

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,267
Property Tax -$454
Property Insurance -$85
HOA -$67
Property Management Fees -$119
CASH FLOW
-$143

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.

$364,900

PROJECTED PRICE

$1,850

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,449

INVESTMENT

$102,449

Down Payment
$91,225
Rehab Estimate
$5,750
Closing Costs
$5,474

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,267

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,225
Loan Amount $273,675
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$9,768

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $0.6

    LIST RENT PER SQFT
  • $1,904

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8503$2,0004$2,0955$2,099
$2,099
RENT COMPS ANALYSIS
  • 2116 Galloway Lane Concord, NC 2
    • 4 beds 3 baths ∙ 3,096 Sqft ∙ Built 2013 4 beds 3 baths ∙ 3,096 Sqft ∙ Built 2013
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.60
    •  
  • 6929 Brandon Chase Lane Concord, NC 1
    • 5 beds 3 baths ∙ 2,982 Sqft ∙ Built 2002 5 beds 3 baths ∙ 2,982 Sqft ∙ Built 2002
    property image
    LEASED 06/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.60
    •  
  • 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
Maura Goldberg
1.704.622.8001
Wilkinson Era Real Estate
BESbswy