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3640 Millstream Ridge Drive Charlotte, NC 28269

4 Beds 3 Baths 2,847 sqft Built 2005

$360,000

List Price

$1,910

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

February 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $126.45
  • 5 Days on Market
  • MLS # : 3704733
  • Updated Date : 02/03/2021 at 11:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,847 sqft
  • Baths : 2 full , 1 half
Listing Agent

Home Solutions Realty Llc

Listing Agent's Description

Great area and schools!! This gorgeous home is Ryland's Ingleton Floor Plan. Grand brick arched entrance with a two car garage. Open concept, Two story foyer, dining room/office with trey ceiling, Capital light fixtures, recess lighting, quartz counter tops, sun room, fireplace, loft overlooking a spacious Great Room. The laundry room has a sink, his and her sinks in both full bathrooms. Relaxing private patio, and privacy trees. A Must See!!

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: Dominion Crest

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Dominion Crest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Highland Creek Elementary School Primary Regular 1,105 57 7
Ridge Road Middle School Middle Regular 1,285 65 6
Mallard Creek High School High Regular 2,472 123 6

Highland Creek Elementary School

  • Education Level: Primary
  • # of students: 1,105
  • # of teachers: 57
7
GreatSchools Rating

Ridge Road Middle School

  • Education Level: Middle
  • # of students: 1,285
  • # of teachers: 65
6
GreatSchools Rating

Mallard Creek High School

  • Education Level: High
  • # of students: 2,472
  • # of teachers: 123
6
GreatSchools Rating
 

$324,000$396,000$360,000

PURCHASE PRICE

$1,719$2,101$1,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,910
EXPENSES Loan Payment -$1,250
Property Tax -$314
Property Insurance -$81
HOA -$52
Property Management Fees -$119
CASH FLOW
$94

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.

$360,000

PROJECTED PRICE

$1,910

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.8%
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$0.0$5.0k$10k$15k

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$101,150

INVESTMENT

$101,150

Down Payment
$90,000
Rehab Estimate
$5,750
Closing Costs
$5,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,250

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $90,000
Loan Amount $270,000
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$29,834

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,910

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,922

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8753$1,9104$1,9505$2,100
$2,100
RENT COMPS ANALYSIS
  • 3640 Millstream Ridge Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,847 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,847 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $0.67
    •  
  • 10233 Dominion Village Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,848 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,848 Sqft ∙ Built 2005
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.63
    •  
  • 3620 Millstream Ridge Drive Charlotte, NC 2
    • 5 beds 3 baths ∙ 2,898 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,898 Sqft ∙ Built 2006
    LEASED 12/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.65
    •  
  • 10237 Dominion Village Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,804 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,804 Sqft ∙ Built 2005
    LEASED 01/20/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.70
    •  
  • 3430 Dominion Green Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,916 Sqft ∙ Built 4 beds 3 baths ∙ 2,916 Sqft ∙ Built
    LEASED 09/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.72
    •  
PROPERTY LISTING DETAILS
Atiya Mahmoud Harris
1.704.287.9749
Home Solutions Realty Llc
BESbswy