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41 Millview Lane #41 Stallings, NC 28104

3 Beds 3 Baths 2,501 sqft Built 2020

$463,140

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
SINGLE-FAMILY
March 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $185.18
  • 5 Days on Market
  • MLS # : 3719461
  • Updated Date : 03/17/2021 at 16:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,501 sqft
  • Baths : 3 full
Listing Agent

Plowman Properties Llc

Listing Agent's Description

NOW SELLING IN PHASE 1! The Courtyards on Lawyers Road will feature 146 beautifully designed, luxury ranch homes in an Epcon Community ranging from the mid $300,000’s to the low $500,000’s. We offer the option to add a bonus suite to any floorplan while maintaining main floor living. This is an active adult community meaning 80% of the community will have 1 person living in the home who is age 55+. The remaining 20% has no age restriction. In addition to the allure of living in a brand-new home without the worries of yard work, Epcon homeowners are drawn to the private courtyard that is the unique focal point of every luxury home. Located in highly desirable Stallings, North Carolina. Nestled in a scenic location off I-485 and 14 miles from all Uptown Charlotte has to offer. This is a to be built home opportunity. Price reflects Pre-Design; photos are representative and not of actual home.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k349k

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

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442033

* 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
Stallings Elementary School Primary Regular 576 32 9
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Stallings Elementary School

  • Education Level: Primary
  • # of students: 576
  • # of teachers: 32
9
GreatSchools Rating

Porter Ridge Middle School

  • Education Level: Middle
  • # of students: 1,385
  • # of teachers: 72
7
GreatSchools Rating

Porter Ridge High School

  • Education Level: High
  • # of students: 1,591
  • # of teachers: 77
7
GreatSchools Rating
 

$416,826$509,454$463,140

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,609
Property Tax -$307
Property Insurance -$74
HOA -$250
Property Management Fees -$119
CASH FLOW
-$249

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$463,140

PROJECTED PRICE

$2,110

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 3.00%
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$124,732

INVESTMENT

$124,732

Down Payment
$115,785
Rehab Estimate
$2,000
Closing Costs
$6,947

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,609

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $115,785
Loan Amount $347,355
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$9,226

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,107

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7853$2,1104$2,1505$2,200
$2,200
RENT COMPS ANALYSIS
  • 41 Millview Lane Stallings, NC 3
    • 3 beds 3 baths ∙ 2,501 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,501 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.84
    •  
  • 2117 Mill House Lane Matthews, NC 1
    • 3 beds 3 baths ∙ 2,235 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,235 Sqft ∙ Built 1992
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.78
    •  
  • 8008 April Lane Matthews, NC 2
    • 3 beds 3 baths ∙ 2,322 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,322 Sqft ∙ Built 2014
    LEASED 01/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,785
    • $0.77
    •  
  • 2045 Caernarfon Lane Matthews, NC 4
    • 3 beds 3 baths ∙ 2,507 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,507 Sqft ∙ Built 1997
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.86
    •  
  • 14236 Maple Hollow Lane Mint Hill, NC 5
    • 3 beds 4 baths ∙ 2,290 Sqft ∙ Built 1985 3 beds 4 baths ∙ 2,290 Sqft ∙ Built 1985
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.96
    •  
PROPERTY LISTING DETAILS
Ryan Plowman
1.614.499.7776
Plowman Properties Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719461
Last Updated: 03/17/2021
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