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7062 Waterwheel Street Sw #142 Concord, NC 28025

4 Beds 3 Baths 2,114 sqft Built 2021

$365,990

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $173.13
  • 3 Days on Market
  • MLS # : 3701205
  • Updated Date : 01/22/2021 at 17:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,114 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nvr Homes, Inc./ryan Homes

Listing Agent's Description

Proposed Home. This plan gives you the perfect amount of space, but over-delivers on flexibility. From a choice of attractive styles in front, to an optional covered porch out back, you can make it yours. Enter through the lovely front entryway into the flex space – a room that’s whatever you decide it should be. The kitchen offers a huge modern island, and flows neatly into the dining area and large family room. Adding the optional fireplace makes the family room even cozier. Upstairs, the owner’s bedroom has two separate closets, providing ample storage space. An optional loft can take the place of one of the bedrooms. The upstairs laundry room offers convenience and accessibility.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$329,391$402,589$365,990

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,271
Property Tax -$275
Property Insurance -$67
HOA -$67
Property Management Fees -$119
CASH FLOW
-$149

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.

$365,990

PROJECTED PRICE

$1,650

PROJECTED RENT

0.45%

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) 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-$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$98,987

INVESTMENT

$98,987

Down Payment
$91,498
Rehab Estimate
$2,000
Closing Costs
$5,490

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,271

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,498
Loan Amount $274,493
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$11,061

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,612

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5503$1,6454$1,6505$1,825
$1,825
RENT COMPS ANALYSIS
  • 7062 Waterwheel Street Sw Concord, NC 4
    • 4 beds 3 baths ∙ 2,114 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,114 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.78
    •  
  • 6926 Brandon Chase Lane Concord, NC 1
    • 3 beds 3 baths ∙ 2,100 Sqft ∙ Built 3 beds 3 baths ∙ 2,100 Sqft ∙ Built
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.69
    •  
  • 6862 Babbling Brook Lane Concord, NC 2
    • 3 beds 2 baths ∙ 2,026 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,026 Sqft ∙ Built 2002
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.77
    •  
  • 7372 Dover Mill Drive Concord, NC 3
    • 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2014
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.77
    •  
  • 1785 Mill Creek Lane Concord, NC 5
    • 4 beds 3 baths ∙ 2,224 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,224 Sqft ∙ Built 2016
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.82
    •  
PROPERTY LISTING DETAILS
Jerry Smith
1.704.610.5282
Nvr Homes, Inc./ryan Homes
BESbswy