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7070 Waterwheel Street Sw #140 Concord, NC 28025

4 Beds 3 Baths 2,423 sqft Built 2021

$402,990

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $166.32
  • 4 Days on Market
  • MLS # : 3705478
  • Updated Date : 02/04/2021 at 15:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,423 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nvr Homes, Inc./ryan Homes

Listing Agent's Description

Proposed Home. This home is more than just great looking, it’s smart and versatile, with a spacious, inviting floorplan. It adapts to fit your life – functional, but never stuffy. A variety of gorgeous exteriors all come with a covered entry. Customize your flex room to be your living room, dining room or a study with French doors. The family room flows into the kitchen and dining area, so you can grab a drink without missing the conversation. Add a covered porch for those warm summer evenings, or a fireplace for chilly winter ones. On the second floor, four large bedrooms await (or three and a comfy loft space, if you prefer). In the owner’s suite, there’s a large, walk-in closet and luxurious bathroom. And as most of your clothes begin and end their day on the second floor, the laundry room is up here, too. No matter what you need from a home, this versatile floorplan more than delivers.

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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
 

$362,691$443,289$402,990

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,400
Property Tax -$304
Property Insurance -$73
HOA -$67
Property Management Fees -$119
CASH FLOW
-$123

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.

$402,990

PROJECTED PRICE

$1,840

PROJECTED RENT

0.46%

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$1.4M

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$108,792

INVESTMENT

$108,792

Down Payment
$100,748
Rehab Estimate
$2,000
Closing Costs
$6,045

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,400

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $100,748
Loan Amount $302,243
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$14,904

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,829

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,745
1$1,7452$1,7953$1,8254$1,8405$1,900
$1,900
RENT COMPS ANALYSIS
  • 7070 Waterwheel Street Sw Concord, NC 4
    • 4 beds 3 baths ∙ 2,423 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,423 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.76
    •  
  • 1824 Mill Creek Lane Concord, NC 1
    • 4 beds 3 baths ∙ 2,458 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,458 Sqft ∙ Built 2016
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.71
    •  
  • 2255 Galloway Lane Concord, NC 2
    • 4 beds 3 baths ∙ 2,437 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,437 Sqft ∙ Built 2015
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.74
    •  
  • 1785 Mill Creek Lane Concord, NC 3
    • 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
    •  
  • 1524 Bailiff Court Concord, NC 5
    • 3 beds 3 baths ∙ 2,539 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,539 Sqft ∙ Built 2018
    LEASED 02/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.75
    •  
PROPERTY LISTING DETAILS
Jerry Smith
1.704.610.5282
Nvr Homes, Inc./ryan Homes
BESbswy