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7185 Waterwheel Street Sw #179 Concord, NC 28025

5 Beds 3 Baths 2,754 sqft Built 2020

$382,990

List Price

$1,820

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $139.07
  • 2 Days on Market
  • MLS # : 3678683
  • Updated Date : 11/02/2020 at 15:27
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,754 sqft
  • Baths : 3 full
Listing Agent

Nvr Homes, Inc./ryan Homes

Listing Agent's Description

Proposed Home. This innovative open floor plan offers offers multiple flex spaces to meet many needs. Includes a first floor bedroom and full bath, a vast kitchen island and outdoor living space that offers an optional covered porch. The second floor owner’s suite is complete with a personal spa area, flexible bath and two huge walk-in closets. Choices may include an extra bath, a spacious loft or bonus room. This well-appointed home is available in a variety of facades, all featuring a covered entry. The Mills at Rocky River offers world-class amenities, schools within walking distance, easy access to I-485, and the picturesque NC Thread trail runs along the river inside our community.

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
 

$344,691$421,289$382,990

PURCHASE PRICE

$1,638$2,002$1,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,820
EXPENSES Loan Payment -$1,413
Property Tax -$289
Property Insurance -$79
Property Management Fees -$164
CASH FLOW
-$125

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.

$382,990

PROJECTED PRICE

$1,820

PROJECTED RENT

0.48%

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,492

INVESTMENT

$103,492

Down Payment
$95,748
Rehab Estimate
$2,000
Closing Costs
$5,745

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,413

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $95,748
Loan Amount $287,243
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$13,116

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,820

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,783

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$1,674
1$1,6742$1,6953$1,7954$1,8205$1,895
$1,895
RENT COMPS ANALYSIS
  • 7185 Waterwheel Street Sw Concord, NC 4
    • 5 beds 3 baths ∙ 2,754 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,754 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $0.66
    •  
  • 6736 Sequoia Hills Drive Harrisburg, NC 1
    • 4 beds 3 baths ∙ 2,476 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,476 Sqft ∙ Built 2006
    property image
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,674
    • $0.68
    •  
  • 6912 Babbling Brook Lane Concord, NC 2
    • 4 beds 4 baths ∙ 2,479 Sqft ∙ Built 2002 4 beds 4 baths ∙ 2,479 Sqft ∙ Built 2002
    property image
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.68
    •  
  • 6929 Brandon Chase Lane Concord, NC 3
    • 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
    •  
  • 269 Patrick Avenue Concord, NC 5
    • 4 beds 4 baths ∙ 3,000 Sqft ∙ Built 2000 4 beds 4 baths ∙ 3,000 Sqft ∙ Built 2000
    property image
    LEASED 09/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.63
    •  
PROPERTY LISTING DETAILS
Jerry Smith
1.704.610.5282
Nvr Homes, Inc./ryan Homes
BESbswy