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7222 Waterwheel Street Sw #102 Concord, NC 28025

5 Beds 3 Baths 3,015 sqft Built 2021

$401,985

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $133.33
  • 3 Days on Market
  • MLS # : 3696924
  • Updated Date : 01/08/2021 at 17:31
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,015 sqft
  • Baths : 3 full
Listing Agent

Nvr Homes, Inc./ryan Homes

Listing Agent's Description

Proposed Home. New home sites just released! Offering a gorgeous exterior and an intelligent, smart interior layout. Design from beautiful facades on the outside, and grand, light-filled spaces on the inside. You’ll also enjoy the convenient, flexible floorplan and generous room for storage. The foyer is open and airy, while the front flexible room can be whatever you imagine – playroom, living room, or formal dining room. Add French-doors to create a library for some old-world charm. The kitchen has a large island and walk-in pantry, and opens into the dining area and family room. First Floor Bedroom, complete with full bath. Upstairs, the loft makes for a great family hang-out or another bedroom. The owner’s suite is a lavish oasis with two large walk-in closets that allow for exceptional order and accessibility. The master suite has a luxurious bathroom that can be customized to your preference. To be built.

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
 

$361,787$442,184$401,985

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,396
Property Tax -$303
Property Insurance -$84
HOA -$50
Property Management Fees -$119
CASH FLOW
$48

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.

$401,985

PROJECTED PRICE

$2,000

PROJECTED RENT

0.50%

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$20k

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$108,526

INVESTMENT

$108,526

Down Payment
$100,496
Rehab Estimate
$2,000
Closing Costs
$6,030

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,396

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $100,496
Loan Amount $301,489
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$28,727

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,990

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,835
1$1,8352$1,9953$2,0004$2,0995$2,200
$2,200
RENT COMPS ANALYSIS
  • 7222 Waterwheel Street Sw Concord, NC 3
    • 5 beds 3 baths ∙ 3,015 Sqft ∙ Built 2021 5 beds 3 baths ∙ 3,015 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.66
    •  
  • 6694 Thistle Down Drive Harrisburg, NC 1
    • 4 beds 3 baths ∙ 3,008 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,008 Sqft ∙ Built 2005
    property image
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,835
    • $0.61
    •  
  • 6614 Burkwood Court Harrisburg, NC 2
    • 5 beds 3 baths ∙ 3,008 Sqft ∙ Built 2007 5 beds 3 baths ∙ 3,008 Sqft ∙ Built 2007
    property image
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.66
    •  
  • 7454 Boulaide Street Sw Concord, NC 4
    • 5 beds 3 baths ∙ 3,345 Sqft ∙ Built 2018 5 beds 3 baths ∙ 3,345 Sqft ∙ Built 2018
    property image
    LEASED 09/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,099
    • $0.63
    •  
  • 6689 Cheltenham Lane Harrisburg, NC 5
    • 5 beds 4 baths ∙ 2,989 Sqft ∙ Built 2008 5 beds 4 baths ∙ 2,989 Sqft ∙ Built 2008
    property image
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.74
    •  
PROPERTY LISTING DETAILS
Jerry Smith
1.704.610.5282
Nvr Homes, Inc./ryan Homes
BESbswy