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1006 Oakmere Road Waxhaw, NC 28173

3 Beds 2 Baths 1,695 sqft Built 2014

INVESTimate

$293,000

List Price

$1,560

$1,404 - $1,716

Rent Est.

$307,679  ( +5.01%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2014
  • Price/Sqft : $172.86
  • 7 Days on Market
  • MLS # : 3651567
  • Updated Date : 08/25/2020 at 15:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,695 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Simply perfect ranch home. Low maintenance living with many amenities. Rare ranch plan in the award winning Millbridge community - Home includes granite counter tops in the kitchen and all the baths, tile back splash & stainless appliances in the kitchen; extensive moldings throughout the home; beautiful refinished hardwood floors, . gas fireplace. Open floor plan with a Breakfast bar in the kitchen. Master bedroom has a walk-in closet, walk-in shower, & dual vanities and linen closet. Laundry room is spacious with Cabinets for storage and a large storage closet. Two pull down attics, one inside and one in the garage for extra storage!

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

Zip Code: 28173

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $118k399k

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

Zip Code: 28173

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900200021002200Rent in $8442248

* 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
Kensington Elementary School Primary Regular 691 42 9
Cuthbertson Middle School Middle Regular 1,132 59 10
Cuthbertson High School High Regular 1,449 69 9

Kensington Elementary School

  • Education Level: Primary
  • # of students: 691
  • # of teachers: 42
9
GreatSchools Rating

Cuthbertson Middle School

  • Education Level: Middle
  • # of students: 1,132
  • # of teachers: 59
10
GreatSchools Rating

Cuthbertson High School

  • Education Level: High
  • # of students: 1,449
  • # of teachers: 69
9
GreatSchools Rating
 

$263,700$322,300$293,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$1,081
Property Tax -$225
Property Insurance -$59
HOA -$68
Property Management Fees -$140
CASH FLOW
-$13

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$293,000

PROJECTED PRICE

$1,560

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.01%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,395

INVESTMENT

$83,395

Down Payment
$73,250
Rehab Estimate
$5,750
Closing Costs
$4,395

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,081

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,250
Loan Amount $219,750
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$15,471

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,479

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3903$1,5004$1,5605$1,695
$1,695
RENT COMPS ANALYSIS
  • 1006 Oakmere Road Waxhaw, NC 4
    • 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.92
    •  
  • 2015 Dunsmore Lane Waxhaw, NC 1
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2005
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.84
    •  
  • 3720 Providence Road S Waxhaw, NC 2
    • 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 1968
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.86
    •  
  • 10305 Waxhaw Highway Waxhaw, NC 3
    • 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 2000
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.88
    •  
  • 4002 Garfield Court Waxhaw, NC 5
    • 4 beds 3 baths ∙ 1,870 Sqft ∙ Built 2002 4 beds 3 baths ∙ 1,870 Sqft ∙ Built 2002
    LEASED 05/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.91
    •  
PROPERTY LISTING DETAILS
Carol King
1.704.905.9850
Keller Williams Ballantyne Area
BESbswy