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1021 Grayscroft Drive Waxhaw, NC 28173

5 Beds 3 Baths 2,601 sqft Built 2002

$474,900

List Price

$2,420

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $182.58
  • 2 Days on Market
  • MLS # : 3693666
  • Updated Date : 12/26/2020 at 14:42
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,601 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Well maintained 2 story home located in desirable Hunter Oaks neighborhood with top rated Marvin school district! As you enter, you are greeted by the formal dining and sitting room, that could easily be converted into an office space. The two-story great room giving tons of natural sunlight, flowing in to the kitchen, equipped with stainless steel appliances, pantry, and spacious breakfast bar. The perfect layout for entertaining. Master Bedroom on the main floor with luxurious en-suite that includes garden tub, separate shower and dual vanities. Completing the main floor is the laundry room, and a half bath. Upstairs you will find 3 additional bedrooms with an over-sized bonus/bed. The back deck overlooks the backyard with mature trees, giving the perfect amount of privacy. Conveniently located to 485, along with shopping and dining at Blakney, Rea Farms,Stonecrest, & Waverly.

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: Hunter Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $118k585k

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

Neighborhood: Hunter Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $8442955

* 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
Rea View Elementary School Primary Regular 654 36 8
Marvin Ridge Middle School Middle Regular 1,264 68 9
Marvin Ridge High School High Regular 1,573 78 10

Rea View Elementary School

  • Education Level: Primary
  • # of students: 654
  • # of teachers: 36
8
GreatSchools Rating

Marvin Ridge Middle School

  • Education Level: Middle
  • # of students: 1,264
  • # of teachers: 68
9
GreatSchools Rating

Marvin Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 78
10
GreatSchools Rating
 

$427,410$522,390$474,900

PURCHASE PRICE

$2,178$2,662$2,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,420
EXPENSES Loan Payment -$1,752
Property Tax -$364
Property Insurance -$76
HOA -$54
Property Management Fees -$119
CASH FLOW
$54

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.

$474,900

PROJECTED PRICE

$2,420

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.36%
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$25k

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$131,599

INVESTMENT

$131,599

Down Payment
$118,725
Rehab Estimate
$5,750
Closing Costs
$7,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,752

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $118,725
Loan Amount $356,175
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$43,817

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,420

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $2,425

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,2953$2,4004$2,4205$2,450
$2,450
RENT COMPS ANALYSIS
  • 1021 Grayscroft Drive Waxhaw, NC 4
    • 5 beds 3 baths ∙ 2,601 Sqft ∙ Built 2002 5 beds 3 baths ∙ 2,601 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,420
    • $0.93
    •  
  • 8707 Gracefield Drive Waxhaw, NC 1
    • 5 beds 3 baths ∙ 2,273 Sqft ∙ Built 2001 5 beds 3 baths ∙ 2,273 Sqft ∙ Built 2001
    LEASED 07/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.88
    •  
  • 9309 Shrewsbury Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,401 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,401 Sqft ∙ Built 2002
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.96
    •  
  • 407 Amersham Lane Waxhaw, NC 3
    • 5 beds 3 baths ∙ 2,549 Sqft ∙ Built 2001 5 beds 3 baths ∙ 2,549 Sqft ∙ Built 2001
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.94
    •  
  • 1013 Grayscroft Drive Waxhaw, NC 5
    • 4 beds 3 baths ∙ 2,682 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,682 Sqft ∙ Built 2003
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.91
    •  
PROPERTY LISTING DETAILS
Pauline Katsoudas
1.704.301.1250
Re/max Executive
BESbswy