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1024 Lydgate Drive Waxhaw, NC 28173

4 Beds 4 Baths 3,360 sqft Built 2015

$495,000

List Price

$2,270

$2K - $2.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $147.32
  • 9 Days on Market
  • MLS # : 3699124
  • Updated Date : 01/22/2021 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,360 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Fort Mill

Listing Agent's Description

Beautifully maintained Bonterra Home in the highly sought after Cuthbertson School district. The Kitchen boasts a generous island with upgraded white cabinets, and gourmet kitchen. Floors throughout the first floor are upgraded wide board, hand carved wood. Closet storage galore and impressive extra large fenced yard. Upgrades throughout the home include hardwood floors on the main level, chef's kitchen, additional closets, additional outlets throughout the home, additional crown molding, all ceiling lights are pre-wired for ceiling fans and a side service door in the garage.

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
 

$445,500$544,500$495,000

PURCHASE PRICE

$2,043$2,497$2,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,270
EXPENSES Loan Payment -$1,719
Property Tax -$380
Property Insurance -$90
HOA -$135
Property Management Fees -$119
CASH FLOW
-$173

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.

$495,000

PROJECTED PRICE

$2,270

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.0%
Maintenance Year (1-5) 8.00%
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-$5.0k$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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$136,925

INVESTMENT

$136,925

Down Payment
$123,750
Rehab Estimate
$5,750
Closing Costs
$7,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,719

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $123,750
Loan Amount $371,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$15,760

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,270

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $2,302

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,2453$2,2704$2,2955$2,500
$2,500
RENT COMPS ANALYSIS
  • 1024 Lydgate Drive Waxhaw, NC 3
    • 4 beds 4 baths ∙ 3,360 Sqft ∙ Built 2015 4 beds 4 baths ∙ 3,360 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,270
    • $0.68
    •  
  • 1001 Silverwood Drive Waxhaw, NC 1
    • 4 beds 4 baths ∙ 3,220 Sqft ∙ Built 2013 4 beds 4 baths ∙ 3,220 Sqft ∙ Built 2013
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.62
    •  
  • 1036 Ridge Haven Road Waxhaw, NC 2
    • 4 beds 3 baths ∙ 3,400 Sqft ∙ Built 2012 4 beds 3 baths ∙ 3,400 Sqft ∙ Built 2012
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,245
    • $0.66
    •  
  • 1524 Ridge Haven Road Waxhaw, NC 4
    • 5 beds 4 baths ∙ 3,300 Sqft ∙ Built 2008 5 beds 4 baths ∙ 3,300 Sqft ∙ Built 2008
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.70
    •  
  • 5001 Petersburg Drive Waxhaw, NC 5
    • 5 beds 5 baths ∙ 3,452 Sqft ∙ Built 2020 5 beds 5 baths ∙ 3,452 Sqft ∙ Built 2020
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.72
    •  
PROPERTY LISTING DETAILS
Tony Swainey
1.803.810.5267
Keller Williams Fort Mill
BESbswy