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10421 Lancaster Highway #6 Waxhaw, NC 28173

4 Beds 2 Baths 1,787 sqft Built 2021

$289,000

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $161.72
  • 4 Days on Market
  • MLS # : 3719937
  • Updated Date : 03/20/2021 at 15:55
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,787 sqft
  • Baths : 2 full
Listing Agent

Russell Tanner Real Estate

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Waxhaw Elementary School Primary Regular 631 37 4
Parkwood Middle School Middle Regular 965 55 7
Parkwood High School High Regular 1,006 57 5

Waxhaw Elementary School

  • Education Level: Primary
  • # of students: 631
  • # of teachers: 37
4
GreatSchools Rating

Parkwood Middle School

  • Education Level: Middle
  • # of students: 965
  • # of teachers: 55
7
GreatSchools Rating

Parkwood High School

  • Education Level: High
  • # of students: 1,006
  • # of teachers: 57
5
GreatSchools Rating
 

$260,100$317,900$289,000

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$1,004
Property Tax -$222
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$85

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.

$289,000

PROJECTED PRICE

$1,490

PROJECTED RENT

0.52%

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) 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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,585

INVESTMENT

$78,585

Down Payment
$72,250
Rehab Estimate
$2,000
Closing Costs
$4,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,004

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,250
Loan Amount $216,750
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$27,159

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,447

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,490
$1,490
RENT COMPS ANALYSIS
  • 10421 Lancaster Highway Waxhaw, NC 2
    • 4 beds 2 baths ∙ 1,787 Sqft ∙ Built 2021 4 beds 2 baths ∙ 1,787 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.83
    •  
  • 10104 Timberhitch Road Waxhaw, NC 1
    • 3 beds 3 baths ∙ 1,664 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,664 Sqft ∙ Built 1998
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.78
    •  
PROPERTY LISTING DETAILS
Rusty Tanner
1.704.400.9363
Russell Tanner Real Estate
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719937
Last Updated: 03/20/2021
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