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1640 Ridge Haven Road Waxhaw, NC 28173

4 Beds 3 Baths 2,515 sqft Built 2011

$369,000

List Price

$2,240

$2K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $146.72
  • 6 Days on Market
  • MLS # : 3713410
  • Updated Date : 03/06/2021 at 10:13
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,515 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Resort Living along with Top Rated School Systems.Premium Flat Large Lot and Home is in Pristine Condition. Fantastic Open Floor plan perfect for Entertaining. Large Front Porch leads into a Foyer complete with Wood Floors throughout the Main Floor. Spacious Dining Area with Large windows and convenient Butlers Pantry w/ Cabinets and extra Counter space and a Walk in Pantry that leads into the HUGE Chefs Kitchen w/ SS Appliances- Extended Counters with Large Peninsula and plenty of 42" Cabinets. Breakfast Area w/ Windows that over look the HUGE backyard leads into the Great Room complete with a Cozy Fireplace. The Master Suite is AMAZING! Sitting Area w/ His and Hers spacious Walk in Closets. 3 Additional Large Bedrooms w/ walk in Closets. Laundry room accessible for all bedrooms. Backyard has a 14x14 Huge Patio for relaxing.

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
 

$332,100$405,900$369,000

PURCHASE PRICE

$2,016$2,464$2,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$1,282
Property Tax -$283
Property Insurance -$75
HOA -$68
Property Management Fees -$119
CASH FLOW
$414

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.

$369,000

PROJECTED PRICE

$2,240

PROJECTED RENT

0.61%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,535

INVESTMENT

$103,535

Down Payment
$92,250
Rehab Estimate
$5,750
Closing Costs
$5,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,282

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,250
Loan Amount $276,750
See What Happens When You Reinvest Cash Flow

11.42

YEARS SAVED

$64,107

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,240

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,226

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1953$2,2404$2,2955$2,350
$2,350
RENT COMPS ANALYSIS
  • 1640 Ridge Haven Road Waxhaw, NC 3
    • 4 beds 3 baths ∙ 2,515 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,515 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $2,240
    • $0.89
    •  
  • 2006 Kensley Drive Waxhaw, NC 1
    • 4 beds 3 baths ∙ 2,436 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,436 Sqft ∙ Built 2015
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.86
    •  
  • 3024 Fallondale Road Waxhaw, NC 2
    • 4 beds 3 baths ∙ 2,630 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,630 Sqft ∙ Built 2013
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.83
    •  
  • 1020 Ridge Haven Road Waxhaw, NC 4
    • 4 beds 2 baths ∙ 2,500 Sqft ∙ Built 2012 4 beds 2 baths ∙ 2,500 Sqft ∙ Built 2012
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.92
    •  
  • 5029 Hedgebrook Lane Waxhaw, NC 5
    • 4 beds 3 baths ∙ 2,514 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,514 Sqft ∙ Built 2012
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.93
    •  
PROPERTY LISTING DETAILS
Aly Carlson
1.203.215.1679
Keller Williams Ballantyne Area
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3713410
Last Updated: 03/06/2021
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