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2003 Fallondale Road Waxhaw, NC 28173

5 Beds 3 Baths 3,128 sqft Built 2011

INVESTimate

$375,000

List Price

$2,170

$1,953 - $2,387

Rent Est.

$393,788  ( +5.01%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2011
  • Price/Sqft : $119.88
  • 6 Days on Market
  • MLS # : 3654170
  • Updated Date : 08/21/2020 at 16:36
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,128 sqft
  • Baths : 3 full
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Open Floor Plan home in Millbridge with Cuthbertson Schools. Downstairs has an easy flow floor plan with plenty of space for entertaining. The bedroom downstairs can be easily used for an office or extra private space. Owners Suite has a separate sitting area. Bonus room is perfect for a media center. Fenced in backyard comes with a great privacy row of hedges and trees. Kitchen has an island, granite counter and a gas range/oven.

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
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,953$2,387$2,170

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,170
EXPENSES Loan Payment -$1,384
Property Tax -$288
Property Insurance -$86
HOA -$68
Property Management Fees -$195
CASH FLOW
$150

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.

$375,000

PROJECTED PRICE

$2,170

PROJECTED RENT

0.58%

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$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$36,989

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,170

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $2,299

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1503$2,1504$2,1705$2,500
$2,500
RENT COMPS ANALYSIS
  • 2003 Fallondale Road Waxhaw, NC 4
    • 5 beds 3 baths ∙ 3,128 Sqft ∙ Built 2011 5 beds 3 baths ∙ 3,128 Sqft ∙ Built 2011
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,170
    • $0.69
    •  
  • 2012 Fallondale Road Waxhaw, NC 1
    • 5 beds 3 baths ∙ 3,130 Sqft ∙ Built 2012 5 beds 3 baths ∙ 3,130 Sqft ∙ Built 2012
    property image
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.67
    •  
  • 3005 Fallondale Road Waxhaw, NC 2
    • 4 beds 3 baths ∙ 3,000 Sqft ∙ Built 2012 4 beds 3 baths ∙ 3,000 Sqft ∙ Built 2012
    property image
    LEASED 09/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.72
    •  
  • 3016 Fallondale Road Waxhaw, NC 3
    • 4 beds 3 baths ∙ 3,060 Sqft ∙ Built 2013 4 beds 3 baths ∙ 3,060 Sqft ∙ Built 2013
    property image
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.70
    •  
  • 4005 Lydgate Drive Waxhaw, NC 5
    • 5 beds 3 baths ∙ 3,118 Sqft ∙ Built 2016 5 beds 3 baths ∙ 3,118 Sqft ∙ Built 2016
    property image
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.80
    •  
PROPERTY LISTING DETAILS
Rachel Alles
1.855.299.7653
Mark Spain Real Estate
BESbswy