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2203 Potter Downs Drive Waxhaw, NC 28173

4 Beds 3 Baths 2,210 sqft Built 1997

$335,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $151.58
  • 2 Days on Market
  • MLS # : 3683164
  • Updated Date : 12/12/2020 at 09:21
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,210 sqft
  • Baths : 2 full , 1 half
Listing Agent

Rpd Realty

Listing Agent's Description

Country living on 1.02 acre lot. Convenient location to Ballantyne, Waxhaw, Monroe, Indian Trail, Wesley Chapel. Lots of updates have been completed. Large wrap around porch with Coolaroo shades on both sides. Kitchen updates include tile, microwave and dishwasher replaced in last 3 years. Cabinets refaced with soft closing doors and drawers in 2018. Flooring, HVAC system (Trane), and vinyl siding all replaced in 2017. Four large bedrooms-3 upstairs and 1 down. Side patio. 420 sq ft garage with shelving for storage to stay. Eight (8) foot garage door and separate entry door. Extensive landscaping installed. Garden space. Shaded picnic area out back with picnic table included. Peach and fig trees and grape vine.

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
Western Union Elementary School Primary Regular 660 48 7
Parkwood Middle School Middle Regular 965 55 7
Parkwood High School High Regular 1,006 57 5

Western Union Elementary School

  • Education Level: Primary
  • # of students: 660
  • # of teachers: 48
7
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
 

$301,500$368,500$335,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,236
Property Tax -$257
Property Insurance -$69
Property Management Fees -$119
CASH FLOW
$219

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.

$335,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.57%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,236

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$50,019

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,740

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,7953$1,8954$1,9005$1,970
$1,970
RENT COMPS ANALYSIS
  • 2203 Potter Downs Drive Waxhaw, NC 4
    • 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.86
    •  
  • 1202 Haden Drive Waxhaw, NC 1
    • 4 beds 3 baths ∙ 2,001 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,001 Sqft ∙ Built 2003
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.80
    •  
  • 1425 Lonan Drive Waxhaw, NC 2
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2005
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.78
    •  
  • 2127 Abundance Lane Waxhaw, NC 3
    • 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2019
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.77
    •  
  • 1211 Haden Drive Waxhaw, NC 5
    • 5 beds 3 baths ∙ 2,520 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,520 Sqft ∙ Built 2003
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.78
    •  
PROPERTY LISTING DETAILS
Robert Davis
1.704.999.7790
Rpd Realty
BESbswy