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2318 Abundance Lane #126 Waxhaw, NC 28173

3 Beds 3 Baths 2,206 sqft Built 2021

$362,779

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $164.45
  • 3 Days on Market
  • MLS # : 3696860
  • Updated Date : 01/08/2021 at 15:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,206 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lennar Sales Corp

Listing Agent's Description

Location, Location, Location…Union County and Cuthbertson School District. The Dover plan in Cortona is a Spacious, Light-Filled Ranch with 3 beds, 2.5 baths + dining room! Incredible open plan that's a real crowd pleaser! Gourmet Kitchen features Double Wall Ovens, Gas cooktop and subway tile backsplash! HUGE island is a stunning centerpiece to the open plan and overlooks a Large Great Room with fireplace. Owner's Suite is a true retreat featuring a sitting area with direct access to a covered back porch. Large walk-in closet, tiled shower with bench seat and double vanities! You don't want to miss out on this one!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Wesley Chapel Elementary School Primary Regular 550 30 7
Cuthbertson Middle School Middle Regular 1,132 59 10
Cuthbertson High School High Regular 1,449 69 9

Wesley Chapel Elementary School

  • Education Level: Primary
  • # of students: 550
  • # of teachers: 30
7
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
 

$326,501$399,057$362,779

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,260
Property Tax -$278
Property Insurance -$69
HOA -$42
Property Management Fees -$119
CASH FLOW
$12

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.

$362,779

PROJECTED PRICE

$1,780

PROJECTED RENT

0.49%

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$1.0M

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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,136

INVESTMENT

$98,136

Down Payment
$90,695
Rehab Estimate
$2,000
Closing Costs
$5,442

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,260

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $90,695
Loan Amount $272,084
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$23,243

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,809

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,7803$1,7954$1,975
$1,975
RENT COMPS ANALYSIS
  • 2318 Abundance Lane Waxhaw, NC 2
    • 3 beds 3 baths ∙ 2,206 Sqft ∙ Built 2021 3 beds 3 baths ∙ 2,206 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.81
    •  
  • 1202 Haden Drive Waxhaw, NC 1
    • 4 beds 3 baths ∙ 2,001 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,001 Sqft ∙ Built 2003
    property image
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.80
    •  
  • 1425 Lonan Drive Waxhaw, NC 3
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2005
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.78
    •  
  • 1945 Napa Valley Drive Waxhaw, NC 4
    • 3 beds 3 baths ∙ 2,299 Sqft ∙ Built 3 beds 3 baths ∙ 2,299 Sqft ∙ Built
    property image
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.86
    •  
PROPERTY LISTING DETAILS
Philip Lomax
1.704.965.2866
Lennar Sales Corp
BESbswy