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2328 Abundance Lane #123 Waxhaw, NC 28173

3 Beds 3 Baths 2,192 sqft Built 2020

$374,969

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $171.06
  • 114 Days on Market
  • MLS # : 3654586
  • Updated Date : 12/08/2020 at 12:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,192 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lennar Sales Corp

Listing Agent's Description

Spacious and 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 stainless interior dishwasher! HUGE island is a stunning centerpiece to the open plan! Sip your morning coffee on your covered porch off the master suite! *** JUST ADDED! Customize your outdoor space with an INCLUDED Outdoor Grilling Island! Master Suite features a sitting area with direct access to porch. Large walk in closet, tiled shower with bench seat and double vanities! You don't want to miss out on this one! Ready for NOVEMBER move in!

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
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
 

$337,472$412,466$374,969

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$1,383
Property Tax -$288
Property Insurance -$68
HOA -$42
Property Management Fees -$119
CASH FLOW
-$211

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.

$374,969

PROJECTED PRICE

$1,690

PROJECTED RENT

0.45%

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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$101,367

INVESTMENT

$101,367

Down Payment
$93,742
Rehab Estimate
$2,000
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,383

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,742
Loan Amount $281,227
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$10,882

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,732

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6903$1,7954$1,895
$1,895
RENT COMPS ANALYSIS
  • 2328 Abundance Lane Waxhaw, NC 2
    • 3 beds 3 baths ∙ 2,192 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,192 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.77
    •  
  • 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
    •  
  • 2127 Abundance Lane Waxhaw, NC 4
    • 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2019
    property image
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.77
    •  
PROPERTY LISTING DETAILS
Philip Lomax
1.704.965.2866
Lennar Sales Corp
BESbswy