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2337 Abundance Lane #45 Waxhaw, NC 28173

4 Beds 3 Baths 2,886 sqft Built 2021

$420,209

List Price

$2,260

$2K - $2.5K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $145.60
  • 3 Days on Market
  • MLS # : 3696406
  • Updated Date : 01/08/2021 at 15:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,886 sqft
  • Baths : 3 full
Listing Agent

Lennar Sales Corp

Listing Agent's Description

LOCATION, LOCATION, LOCATION…Union County and Cuthbertson School District. The Dorchester plan is a beautiful 1.5 Story home with 4 bedrooms, 3 baths and over 2700 sq. ft. of open concept living. The gourmet kitchen is every cook’s dream with a huge, granite center island, double ovens and gas cooktop. This overlooks the very spacious, light-filled great room with a fireplace to one side and large breakfast area adjoining the kitchen. There is a formal dining room, gorgeous owner’s suite with sitting area, two additional bedrooms, bath and laundry room completing the main level. For addition private space, the second level is host to a guest suite and bonus room.

SEE MORE

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
 

$378,188$462,230$420,209

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$1,460
Property Tax -$322
Property Insurance -$81
HOA -$42
Property Management Fees -$119
CASH FLOW
$236

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.

$420,209

PROJECTED PRICE

$2,260

PROJECTED RENT

0.54%

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$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$113,355

INVESTMENT

$113,355

Down Payment
$105,052
Rehab Estimate
$2,000
Closing Costs
$6,303

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,460

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $105,052
Loan Amount $315,157
See What Happens When You Reinvest Cash Flow

9

YEARS SAVED

$53,826

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,260

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,258

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0953$2,1504$2,2605$2,295
$2,295
RENT COMPS ANALYSIS
  • 2337 Abundance Lane Waxhaw, NC 4
    • 4 beds 3 baths ∙ 2,886 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,886 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,260
    • $0.78
    •  
  • 5103 Brynmar Drive Waxhaw, NC 1
    • 3 beds 3 baths ∙ 2,692 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,692 Sqft ∙ Built 2013
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.74
    •  
  • 4605 Sandtyn Drive Waxhaw, NC 2
    • 5 beds 3 baths ∙ 2,662 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,662 Sqft ∙ Built 2005
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.79
    •  
  • 2004 Willowcrest Drive Waxhaw, NC 3
    • 4 beds 2 baths ∙ 2,736 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,736 Sqft ∙ Built 2006
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.79
    •  
  • 4821 Sandtyn Drive Waxhaw, NC 5
    • 5 beds 3 baths ∙ 2,824 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,824 Sqft ∙ Built 2003
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.81
    •  
PROPERTY LISTING DETAILS
Philip Lomax
1.704.965.2866
Lennar Sales Corp
BESbswy