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2412 Logan Field Drive Waxhaw, NC 28173

4 Beds 3 Baths 2,516 sqft Built 2006

$363,000

List Price

$1,920

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $144.28
  • 3 Days on Market
  • MLS # : 3680245
  • Updated Date : 11/07/2020 at 14:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,516 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Waxhaw two-story home offers a two-car garage. This home is vacant and cleaned regularly.

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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
Sandy Ridge Elementary School Primary Regular 660 40 10
Marvin Ridge Middle School Middle Regular 1,264 68 9
Marvin Ridge High School High Regular 1,573 78 10

Sandy Ridge Elementary School

  • Education Level: Primary
  • # of students: 660
  • # of teachers: 40
10
GreatSchools Rating

Marvin Ridge Middle School

  • Education Level: Middle
  • # of students: 1,264
  • # of teachers: 68
9
GreatSchools Rating

Marvin Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 78
10
GreatSchools Rating
 

$326,700$399,300$363,000

PURCHASE PRICE

$1,728$2,112$1,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,920
EXPENSES Loan Payment -$1,339
Property Tax -$279
Property Insurance -$75
HOA -$49
Property Management Fees -$173
CASH FLOW
$6

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.

$363,000

PROJECTED PRICE

$1,920

PROJECTED RENT

0.53%

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$101,945

INVESTMENT

$101,945

Down Payment
$90,750
Rehab Estimate
$5,750
Closing Costs
$5,445

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,339

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $90,750
Loan Amount $272,250
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$21,821

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,920

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $2,051

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9203$1,9954$2,1455$2,200
$2,200
RENT COMPS ANALYSIS
  • 2412 Logan Field Drive Waxhaw, NC 2
    • 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.76
    •  
  • 2421 Logan Field Drive Waxhaw, NC 1
    • 4 beds 3 baths ∙ 2,403 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,403 Sqft ∙ Built 2006
    property image
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.79
    •  
  • 3121 Scottcrest Way Waxhaw, NC 3
    • 4 beds 3 baths ∙ 2,478 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,478 Sqft ∙ Built 2006
    property image
    LEASED 06/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.81
    •  
  • 8304 Cornerbrook Place Waxhaw, NC 4
    • 4 beds 3 baths ∙ 2,373 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,373 Sqft ∙ Built 2005
    property image
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $0.90
    •  
  • 2910 Arsdale Road Waxhaw, NC 5
    • 4 beds 3 baths ∙ 2,818 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,818 Sqft ∙ Built 2013
    property image
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.78
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy