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2641 Southern Trace Drive Waxhaw, NC 28173

5 Beds 5 Baths 3,395 sqft Built 2014

$409,900

List Price

$2,220

$2K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $120.74
  • 10 Days on Market
  • MLS # : 3707248
  • Updated Date : 02/20/2021 at 12:04
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,395 sqft
  • Baths : 4 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

MULTIPLE OFFERS - HIGEST & BEST DUE BY SUNDAY 5PM. Stunning home with special touches in highly desired Lawson neighborhood! The popular Grisham model features an open floor plan w/ guest suite & dedicated office space on main level. Kitchen w/stainless appliances, granite counters, recessed lights & abundant cabinetry, opens to large family room w/ gas fireplace & tons of natural light! Upstairs features a large master suite w/accent wall, spa like bath & huge walk in closet, flexible bonus space & 3 large bedrooms w/walk in closets. Beautiful outdoor space with evergreens & annuals planted around the property and extended backyard paver patio which is great for entertaining! There is even a private/secret walking trail connecting to a nearby neighborhood w/additional hiking trails! Enjoy resort style amenities with something for everyone and close proximity to Historic Downtown Waxhaw! Award winning schools and lower Union County taxes makes this a great place to call HOME!

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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
New Town Elementary School Primary Regular 1,001 53 10
Cuthbertson Middle School Middle Regular 1,132 59 10
Cuthbertson High School High Regular 1,449 69 9

New Town Elementary School

  • Education Level: Primary
  • # of students: 1,001
  • # of teachers: 53
10
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
 

$368,910$450,890$409,900

PURCHASE PRICE

$1,998$2,442$2,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,220
EXPENSES Loan Payment -$1,424
Property Tax -$314
Property Insurance -$91
HOA -$67
Property Management Fees -$119
CASH FLOW
$205

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.

$409,900

PROJECTED PRICE

$2,220

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) 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$1.4M

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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,374

INVESTMENT

$114,374

Down Payment
$102,475
Rehab Estimate
$5,750
Closing Costs
$6,149

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,424

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $102,475
Loan Amount $307,425
See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$44,180

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,220

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $2,266

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,1553$2,1954$2,2205$2,295
$2,295
RENT COMPS ANALYSIS
  • 2641 Southern Trace Drive Waxhaw, NC 4
    • 5 beds 5 baths ∙ 3,395 Sqft ∙ Built 2014 5 beds 5 baths ∙ 3,395 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $0.65
    •  
  • 1109 Wainscott Drive Waxhaw, NC 1
    • 5 beds 5 baths ∙ 3,243 Sqft ∙ Built 2012 5 beds 5 baths ∙ 3,243 Sqft ∙ Built 2012
    LEASED 01/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.65
    •  
  • 3024 Sewee Lane Waxhaw, NC 2
    • 4 beds 4 baths ∙ 3,387 Sqft ∙ Built 2013 4 beds 4 baths ∙ 3,387 Sqft ∙ Built 2013
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,155
    • $0.64
    •  
  • 2653 Southern Trace Drive Waxhaw, NC 3
    • 5 beds 5 baths ∙ 3,315 Sqft ∙ Built 2013 5 beds 5 baths ∙ 3,315 Sqft ∙ Built 2013
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.66
    •  
  • 1141 Snowbird Lane Waxhaw, NC 5
    • 5 beds 4 baths ∙ 3,207 Sqft ∙ Built 2013 5 beds 4 baths ∙ 3,207 Sqft ∙ Built 2013
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.72
    •  
PROPERTY LISTING DETAILS
Mike Abernethy
1.980.254.1008
Exp Realty Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3707248
Last Updated: 02/20/2021
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