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3000 Linn Cove Waxhaw, NC 28173

5 Beds 4 Baths 2,698 sqft Built 2020

$389,313

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $144.30
  • 2 Days on Market
  • MLS # : 3678481
  • Updated Date : 11/02/2020 at 12:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,698 sqft
  • Baths : 3 full , 1 half
Listing Agent

Lennar Sales Corp

Listing Agent's Description

The Fenton very is open, with lots of natural light, kitchen with and spacious island, study and dining room. Owners suite with, luxury bath & walk in closet! Huge / private bonus room includes bath and closet. With our signature "Everything's Included" program, you can have it all! Granite or quartz in kitchen AND baths, SS appliances ( gas cooking), ceramic tile, 5 inch hardwoods on main, rec. lights, pendant lights, subway tile back splash, tankless water heater, energy star 3.0 certification & more. The true leader in the CONNECTED HOME, we include WIFI certification ( future ready), and smart home automation features. MillBridge has award winning resort style amenities and a full time Activity Director

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
Waxhaw Elementary School Primary Regular 631 37 4
Parkwood Middle School Middle Regular 965 55 7
Parkwood High School High Regular 1,006 57 5

Waxhaw Elementary School

  • Education Level: Primary
  • # of students: 631
  • # of teachers: 37
4
GreatSchools Rating

Parkwood Middle School

  • Education Level: Middle
  • # of students: 965
  • # of teachers: 55
7
GreatSchools Rating

Parkwood High School

  • Education Level: High
  • # of students: 1,006
  • # of teachers: 57
5
GreatSchools Rating
 

$350,382$428,244$389,313

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,436
Property Tax -$299
Property Insurance -$78
HOA -$68
Property Management Fees -$207
CASH FLOW
$212

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.

$389,313

PROJECTED PRICE

$2,300

PROJECTED RENT

0.59%

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

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$105,168

INVESTMENT

$105,168

Down Payment
$97,328
Rehab Estimate
$2,000
Closing Costs
$5,840

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,436

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,328
Loan Amount $291,985
See What Happens When You Reinvest Cash Flow

7.75

YEARS SAVED

$48,673

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,307

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,3003$2,3004$2,3005$2,395
$2,395
RENT COMPS ANALYSIS
  • 3000 Linn Cove Waxhaw, NC 4
    • 5 beds 4 baths ∙ 2,698 Sqft ∙ Built 2020 5 beds 4 baths ∙ 2,698 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.85
    •  
  • 1061 Easley Street Waxhaw, NC 1
    • 5 beds 4 baths ∙ 2,712 Sqft ∙ Built 2018 5 beds 4 baths ∙ 2,712 Sqft ∙ Built 2018
    property image
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.83
    •  
  • 3038 Oakmere Road Waxhaw, NC 2
    • 5 beds 4 baths ∙ 2,800 Sqft ∙ Built 2016 5 beds 4 baths ∙ 2,800 Sqft ∙ Built 2016
    property image
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.82
    •  
  • 7055 Hamilton Mill Drive Waxhaw, NC 3
    • 5 beds 4 baths ∙ 2,656 Sqft ∙ Built 2018 5 beds 4 baths ∙ 2,656 Sqft ∙ Built 2018
    property image
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.87
    •  
  • 7054 Hamilton Mill Drive Waxhaw, NC 5
    • 5 beds 4 baths ∙ 2,647 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,647 Sqft ∙ Built 2019
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.90
    •  
PROPERTY LISTING DETAILS
Cheryl Pierce
1.704.506.5526
Lennar Sales Corp
BESbswy