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3003 Fallondale Road Waxhaw, NC 28173

4 Beds 3 Baths 3,140 sqft Built 2014

$399,900

List Price

$2,220

$2K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $127.36
  • 4 Days on Market
  • MLS # : 3709778
  • Updated Date : 02/20/2021 at 19:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,140 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Millbridge Community in Waxhaw; Beautiful, well maintained four bedroom 2.5 bath home features all new LVP flooring throughout the main floor, custom moldings, upgraded light fixtures, open concept with granite and stainless steel appliances, instant hot-water dispenser at upgraded kitchen sink; stone fireplace, and private office/playroom on main floor; Upstairs features an open loft w/built in surround sound speakers, oversized master with his/her closets & tile master shower. Amazing outdoor living area with pergola, extended patio, built in outdoor speakers, television, fenced yard & fire pit. Built in speakers in garage ceiling & overhead garage storage. Home has tankless water heater. Ring doorbell conveys. Enjoy all the award-winning Millbridge amenities including resort style pool and clubhouse, fitness center, movie theatre, pocket parks, playground, putting green, trails, & pond. Convenient to downtown Waxhaw shopping & dining and easy access to the Carolina Threadtrail.

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
Kensington Elementary School Primary Regular 691 42 9
Cuthbertson Middle School Middle Regular 1,132 59 10
Cuthbertson High School High Regular 1,449 69 9

Kensington Elementary School

  • Education Level: Primary
  • # of students: 691
  • # of teachers: 42
9
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
 

$359,910$439,890$399,900

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 -$1,389
Property Tax -$307
Property Insurance -$86
HOA -$68
Property Management Fees -$119
CASH FLOW
$251

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.

$399,900

PROJECTED PRICE

$2,220

PROJECTED RENT

0.56%

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$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$111,724

INVESTMENT

$111,724

Down Payment
$99,975
Rehab Estimate
$5,750
Closing Costs
$5,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,975
Loan Amount $299,925
See What Happens When You Reinvest Cash Flow

8.75

YEARS SAVED

$48,240

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
  • $0.71

    LIST RENT PER SQFT
  • $2,261

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,1503$2,2204$2,3005$2,495
$2,495
RENT COMPS ANALYSIS
  • 3003 Fallondale Road Waxhaw, NC 3
    • 4 beds 3 baths ∙ 3,140 Sqft ∙ Built 2014 4 beds 3 baths ∙ 3,140 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $0.71
    •  
  • 1001 Silverwood Drive Waxhaw, NC 1
    • 4 beds 4 baths ∙ 3,220 Sqft ∙ Built 2013 4 beds 4 baths ∙ 3,220 Sqft ∙ Built 2013
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.62
    •  
  • 3005 Fallondale Road Waxhaw, NC 2
    • 4 beds 3 baths ∙ 3,000 Sqft ∙ Built 2012 4 beds 3 baths ∙ 3,000 Sqft ∙ Built 2012
    LEASED 09/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.72
    •  
  • 2003 Fallondale Road Waxhaw, NC 4
    • 5 beds 3 baths ∙ 3,100 Sqft ∙ Built 2011 5 beds 3 baths ∙ 3,100 Sqft ∙ Built 2011
    LEASED 12/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.74
    •  
  • 4610 Crewe Hall Lane Waxhaw, NC 5
    • 4 beds 4 baths ∙ 3,184 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,184 Sqft ∙ Built 2006
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.78
    •  
PROPERTY LISTING DETAILS
Laura Edmonds
1.704.292.4001
Wilkinson Era Real Estate
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3709778
Last Updated: 02/20/2021
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