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3026 Fallondale Road Waxhaw, NC 28173

5 Beds 3 Baths 2,860 sqft Built 2013

$389,000

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $136.01
  • 24 Days on Market
  • MLS # : 3683556
  • Updated Date : 12/10/2020 at 00:05
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,860 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Fabulous Move in Ready Bonterra Home w/ Premium Wooded lot and Fully Fenced in Backyard w/ Patio for Privacy.5 bedroom, 3 bath home with a roomy Guest Bedroom with Custom Banded Shades with a motorized Wand various settings for privacy and Full Bath Main Flr. Inviting Foyer with Crown Molding and Picture Moldings- Wood Floors throughout the Main Flr and Beautiful Archways.Gorgeous Formal Dining Rm w/Butlers and Glass Cabinets and lge Pantry. Spacious Gourmet Eat-in Kitchen Island and Additional Breakfast Area open to the Great Room w/Cozy Oversized Fireplace. Decorative Pair of Faux Shutter Panels on focal wall. Upgraded SS Appl. Gas Range- New Dishwasher-3 x 6 Subway Tile. Lge Windows allow a lot of Natural light with a fantastic view of Nature. Generous Bonus Rm/Bedroom for Entertaining and Movie Night. Master Suite with his /her Vanities and Lg.Walk-in Closet and HUGE Spa Like Bath. Lge Bedrooms w/ Large Closets and Custom Tiled Baths. Convenient Drop Zone as you enter from Garage.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$350,100$427,900$389,000

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$1,435
Property Tax -$298
Property Insurance -$81
HOA -$68
Property Management Fees -$119
CASH FLOW
$249

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.

$389,000

PROJECTED PRICE

$2,250

PROJECTED RENT

0.58%

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$108,835

INVESTMENT

$108,835

Down Payment
$97,250
Rehab Estimate
$5,750
Closing Costs
$5,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,435

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,250
Loan Amount $291,750
See What Happens When You Reinvest Cash Flow

9.08

YEARS SAVED

$56,354

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,367

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,2503$2,2754$2,4005$2,435
$2,435
RENT COMPS ANALYSIS
  • 3026 Fallondale Road Waxhaw, NC 2
    • 5 beds 3 baths ∙ 2,860 Sqft ∙ Built 2013 5 beds 3 baths ∙ 2,860 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.79
    •  
  • 1061 Easley Street Waxhaw, NC 1
    • 5 beds 4 baths ∙ 2,712 Sqft ∙ Built 2018 5 beds 4 baths ∙ 2,712 Sqft ∙ Built 2018
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.83
    •  
  • 2002 Fallondale Road Waxhaw, NC 3
    • 5 beds 3 baths ∙ 2,867 Sqft ∙ Built 2012 5 beds 3 baths ∙ 2,867 Sqft ∙ Built 2012
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,275
    • $0.79
    •  
  • 1025 Delridge Street Waxhaw, NC 4
    • 4 beds 4 baths ∙ 2,892 Sqft ∙ Built 2017 4 beds 4 baths ∙ 2,892 Sqft ∙ Built 2017
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.83
    •  
  • 1037 Bannister Road Waxhaw, NC 5
    • 4 beds 4 baths ∙ 2,796 Sqft ∙ Built 2019 4 beds 4 baths ∙ 2,796 Sqft ∙ Built 2019
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,435
    • $0.87
    •  
PROPERTY LISTING DETAILS
Aly Carlson
1.203.215.1679
Keller Williams Ballantyne Area
BESbswy