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3032 Connells Point Avenue Waxhaw, NC 28173

4 Beds 4 Baths 2,983 sqft Built 2008

$415,000

List Price

$2,060

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $139.12
  • 14 Days on Market
  • MLS # : 3698013
  • Updated Date : 02/13/2021 at 18:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,983 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Welcome home to Cureton! Gorgeous home on a private corner lot. Cozy front porch is lovely for evening relaxation. Gleaming hardwood floors flow throughout the main level. Newly painted formal areas are warm and inviting. The family room features a gas fireplace with views to the recently renovated paver patio with built in firepit and opens up to the spacious kitchen and breakfast nook. The sellers have just replaced all of the carpeting on the upper level. The loft space is currently set up as a home gym and offers so many options for our virtual world. The huge master bedroom provides room for a sitting area and opens to an adorable balcony. There are 3 additional large bedrooms, with one being a second master. The community provides a pool, clubhouse, fitness center, walking trails and so much more. This home is a must see!

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
 

$373,500$456,500$415,000

PURCHASE PRICE

$1,854$2,266$2,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,060
EXPENSES Loan Payment -$1,441
Property Tax -$318
Property Insurance -$83
HOA -$66
Property Management Fees -$119
CASH FLOW
$32

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.

$415,000

PROJECTED PRICE

$2,060

PROJECTED RENT

0.50%

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

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$115,725

INVESTMENT

$115,725

Down Payment
$103,750
Rehab Estimate
$5,750
Closing Costs
$6,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,441

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $103,750
Loan Amount $311,250
See What Happens When You Reinvest Cash Flow

5.92

YEARS SAVED

$27,736

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,060

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $2,110

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,0603$2,0954$2,1005$2,150
$2,150
RENT COMPS ANALYSIS
  • 3032 Connells Point Avenue Waxhaw, NC 2
    • 4 beds 4 baths ∙ 2,983 Sqft ∙ Built 2008 4 beds 4 baths ∙ 2,983 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $2,060
    • $0.69
    •  
  • 8427 Fairlight Drive Waxhaw, NC 1
    • 4 beds 3 baths ∙ 2,893 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,893 Sqft ∙ Built 2009
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.67
    •  
  • 8024 Whitehawk Hill Road Waxhaw, NC 3
    • 4 beds 4 baths ∙ 3,011 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,011 Sqft ∙ Built 2006
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.70
    •  
  • 8416 Whitehawk Hill Road Waxhaw, NC 4
    • 5 beds 3 baths ∙ 2,876 Sqft ∙ Built 2007 5 beds 3 baths ∙ 2,876 Sqft ∙ Built 2007
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.73
    •  
  • 8100 Whitehawk Hill Road Waxhaw, NC 5
    • 5 beds 3 baths ∙ 3,118 Sqft ∙ Built 2011 5 beds 3 baths ∙ 3,118 Sqft ∙ Built 2011
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.69
    •  
PROPERTY LISTING DETAILS
Mary Boswell
1.704.578.0944
Keller Williams Ballantyne Area
BESbswy