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3038 Deep River Way Waxhaw, NC 28173

3 Beds 3 Baths 2,441 sqft Built 2021

$399,063

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $163.48
  • 6 Days on Market
  • MLS # : 3695584
  • Updated Date : 01/05/2021 at 12:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,441 sqft
  • Baths : 3 full
Listing Agent

Lennar Sales Corp

Listing Agent's Description

New Bristol 1.5 story plan features an owner's suite, guest bedroom and large sunroom on the main and a bedroom and bonus on the second floor. Large walk in storage. This open and spacious plan features a gourmet kitchen ( double wall ovens, gas cooktop) with a large island that overlooks the great room and dining area. Walk out onto your screened porch. The true leader in the CONNECTED HOME, we include Wi-fi certification ( future ready), smart home automation features. With our signature "Everything's Included" program, your home will have all the bells and whistles! MillBridge has resort style amenities and a full time activity coordinator.

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
 

$359,157$438,969$399,063

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,386
Property Tax -$306
Property Insurance -$73
HOA -$68
Property Management Fees -$119
CASH FLOW
$128

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.

$399,063

PROJECTED PRICE

$2,080

PROJECTED RENT

0.52%

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$107,752

INVESTMENT

$107,752

Down Payment
$99,766
Rehab Estimate
$2,000
Closing Costs
$5,986

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,386

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,766
Loan Amount $299,297
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$37,820

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,111

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,975
1$1,9752$2,0503$2,0804$2,1505$2,195
$2,195
RENT COMPS ANALYSIS
  • 3038 Deep River Way Waxhaw, NC 3
    • 3 beds 3 baths ∙ 2,441 Sqft ∙ Built 2021 3 beds 3 baths ∙ 2,441 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.85
    •  
  • 4048 Deep River Way Waxhaw, NC 1
    • 3 beds 3 baths ∙ 2,441 Sqft ∙ Built 3 beds 3 baths ∙ 2,441 Sqft ∙ Built
    property image
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.81
    •  
  • 1042 Winnett Drive Waxhaw, NC 2
    • 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2019
    property image
    LEASED 01/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.87
    •  
  • 1012 Easley Street Waxhaw, NC 4
    • 4 beds 3 baths ∙ 2,256 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,256 Sqft ∙ Built 2018
    property image
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.95
    •  
  • 3024 Fallondale Road Waxhaw, NC 5
    • 4 beds 3 baths ∙ 2,630 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,630 Sqft ∙ Built 2013
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.83
    •  
PROPERTY LISTING DETAILS
Justin Kennelly
1.980.244.8966
Lennar Sales Corp
BESbswy