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3059 Deep Way Waxhaw, NC 28173

5 Beds 4 Baths 2,647 sqft Built 2021

$407,303

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2021
  • Price/Sqft : $153.87
  • 2 Days on Market
  • MLS # : 3678469
  • Updated Date : 11/02/2020 at 16:40
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,647 sqft
  • Baths : 4 full
Listing Agent

Lennar Sales Corp

Listing Agent's Description

Craftsman style home in desirable Millbridge. This home features our signature "Everything's Included" program. Open concept with guest room / full bath on main and flex room and unfinished basement. Additional four bedrooms up (inc. owners suite), Features include, granite OR quartz, subway tile, stainless appliances, gas cooking, gas fireplace, 5 inch hardwoods on main ( except guest room), and many more. Energy star 3.0 certified. The true leader in the CONNECTED HOME, we include WIFI certification ( future ready), smart home automation features. Award Winning amenities - Community House w/ café, state of the art fitness center, pools w/ slides & splash park, lazy river, Airnasium w/ basketball, play grounds, walking trails. Millbridge is the only Waxhaw community with 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
 

$366,573$448,033$407,303

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 -$1,503
Property Tax -$313
Property Insurance -$77
HOA -$68
Property Management Fees -$207
CASH FLOW
$133

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.

$407,303

PROJECTED PRICE

$2,300

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) 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$109,935

INVESTMENT

$109,935

Down Payment
$101,826
Rehab Estimate
$2,000
Closing Costs
$6,110

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,503

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $101,826
Loan Amount $305,477
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$38,673

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
  • $0.87

    LIST RENT PER SQFT
  • $2,296

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,3003$2,3004$2,3755$2,395
$2,395
RENT COMPS ANALYSIS
  • 3059 Deep Way Waxhaw, NC 3
    • 5 beds 4 baths ∙ 2,647 Sqft ∙ Built 2021 5 beds 4 baths ∙ 2,647 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.87
    •  
  • 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
    •  
  • 7055 Hamilton Mill Drive Waxhaw, NC 2
    • 5 beds 4 baths ∙ 2,656 Sqft ∙ Built 2018 5 beds 4 baths ∙ 2,656 Sqft ∙ Built 2018
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.87
    •  
  • 4040 Shadowbrook Road Waxhaw, NC 4
    • 5 beds 4 baths ∙ 2,724 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,724 Sqft ∙ Built 2019
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,375
    • $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
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.90
    •  
PROPERTY LISTING DETAILS
Justin Kennelly
1.980.244.8966
Lennar Sales Corp
BESbswy