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3919 Plaxico Road Waxhaw, NC 28173

3 Beds 2 Baths 1,248 sqft Built 2002

$199,900

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $160.18
  • 3 Days on Market
  • MLS # : 3700072
  • Updated Date : 01/23/2021 at 18:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,248 sqft
  • Baths : 2 full
Listing Agent

Central Carolina Real Estate Group Llc

Listing Agent's Description

Welcome to this well maintained, move in ready, low maintenance home located in Mineral Springs!! This 3 bedroom 2 bath home has tray ceilings in the great room with gas logs! New paint throughout, new vinyl plank flooring in the great room, hall, and spare bedrooms. Master bedroom boasts tray ceilings, walk in closet, and laminate flooring. The master bath has double vanities with a tub/shower combo! Greta front porch for enjoying that morning coffee or entertain on the huge rear deck that flows from the kitchen area! This lot is wooded for that extra privacy! Great home with with no HOA at an affordable price!

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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
Western Union Elementary School Primary Regular 660 48 7
Parkwood Middle School Middle Regular 965 55 7
Parkwood High School High Regular 1,006 57 5

Western Union Elementary School

  • Education Level: Primary
  • # of students: 660
  • # of teachers: 48
7
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
 

$179,910$219,890$199,900

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$694
Property Tax -$153
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$373

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.

$199,900

PROJECTED PRICE

$1,390

PROJECTED RENT

0.70%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,724

INVESTMENT

$58,724

Down Payment
$49,975
Rehab Estimate
$5,750
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$694

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

14.25

YEARS SAVED

$46,375

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,423

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$1,390
1$1,3902$1,599
$1,599
RENT COMPS ANALYSIS
  • 3919 Plaxico Road Waxhaw, NC 1
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $1.11
    •  
  • 5220 Lee Massey Road Waxhaw, NC 2
    • 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1980
    LEASED 01/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $1.14
    •  
PROPERTY LISTING DETAILS
Brandon Gaddy
1.704.320.5161
Central Carolina Real Estate Group Llc
BESbswy