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411 S Providence Street Waxhaw, NC 28173

5 Beds 3 Baths 2,459 sqft Built 2021

$419,900

List Price

$3,010

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
December 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $170.76
  • 8 Days on Market
  • MLS # : 3693784
  • Updated Date : 01/01/2021 at 14:03
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,459 sqft
  • Baths : 3 full
Listing Agent

Nestlewood Realty, Llc

Listing Agent's Description

Welcome to beautiful Historic Downtown Waxhaw! This gorgeous, custom build home will feature 5 bedrooms, 3 bathrooms, and attached 2 car garage and will come complete with stunning, high end features. The downstairs bedroom off the formal entry hall could make the perfect office space. Totally open concept kitchen, dining, and living space. The chef's kitchen will include stainless steel gas range, hood, and dishwasher. Tons of extra storage space in the large kitchen island and walk-in pantry. The main level boasts luxury vinyl plank, 9' ceilings, and crown molding throughout. Enjoy the charming view on your covered, rocking chair porch or back deck! The best part - walk to Waxhaw's best local shops and restaurants like Virtuoso, Fox Pizza, Pelican Snowball, Emmet's, South Main St BBQ, and Maxwell's Tavern just to name a few!! Builder is offering up to $4500 in closing costs incentives as well as builder's 2-10 warranty!

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
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
 

$377,910$461,890$419,900

PURCHASE PRICE

$2,709$3,311$3,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,010
EXPENSES Loan Payment -$1,549
Property Tax -$318
Property Insurance -$73
Property Management Fees -$119
CASH FLOW
$950

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.

$419,900

PROJECTED PRICE

$3,010

PROJECTED RENT

0.72%

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$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k$35k$40k$45k

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$113,274

INVESTMENT

$113,274

Down Payment
$104,975
Rehab Estimate
$2,000
Closing Costs
$6,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,549

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $104,975
Loan Amount $314,925
See What Happens When You Reinvest Cash Flow

16

YEARS SAVED

$132,521

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,010

    LIST RENT
  • $1.22

    LIST RENT PER SQFT
  • $1,801

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7253$1,7994$1,8005$3,010
$3,010
RENT COMPS ANALYSIS
  • 411 S Providence Street Waxhaw, NC 5
    • 5 beds 3 baths ∙ 2,459 Sqft ∙ Built 2021 5 beds 3 baths ∙ 2,459 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,010
    • $1.22
    •  
  • 8005 Red Oaks Trail Waxhaw, NC 1
    • 4 beds 2 baths ∙ 2,220 Sqft ∙ Built 1995 4 beds 2 baths ∙ 2,220 Sqft ∙ Built 1995
    property image
    LEASED 08/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.76
    •  
  • 2109 Majestic Poplar Drive Waxhaw, NC 2
    • 4 beds 3 baths ∙ 2,204 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,204 Sqft ∙ Built 2002
    property image
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.78
    •  
  • 7904 Spanish Oaks Drive Waxhaw, NC 3
    • 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 2000
    property image
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,799
    • $0.71
    •  
  • 7921 Waxhaw Highway Waxhaw, NC 4
    • 4 beds 3 baths ∙ 2,658 Sqft ∙ Built 1935 4 beds 3 baths ∙ 2,658 Sqft ∙ Built 1935
    property image
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.68
    •  
PROPERTY LISTING DETAILS
Jonathan Yeatts
1.336.543.8927
Nestlewood Realty, Llc
BESbswy