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424 Belvedere Lane Waxhaw, NC 28173

4 Beds 4 Baths 3,431 sqft Built 2001

INVESTimate

$485,000

List Price

$2,490

$2,241 - $2,739

Rent Est.

$505,079  ( +4.14%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $141.36
  • 6 Days on Market
  • MLS # : 3654554
  • Updated Date : 08/24/2020 at 13:34
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,431 sqft
  • Baths : 3 full , 1 half
Listing Agent

Yancey Realty Llc

Listing Agent's Description

You don't want to miss this beautiful home in a charming, family-friendly cul-de-sac. Located in the highly sought after Somerset Community, enjoy Union County taxes while living within a mile of the Charlotte border. Somerset is zoned for Marvin Ridge Schools and is in close proximity to Blakeney and Waverly. This 4 bed, 3.5 bath home is situated on a flat lot surrounded by mature trees. Relax in your private fenced backyard and brand new stamped concrete patio just in time for Fall. The property contains an updated kitchen, breakfast nook, island seating, comfortable living area, grand family room, two gas fireplaces, formal dining area, home office, guest suite, jack and jill bathroom, enormous master closet, and neutral paint colors throughout. Community Amenities Include: Swimming Pool, Tennis Courts, Basketball Courts, Playground, Walking Trails, Pavilion, Large Activity Field, and HOA planned events.

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

Neighborhood: Somerset

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $118k585k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Somerset

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $8442955

* 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
Rea View Elementary School Primary Regular 654 36 8
Marvin Ridge Middle School Middle Regular 1,264 68 9
Marvin Ridge High School High Regular 1,573 78 10

Rea View Elementary School

  • Education Level: Primary
  • # of students: 654
  • # of teachers: 36
8
GreatSchools Rating

Marvin Ridge Middle School

  • Education Level: Middle
  • # of students: 1,264
  • # of teachers: 68
9
GreatSchools Rating

Marvin Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 78
10
GreatSchools Rating
 

$436,500$533,500$485,000

PURCHASE PRICE

$2,241$2,739$2,490

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,490
EXPENSES Loan Payment -$1,789
Property Tax -$375
Property Insurance -$92
HOA -$50
Property Management Fees -$224
CASH FLOW
-$40

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.

$485,000

PROJECTED PRICE

$2,490

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.14%
Maintenance Year (1-5) 8.00%
Vacancy 6.36%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$134,275

INVESTMENT

$134,275

Down Payment
$121,250
Rehab Estimate
$5,750
Closing Costs
$7,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,789

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $121,250
Loan Amount $363,750
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$27,591

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,490

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,693

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,490
1$2,4902$2,6003$2,6004$2,6255$3,000
$3,000
RENT COMPS ANALYSIS
  • 424 Belvedere Lane Waxhaw, NC 1
    • 4 beds 4 baths ∙ 3,431 Sqft ∙ Built 2001 4 beds 4 baths ∙ 3,431 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $0.73
    •  
  • 6634 Fairhope Court Charlotte, NC 2
    • 5 beds 3 baths ∙ 3,222 Sqft ∙ Built 1993 5 beds 3 baths ∙ 3,222 Sqft ∙ Built 1993
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.81
    •  
  • 5211 Gwaltney Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 3,500 Sqft ∙ Built 1993 4 beds 3 baths ∙ 3,500 Sqft ∙ Built 1993
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.74
    •  
  • 419 Belvedere Lane Waxhaw, NC 4
    • 4 beds 4 baths ∙ 3,442 Sqft ∙ Built 2001 4 beds 4 baths ∙ 3,442 Sqft ∙ Built 2001
    LEASED 07/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,625
    • $0.76
    •  
  • 11849 James Richard Drive Charlotte, NC 5
    • 5 beds 4 baths ∙ 3,556 Sqft ∙ Built 2004 5 beds 4 baths ∙ 3,556 Sqft ∙ Built 2004
    LEASED 07/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.84
    •  
PROPERTY LISTING DETAILS
William Youhouse
1.704.345.2477
Yancey Realty Llc
BESbswy