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4318 Overbecks Lane #110 Waxhaw, NC 28173

3 Beds 2 Baths 2,343 sqft Built 2010

$305,000

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2010
  • Price/Sqft : $130.17
  • 2 Days on Market
  • MLS # : 3714070
  • Updated Date : 03/06/2021 at 18:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,343 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Providence @485

Listing Agent's Description

Hurry - this will not last long. Move in ready home in a fabulous location! Great open layout, kitchen has 42" cabinets. Home offers 9 ft ceilings, hardwoods throughout first floor, surround sound, recessed lighting & a gas fireplace in the great rm. Sit outside on your patio & enjoy the fenced private yard w/mature trees & front & back irrigation. Upstairs offers laundry, large bedrooms & loft area. Garage is insulated as well!

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
Kensington Elementary School Primary Regular 691 42 9
Cuthbertson Middle School Middle Regular 1,132 59 10
Cuthbertson High School High Regular 1,449 69 9

Kensington Elementary School

  • Education Level: Primary
  • # of students: 691
  • # of teachers: 42
9
GreatSchools Rating

Cuthbertson Middle School

  • Education Level: Middle
  • # of students: 1,132
  • # of teachers: 59
10
GreatSchools Rating

Cuthbertson High School

  • Education Level: High
  • # of students: 1,449
  • # of teachers: 69
9
GreatSchools Rating
 

$274,500$335,500$305,000

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,059
Property Tax -$234
Property Insurance -$71
HOA -$66
Property Management Fees -$119
CASH FLOW
$390

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.

$305,000

PROJECTED PRICE

$1,940

PROJECTED RENT

0.64%

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$86,575

INVESTMENT

$86,575

Down Payment
$76,250
Rehab Estimate
$5,750
Closing Costs
$4,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,059

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $76,250
Loan Amount $228,750
See What Happens When You Reinvest Cash Flow

12

YEARS SAVED

$57,015

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,126

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,940
1$1,9402$1,9753$2,1004$2,2955$2,295
$2,295
RENT COMPS ANALYSIS
  • 4318 Overbecks Lane Waxhaw, NC 1
    • 3 beds 2 baths ∙ 2,343 Sqft ∙ Built 2010 3 beds 2 baths ∙ 2,343 Sqft ∙ Built 2010
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.83
    •  
  • 4405 Glenduran Lane Waxhaw, NC 2
    • 4 beds 3 baths ∙ 2,262 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,262 Sqft ∙ Built 2007
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.87
    •  
  • 8006 Kew Gardens Court Waxhaw, NC 3
    • 4 beds 3 baths ∙ 2,253 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,253 Sqft ∙ Built 2006
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.93
    •  
  • 1020 Ridge Haven Road Waxhaw, NC 4
    • 4 beds 2 baths ∙ 2,500 Sqft ∙ Built 2012 4 beds 2 baths ∙ 2,500 Sqft ∙ Built 2012
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.92
    •  
  • 1006 Kensley Drive Waxhaw, NC 5
    • 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 2015
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.91
    •  
PROPERTY LISTING DETAILS
Gary Burkart
1.704.236.4836
Allen Tate Providence @485
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3714070
Last Updated: 03/06/2021
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