Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

4603 Magnolia Ridge Drive # 39 Waxhaw, NC 28173

4 Beds 3 Baths 2,010 sqft Built 2001

INVESTimate

$269,900

List Price

$1,600

$1,440 - $1,760

Rent Est.

$283,422  ( +5.01%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $134.28
  • 8 Days on Market
  • MLS # : 3653023
  • Updated Date : 08/24/2020 at 08:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,010 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Ballantyne

Listing Agent's Description

Beautiful well-built custom built home, lovely touches you typically don't find in this price point- rounded corners, arched opening to the sunroom, crown molding, solar tube skylight in sunroom and more. Newly painted neutral paint throughout. **$5k Flooring Allowance** Make it your own! Open Floorplan with Formal DR with heavy trim detail, 2-Story GR w/cathedral ceiling and fan, Gas Fireplace. Light and Bright- Breakfast area and Kitchen open to the Sunroom- tons of natural light flowing through and overlooking the private, flat and partially wooded backyard. Master BR w/ Tray Ceiling, Master BA w/ Garden tub and sep shower. Fully fenced yard plus smaller fenced area and dog house. Huge custom built storage shed to match the home. Tons of storage, oversized 2 car garage with long driveway allowing parking ease. Fantastic location within close proximity to charming downtown Waxhaw and short drive to Ballantyne. 2-10 Home warranty for Buyer.

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
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$996
Property Tax -$207
Property Insurance -$65
HOA -$10
Property Management Fees -$144
CASH FLOW
$178

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.

$269,900

PROJECTED PRICE

$1,600

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.01%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$34,866

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,568

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3953$1,4904$1,6005$1,600
$1,600
RENT COMPS ANALYSIS
  • 4603 Magnolia Ridge Drive Waxhaw, NC 5
    • 4 beds 3 baths ∙ 2,010 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,010 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.80
    •  
  • 1907 Harrison Park Drive Waxhaw, NC 1
    • 3 beds 3 baths ∙ 1,775 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,775 Sqft ∙ Built 2003
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.76
    •  
  • 2043 Dunsmore Lane Waxhaw, NC 2
    • 3 beds 3 baths ∙ 1,896 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,896 Sqft ∙ Built 2005
    property image
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.74
    •  
  • 4705 Waterbell Lane Waxhaw, NC 3
    • 4 beds 3 baths ∙ 1,926 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,926 Sqft ∙ Built 2003
    property image
    LEASED 02/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.77
    •  
  • 401 Jackson Avenue Waxhaw, NC 4
    • 4 beds 3 baths ∙ 1,880 Sqft ∙ Built 1960 4 beds 3 baths ∙ 1,880 Sqft ∙ Built 1960
    property image
    LEASED 05/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.85
    •  
PROPERTY LISTING DETAILS
Mary Mccloskey
1.704.400.0955
Allen Tate Ballantyne
BESbswy