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5600 Silver Creek Drive Waxhaw, NC 28173

5 Beds 4 Baths 3,784 sqft Built 2004

$489,000

List Price

$2,480

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $129.23
  • 11 Days on Market
  • MLS # : 3696082
  • Updated Date : 01/15/2021 at 22:15
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,784 sqft
  • Baths : 4 full
Listing Agent

Dane Warren Real Estate

Listing Agent's Description

Beautiful estate home in highly sought-after Silver Creek. This five bedroom, four bathroom home greets you with a rocking chair front porch, two-story foyer and large open great room. The spacious master suite includes walk-in closet and additional flex space currently used as a home office. The home sits on a half acre corner lot with a large flat backyard and double tiered composite deck. The amenity packed neighborhood boasts tennis courts, pool, playground, cabana with outdoor fireplace, walking trails and huge recreational area with a baseball and soccer field. Enjoy all of the benefits of Waxhaw living including top-rated schools, family oriented community, low taxes and close proximity to 485 and Uptown Charlotte. SHOWINGS TO START SATURDAY 1/16/21.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
New Town Elementary School Primary Regular 1,001 53 10
Cuthbertson Middle School Middle Regular 1,132 59 10
Cuthbertson High School High Regular 1,449 69 9

New Town Elementary School

  • Education Level: Primary
  • # of students: 1,001
  • # of teachers: 53
10
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
 

$440,100$537,900$489,000

PURCHASE PRICE

$2,232$2,728$2,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,480
EXPENSES Loan Payment -$1,698
Property Tax -$402
Property Insurance -$98
HOA -$61
Property Management Fees -$119
CASH FLOW
$101

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.

$489,000

PROJECTED PRICE

$2,480

PROJECTED RENT

0.51%

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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$135,335

INVESTMENT

$135,335

Down Payment
$122,250
Rehab Estimate
$5,750
Closing Costs
$7,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,698

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $122,250
Loan Amount $366,750
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$38,379

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,480

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $2,479

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,3953$2,4804$2,6005$2,700
$2,700
RENT COMPS ANALYSIS
  • 5600 Silver Creek Drive Waxhaw, NC 3
    • 5 beds 4 baths ∙ 3,784 Sqft ∙ Built 2004 5 beds 4 baths ∙ 3,784 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $2,480
    • $0.66
    •  
  • 1704 Crestgate Drive Waxhaw, NC 1
    • 5 beds 3 baths ∙ 3,481 Sqft ∙ Built 2000 5 beds 3 baths ∙ 3,481 Sqft ∙ Built 2000
    LEASED 04/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.69
    •  
  • 414 Ranelagh Drive Waxhaw, NC 2
    • 5 beds 4 baths ∙ 4,038 Sqft ∙ Built 2005 5 beds 4 baths ∙ 4,038 Sqft ∙ Built 2005
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.59
    •  
  • 3003 Whisperfield Lane Matthews, NC 4
    • 6 beds 4 baths ∙ 4,051 Sqft ∙ Built 2002 6 beds 4 baths ∙ 4,051 Sqft ∙ Built 2002
    LEASED 01/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.64
    •  
  • 2107 Madeira Circle Waxhaw, NC 5
    • 5 beds 3 baths ∙ 3,875 Sqft ∙ Built 2014 5 beds 3 baths ∙ 3,875 Sqft ∙ Built 2014
    LEASED 08/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.70
    •  
PROPERTY LISTING DETAILS
Lauren Frye
1.704.287.3011
Dane Warren Real Estate
BESbswy