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6118 Lost Gate Lane Waxhaw, NC 28173

5 Beds 3 Baths 3,286 sqft Built 1999

$455,000

List Price

$2,390

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $138.47
  • 3 Days on Market
  • MLS # : 3702037
  • Updated Date : 01/29/2021 at 12:42
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,286 sqft
  • Baths : 3 full
Listing Agent

Century 21 Providence Realty

Listing Agent's Description

Beautifully maintained home in desirable Stonegate. Private 0.65 acre wooded lot in quiet cul-de-sac. Main floor has bedroom PLUS living room/office with French doors & full bath as well a dining room. Family room with gas fireplace and butler’s bar. Expansive kitchen boasts a huge walk-in pantry, large island, double ovens & open to family room. Eat-in breakfast area overlooks extended covered patio. Owner’s suite and three additional bedrooms upstairs AS WELL AS oversized bonus room. Owner’s bathroom with dual sinks and has been beautifully updated. Backyard extends beyond fence to include large outbuilding. Walk in attic space for plenty of storage in bonus room. Newer commercial grade water heater. Storm door. Echobee 3 Smart Thermostats. LED lighting throughout. Dual staircase. Low Union County taxes. Desired Cuthbertson schools. Showings start 1/30/21.

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
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
 

$409,500$500,500$455,000

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$1,580
Property Tax -$349
Property Insurance -$89
HOA -$64
Property Management Fees -$119
CASH FLOW
$188

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.

$455,000

PROJECTED PRICE

$2,390

PROJECTED RENT

0.53%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$126,325

INVESTMENT

$126,325

Down Payment
$113,750
Rehab Estimate
$5,750
Closing Costs
$6,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,580

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $113,750
Loan Amount $341,250
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$45,201

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,391

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,1953$2,3904$2,3955$2,400
$2,400
RENT COMPS ANALYSIS
  • 6118 Lost Gate Lane Waxhaw, NC 3
    • 5 beds 3 baths ∙ 3,286 Sqft ∙ Built 1999 5 beds 3 baths ∙ 3,286 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $0.73
    •  
  • 2909 Southern Trace Drive Waxhaw, NC 1
    • 4 beds 4 baths ∙ 3,042 Sqft ∙ Built 2013 4 beds 4 baths ∙ 3,042 Sqft ∙ Built 2013
    LEASED 01/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.71
    •  
  • 1105 Blackmoor Road Waxhaw, NC 2
    • 4 beds 3 baths ∙ 2,990 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,990 Sqft ∙ Built 2013
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.73
    •  
  • 1704 Crestgate Drive Waxhaw, NC 4
    • 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
    •  
  • 2716 Lawson Drive Waxhaw, NC 5
    • 5 beds 4 baths ∙ 3,072 Sqft ∙ Built 2013 5 beds 4 baths ∙ 3,072 Sqft ∙ Built 2013
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.78
    •  
PROPERTY LISTING DETAILS
Deborah Richter
1.704.607.2179
Century 21 Providence Realty
BESbswy