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615 Teresa Circle Waxhaw, NC 28173

3 Beds 2 Baths 1,515 sqft Built 1979

$299,999

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $198.02
  • 8 Days on Market
  • MLS # : 3713110
  • Updated Date : 03/06/2021 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,515 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Move-in ready home that has recently been updated. Close to downtown historic Waxhaw. No HOA. Newer roof. New windows throughout the home, New granite and stainless steel appliances in Kitchen with white cabinets. New glass slider leading on to a new deck/patio. City water and sewer. Too many other updates to list. Located on a quiet cul-de-sac. A total lot of .73 acres is made up of two separate lots. PIN number 05-114-105 with home is on .387 acres and PIN number 05-114-104 is .338 acres and can be sold off separately.

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
 

$269,999$329,999$299,999

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$1,042
Property Tax -$230
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
-$107

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.

$299,999

PROJECTED PRICE

$1,340

PROJECTED RENT

0.45%

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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

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

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$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $224,999
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$10,778

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,345

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,299
1$1,2992$1,3403$1,3504$1,3505$1,525
$1,525
RENT COMPS ANALYSIS
  • 615 Teresa Circle Waxhaw, NC 2
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $0.88
    •  
  • 2022 Harrison Park Drive Waxhaw, NC 1
    • 3 beds 3 baths ∙ 1,334 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,334 Sqft ∙ Built 2003
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.97
    •  
  • 2015 Beckwith Lane Waxhaw, NC 3
    • 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2005
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.79
    •  
  • 2015 Dunsmore Lane Waxhaw, NC 4
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2005
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.84
    •  
  • 425 Rehobeth Road Waxhaw, NC 5
    • 3 beds 2 baths ∙ 1,609 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,609 Sqft ∙ Built 1959
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.95
    •  
PROPERTY LISTING DETAILS
Daniel Mckenna
1.704.441.4556
Keller Williams Ballantyne Area
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3713110
Last Updated: 03/06/2021
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