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6801 Providence Road S Waxhaw, NC 28173

3 Beds 4 Baths 2,809 sqft Built 1998

INVESTimate

$425,000

List Price

$2,070

$1,863 - $2,277

Rent Est.

$446,293  ( +5.01%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $151.30
  • 8 Days on Market
  • MLS # : 3653410
  • Updated Date : 08/22/2020 at 10:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,809 sqft
  • Baths : 3 full , 1 half
Listing Agent

Fathom Realty

Listing Agent's Description

Come home to this beautiful, custom brick home on 2 acres! Features circle drive around custom water feature with waterfall and fish pond. This is a landscaper or gardener's dream. Lot slopes down in back and crosses a creek. Home is open and spacious with huge windows and vaulted ceilings to bring sunlight and the outdoors to the inside! New gas logs fireplace. Sunroom overlooks newly-stained massive tiered deck. Cozy upstairs bedroom/bonus room with full bath, walk-in attic and closet. Laundry room has generous cabinet space, pantry, and sink. Home is wired for alarm system. Oversized garage has workshop/storage room. Large 12x20 outbuilding. Septic field serviced in 2016. Driveway surface is chip-sealed. Large concrete pad at garage allows for boat, RV parking. Close to Cane Creek Park with peaceful lake and amenities. Ten minutes from downtown Waxhaw. This one-of-a-kind home is full of character. Don't miss it! No FOR SALE sign.

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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
Western Union Elementary School Primary Regular 660 48 7
Parkwood Middle School Middle Regular 965 55 7
Parkwood High School High Regular 1,006 57 5

Western Union Elementary School

  • Education Level: Primary
  • # of students: 660
  • # of teachers: 48
7
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
 

$382,500$467,500$425,000

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

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-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,568
Property Tax -$326
Property Insurance -$80
Property Management Fees -$186
CASH FLOW
-$90

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.

$425,000

PROJECTED PRICE

$2,070

PROJECTED RENT

0.49%

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$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,568

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$18,304

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $2,032

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,8003$2,0704$2,720
$2,720
RENT COMPS ANALYSIS
  • 6801 Providence Road S Waxhaw, NC 3
    • 4 beds 4 baths ∙ 2,809 Sqft ∙ Built 1998 4 beds 4 baths ∙ 2,809 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $0.74
    •  
  • 7017 Old Ridge Road Waxhaw, NC 1
    • 3 beds 2 baths ∙ 2,520 Sqft ∙ Built 1984 3 beds 2 baths ∙ 2,520 Sqft ∙ Built 1984
    property image
    LEASED 03/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.54
    •  
  • 6003 Hawk View Road Waxhaw, NC 2
    • 4 beds 3 baths ∙ 2,758 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,758 Sqft ∙ Built 2016
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.65
    •  
  • 6402 Providence Road Waxhaw, NC 4
    • 4 beds 4 baths ∙ 2,781 Sqft ∙ Built 2017 4 beds 4 baths ∙ 2,781 Sqft ∙ Built 2017
    property image
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,720
    • $0.98
    •  
PROPERTY LISTING DETAILS
David Bothwell
1.704.254.9474
Fathom Realty
BESbswy