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7123 Orchard Ridge Road Waxhaw, NC 28173

3 Beds 3 Baths 2,162 sqft Built 1998

$350,000

List Price

$1,930

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $161.89
  • 6 Days on Market
  • MLS # : 3695258
  • Updated Date : 01/07/2021 at 13:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,162 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

WELCOME HOME to this 2 story, 3 bedroom, 2.5 bathroom home that sits on 1.31 acres! Kitchen has been remodeled, brand new half bath on the main floor, brand new carpet upstairs, and freshly painted! Enjoy sitting out on your front porch on a nice sunny day. Immediately enter the home into the 2-story foyer with an office located on the left and dining room located on the right. The kitchen features a HUGE island and is open to the living room and the breakfast area that has a door opening to the back deck that overlooks the fully fenced in backyard! Upstairs is the master bedroom and bathroom, 2 additional bedrooms with a full bathroom, and a large bonus room! Schedule your showing today! Downstairs AC unit was replaced in 2014. Upstairs AC unit was replaced in 2016. Water heater was replaced in December 2020!

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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
Weddington Elementary School Primary Regular 730 40 9
Weddington Middle School Middle Regular 997 55 10
Weddington High School High Regular 1,342 69 9

Weddington Elementary School

  • Education Level: Primary
  • # of students: 730
  • # of teachers: 40
9
GreatSchools Rating

Weddington Middle School

  • Education Level: Middle
  • # of students: 997
  • # of teachers: 55
10
GreatSchools Rating

Weddington High School

  • Education Level: High
  • # of students: 1,342
  • # of teachers: 69
9
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,737$2,123$1,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,930
EXPENSES Loan Payment -$1,216
Property Tax -$269
Property Insurance -$68
Property Management Fees -$119
CASH FLOW
$259

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.

$350,000

PROJECTED PRICE

$1,930

PROJECTED RENT

0.55%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$47,372

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,930

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,903

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,930
1$1,9302$2,100
$2,100
RENT COMPS ANALYSIS
  • 7123 Orchard Ridge Road Waxhaw, NC 1
    • 3 beds 3 baths ∙ 2,162 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,162 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $0.89
    •  
  • 1717 Hoosac Drive Waxhaw, NC 2
    • 4 beds 3 baths ∙ 2,379 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,379 Sqft ∙ Built 2011
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.88
    •  
PROPERTY LISTING DETAILS
Kyle Bender
1.704.665.0007
Exp Realty Llc
BESbswy