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8100 Morehouse Drive Waxhaw, NC 28173

4 Beds 4 Baths 3,778 sqft Built 2005

$500,000

List Price

$2,550

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $132.35
  • 12 Days on Market
  • MLS # : 3693427
  • Updated Date : 12/30/2020 at 15:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,778 sqft
  • Baths : 3 full , 1 half
Listing Agent

Blakely Real Estate

Listing Agent's Description

Perfect home in Quellin. The spacious foyer greats you, and the main level features hardwoods throughout the main level. Formal living room with bay window, and dining room with trey ceiling, great for entertaining. Office space with built in bookshelves. Updated kitchen with new granite, updated s/s appliances, island and gas cooktop. Kitchen opens to 2 story great room with palladium windows and fireplace. Great room staircase leads you to the bonus room/loft space. Master bedroom features bay window, tray ceiling with chandelier. Master bathroom features dual sinks, with granite, garden tub and separate shower (shower glass surround to be replaced Jan 15th), large walk in closet. 3 additional bedrooms, 2 have direct access to a bathroom. Large corner lot, with a wooded view, oversized deck for entertaining. Home has 2 staircases, 3 car garage, new carpet & fresh paint, updated lighting, Roof 2019, Upstairs HVAC 2018. Original owners, Cuthbertson Schools.

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
Kensington Elementary School Primary Regular 691 42 9
Cuthbertson Middle School Middle Regular 1,132 59 10
Cuthbertson High School High Regular 1,449 69 9

Kensington Elementary School

  • Education Level: Primary
  • # of students: 691
  • # of teachers: 42
9
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
 

$450,000$550,000$500,000

PURCHASE PRICE

$2,295$2,805$2,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,550
EXPENSES Loan Payment -$1,845
Property Tax -$384
Property Insurance -$98
HOA -$60
Property Management Fees -$119
CASH FLOW
$44

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.

$500,000

PROJECTED PRICE

$2,550

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$138,250

INVESTMENT

$138,250

Down Payment
$125,000
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $125,000
Loan Amount $375,000
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$41,618

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,550

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $2,588

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,5503$2,5654$2,6455$3,000
$3,000
RENT COMPS ANALYSIS
  • 8100 Morehouse Drive Waxhaw, NC 2
    • 4 beds 4 baths ∙ 3,778 Sqft ∙ Built 2005 4 beds 4 baths ∙ 3,778 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.67
    •  
  • 1101 Kickshaw Court Waxhaw, NC 1
    • 4 beds 4 baths ∙ 3,559 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,559 Sqft ∙ Built 2006
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.66
    •  
  • 4200 Chasebrook Lane Waxhaw, NC 3
    • 5 beds 4 baths ∙ 3,833 Sqft ∙ Built 2009 5 beds 4 baths ∙ 3,833 Sqft ∙ Built 2009
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,565
    • $0.67
    •  
  • 8128 Acacia Court Waxhaw, NC 4
    • 5 beds 3 baths ∙ 3,942 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,942 Sqft ∙ Built 2006
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,645
    • $0.67
    •  
  • 8304 Fairgreen Avenue Waxhaw, NC 5
    • 5 beds 4 baths ∙ 4,040 Sqft ∙ Built 2015 5 beds 4 baths ∙ 4,040 Sqft ∙ Built 2015
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.74
    •  
PROPERTY LISTING DETAILS
Pamela Jobe
1.704.576.4571
Blakely Real Estate
BESbswy