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8915 Waltham Forest Court Waxhaw, NC 28173

4 Beds 3 Baths 2,416 sqft Built 1999

$419,000

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $173.43
  • 5 Days on Market
  • MLS # : 3683150
  • Updated Date : 11/18/2020 at 07:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,416 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Providence @485

Listing Agent's Description

MOVE IN READY!! Hard to find home UNDER 420K in SOMERSET. Priced to sell FAST. Master on Main. HUGE screened in porch. Basketball court in backyard. Both HVAC Replaced in 2017. TOP rated Marvin School District, Low Union County taxes, and a GREAT location less than 5 minutes from the popular Blakeney, Rea Farms & Waverly shopping center and easy 485 access!! Community amenities include, Club House, playground, outdoor pool, recreation area, tennis courts and walking trails. This home will NOT LAST LONG!!

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

Neighborhood: Somerset

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $118k585k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Somerset

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $8442955

* 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
Rea View Elementary School Primary Regular 654 36 8
Marvin Ridge Middle School Middle Regular 1,264 68 9
Marvin Ridge High School High Regular 1,573 78 10

Rea View Elementary School

  • Education Level: Primary
  • # of students: 654
  • # of teachers: 36
8
GreatSchools Rating

Marvin Ridge Middle School

  • Education Level: Middle
  • # of students: 1,264
  • # of teachers: 68
9
GreatSchools Rating

Marvin Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 78
10
GreatSchools Rating
 

$377,100$460,900$419,000

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,546
Property Tax -$321
Property Insurance -$73
HOA -$51
Property Management Fees -$198
CASH FLOW
$11

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.

$419,000

PROJECTED PRICE

$2,200

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.36%
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

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$116,785

INVESTMENT

$116,785

Down Payment
$104,750
Rehab Estimate
$5,750
Closing Costs
$6,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,546

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $104,750
Loan Amount $314,250
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$28,046

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $2,307

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2003$2,2504$2,3955$2,400
$2,400
RENT COMPS ANALYSIS
  • 8915 Waltham Forest Court Waxhaw, NC 2
    • 4 beds 3 baths ∙ 2,416 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,416 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.91
    •  
  • 9518 Ridgeforest Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,550 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,550 Sqft ∙ Built 2006
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.86
    •  
  • 8601 Chatsworth Lane Waxhaw, NC 3
    • 3 beds 3 baths ∙ 2,500 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,500 Sqft ∙ Built 2000
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.90
    •  
  • 9101 Dartington Lane Waxhaw, NC 4
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2001
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.00
    •  
  • 407 Amersham Lane Waxhaw, NC 5
    • 5 beds 3 baths ∙ 2,549 Sqft ∙ Built 2001 5 beds 3 baths ∙ 2,549 Sqft ∙ Built 2001
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.94
    •  
PROPERTY LISTING DETAILS
Gary Burkart
1.704.236.4836
Allen Tate Providence @485
BESbswy