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1008 Fairbrae Lane #244 Evelyn Indian Trail, NC 28079

3 Beds 2 Baths 1,987 sqft Built 2020

$362,824

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 07, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $182.60
  • 7 Days on Market
  • MLS # : 3689457
  • Updated Date : 12/07/2020 at 16:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,987 sqft
  • Baths : 2 full
Listing Agent

Mattamy Carolina Corporation

Listing Agent's Description

The Evelyn ranch offers a 3 bedroom with 2 bath open floorplan. As you enter the home you will find a large flex space that can fit your individual needs. The open kitchen with large island has granite countertops and looks out to your open breakfast room and gathering room with a corner fireplace. This is a true split floor plan with the master and master suite bathroom on one side and the two bedrooms that share the other full bath on the other side. You also can enter the home from the garage into the mud area where you have you large walk-in pantry, laundry room and sports locker.

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: 28079

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Zip Code: 28079

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Hemby Bridge Elementary School Primary Regular 496 31 6
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Hemby Bridge Elementary School

  • Education Level: Primary
  • # of students: 496
  • # of teachers: 31
6
GreatSchools Rating

Porter Ridge Middle School

  • Education Level: Middle
  • # of students: 1,385
  • # of teachers: 72
7
GreatSchools Rating

Porter Ridge High School

  • Education Level: High
  • # of students: 1,591
  • # of teachers: 77
7
GreatSchools Rating
 

$326,542$399,106$362,824

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,339
Property Tax -$237
Property Insurance -$65
HOA -$65
Property Management Fees -$119
CASH FLOW
-$204

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$362,824

PROJECTED PRICE

$1,620

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.3%
Maintenance Year (1-5) 3.00%
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

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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,148

INVESTMENT

$98,148

Down Payment
$90,706
Rehab Estimate
$2,000
Closing Costs
$5,442

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,339

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $90,706
Loan Amount $272,118
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$10,772

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,664

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6203$1,6754$1,6955$1,895
$1,895
RENT COMPS ANALYSIS
  • 1008 Fairbrae Lane Indian Trail, NC 2
    • 3 beds 2 baths ∙ 1,987 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,987 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.82
    •  
  • 1004 Christobal Court Indian Trail, NC 1
    • 4 beds 3 baths ∙ 1,844 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,844 Sqft ∙ Built 2001
    property image
    LEASED 01/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.86
    •  
  • 2014 Makin Drive Indian Trail, NC 3
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2003
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.81
    •  
  • 1032 Back Stretch Boulevard Indian Trail, NC 4
    • 3 beds 3 baths ∙ 2,073 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,073 Sqft ∙ Built 2006
    property image
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.82
    •  
  • 1010 Onotoa Drive Indian Trail, NC 5
    • 4 beds 3 baths ∙ 1,968 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,968 Sqft ∙ Built 2001
    property image
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.96
    •  
PROPERTY LISTING DETAILS
Ed Pohorence
1.704.962.9632
Mattamy Carolina Corporation
BESbswy