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1025 Fairbrae Lane #250 - Gaines CR Indian Trail, NC 28079

5 Beds 3 Baths 2,752 sqft Built 2020

$391,198

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Built In 2020
  • Price/Sqft : $142.15
  • 10 Days on Market
  • MLS # : 3676240
  • Updated Date : 10/25/2020 at 15:10
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,752 sqft
  • Baths : 3 full
Listing Agent

Mattamy Carolina Corporation

Listing Agent's Description

2-Story Craftsman home with covered front porch. This home has 5 bedrooms with 3 bathrooms and a loft with 2 car garage. Very open floorplan with guest suite on the 1st floor, gathering room opens to breakfast area and kitchen while flex room is tucked away in the front of the home. Fireplace, stainless steel appliances, granite counter tops, enhanced vinyl plank flooring, tile bath and laundry. Ready to close in November 2020. Seller to pay up to 3% towards closing cost with the use of MHF. Community pool with be open Spring 2021.

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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: 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
 

$352,078$430,318$391,198

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,443
Property Tax -$255
Property Insurance -$79
HOA -$65
Property Management Fees -$176
CASH FLOW
-$59

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.

$391,198

PROJECTED PRICE

$1,960

PROJECTED RENT

0.50%

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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$105,667

INVESTMENT

$105,667

Down Payment
$97,800
Rehab Estimate
$2,000
Closing Costs
$5,868

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,443

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,800
Loan Amount $293,399
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$18,433

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,960

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,940

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,9453$1,9604$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 1025 Fairbrae Lane Indian Trail, NC 3
    • 5 beds 3 baths ∙ 2,752 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,752 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.71
    •  
  • 1003 Garden Web Road Indian Trail, NC 1
    • 4 beds 2 baths ∙ 2,424 Sqft ∙ Built 2012 4 beds 2 baths ∙ 2,424 Sqft ∙ Built 2012
    property image
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.70
    •  
  • 3003 Filly Drive Indian Trail, NC 2
    • 5 beds 4 baths ∙ 2,654 Sqft ∙ Built 2005 5 beds 4 baths ∙ 2,654 Sqft ∙ Built 2005
    property image
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.73
    •  
  • 1007 Emerson Lane Indian Trail, NC 4
    • 5 beds 3 baths ∙ 3,029 Sqft ∙ Built 2007 5 beds 3 baths ∙ 3,029 Sqft ∙ Built 2007
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.66
    •  
  • 1014 Equipoise Drive Indian Trail, NC 5
    • 5 beds 3 baths ∙ 2,879 Sqft ∙ Built 2013 5 beds 3 baths ∙ 2,879 Sqft ∙ Built 2013
    property image
    LEASED 09/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.73
    •  
PROPERTY LISTING DETAILS
Rick Epley
1.704.576.5268
Mattamy Carolina Corporation
BESbswy