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2002 Oakbriar Circle Indian Trail, NC 28079

3 Beds 3 Baths 1,871 sqft Built 2003

$250,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

90% chance this property will be sold within the next 10 days HOT INVESTMENT
FACTS
  • Built In 2003
  • Price/Sqft : $133.62
  • 12 Days on Market
  • MLS # : 3672336
  • Updated Date : 10/30/2020 at 22:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,871 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate University

Listing Agent's Description

Spectacular renovation! Freshly painted, new vinyl plank wood floors, remodeled kitchen, & more. Popcorn finish on main level ceilings removed & new recessed lighting installed, much more modern look! Doors added to formal dining make it perfect home office. Triple windows add great light to living room & fireplace adds feeling of warmth. Great open flow for entertaining. Kitchen renovated w/new crisp white cabinetry, granite counters, stainless appliances, & restaurant quality faucet. Kitchen garden window is perfect spot for growing herbs. Even the family dog can enjoy the renovations; super cute dog kennel built in under the stairs. Huge master suite w/vaulted ceilings, walk-in closet w/custom organizers, & updated master bath w/high-end cabinetry & dual sinks. Convenient upstairs laundry room w/built-in laundry storage. DEEP level backyard w/covered gazebo, storage shed, & garden. Fully fenced w/6ft vinyl privacy fence. Low comm HOA dues & excellent Union County School zoning.

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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
Sardis Elementary School Primary Regular 592 45 8
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Sardis Elementary School

  • Education Level: Primary
  • # of students: 592
  • # of teachers: 45
8
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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$922
Property Tax -$250
Property Insurance -$62
HOA -$18
Property Management Fees -$144
CASH FLOW
$203

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.

$250,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.64%

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) 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

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$35,218

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,661

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,5953$1,5954$1,6005$1,725
$1,725
RENT COMPS ANALYSIS
  • 2002 Oakbriar Circle Indian Trail, NC 4
    • 3 beds 3 baths ∙ 1,871 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,871 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.86
    •  
  • 4008 Edgeview Drive Indian Trail, NC 1
    • 3 beds 2 baths ∙ 1,815 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,815 Sqft ∙ Built 2001
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.88
    •  
  • 1023 Southwind Trail Drive Indian Trail, NC 2
    • 3 beds 2 baths ∙ 1,849 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,849 Sqft ∙ Built 2004
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.86
    •  
  • 4013 Shadow Pines Circle Indian Trail, NC 3
    • 3 beds 2 baths ∙ 1,851 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,851 Sqft ∙ Built 2003
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.86
    •  
  • 3612 Edgeview Drive Indian Trail, NC 5
    • 3 beds 3 baths ∙ 1,818 Sqft ∙ Built 3 beds 3 baths ∙ 1,818 Sqft ∙ Built
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.95
    •  
PROPERTY LISTING DETAILS
Amy Baker
1.704.258.1459
Allen Tate University
BESbswy