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2005 Union Grove Lane Indian Trail, NC 28079

4 Beds 3 Baths 2,324 sqft Built 2017

$372,900

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $160.46
  • 17 Days on Market
  • MLS # : 3701107
  • Updated Date : 02/05/2021 at 21:43
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,324 sqft
  • Baths : 3 full
Listing Agent

Paradise Realty

Listing Agent's Description

THIS PROPERTY IS THE LAST ONE YOU WILL SEE AND THAT YOU WILL CALL HOME. THIS MARVELOUS PROPERTY IS BEING SOLD BY A RETIRED HOME BUILDER HIMSELF, AND HAS ALL THE BELLS AND WHISTLE. THE OWNER HAS UPGRADED THE ENTIRE HOME. FROM GRANITE COUNTERTOPS, CROWN MOLDING, KITCHEN BACKSPLASH, HARDWOOD FLOORS THROUGHOUT THE PROPERTY. THIS PROPERTY IS LOCATED IN THE HEART OF UNION COUNTY WITH ALL MAJOR STORES, AND RESTAURANT, IS CONVENIENTLY LOCATED SO THAT YOU WONT HAVE TO TRAVEL MILES IN ORDER TO FIND A DECENT MEAL. THIS 1.5 STORY HOME HAS A BEAUTIFUL SECOND LEVEL LOFT PERFECT FOR ENTERTAINING AS SOON AS THIS PANDEMIC GOES AWAY. COME AND TAKE A LOOK AT THIS AMAZING BEAUTIFUL PROPERTY THAT YOU WILL CALL... HOME.

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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
 

$335,610$410,190$372,900

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,295
Property Tax -$243
Property Insurance -$71
HOA -$66
Property Management Fees -$119
CASH FLOW
-$114

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.

$372,900

PROJECTED PRICE

$1,680

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) 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

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$104,569

INVESTMENT

$104,569

Down Payment
$93,225
Rehab Estimate
$5,750
Closing Costs
$5,594

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,295

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,225
Loan Amount $279,675
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$14,120

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,673

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,6453$1,6804$1,6955$1,695
$1,695
RENT COMPS ANALYSIS
  • 2005 Union Grove Lane Indian Trail, NC 3
    • 4 beds 3 baths ∙ 2,324 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,324 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.72
    •  
  • 3305 Arbor Pointe Drive Indian Trail, NC 1
    • 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 2003
    property image
    LEASED 02/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.62
    •  
  • 5504 Fredrick Street Indian Trail, NC 2
    • 4 beds 3 baths ∙ 2,140 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,140 Sqft ∙ Built 1994
    property image
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.77
    •  
  • 4005 Lake Park Road Indian Trail, NC 4
    • 4 beds 3 baths ∙ 2,377 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,377 Sqft ∙ Built 1998
    property image
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.71
    •  
  • 4105 Hunters Trail Drive Indian Trail, NC 5
    • 4 beds 2 baths ∙ 2,168 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,168 Sqft ∙ Built 2003
    property image
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.78
    •  
PROPERTY LISTING DETAILS
David Hernandez
1.704.858.0602
Paradise Realty
BESbswy