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2007 Colton Ridge Drive Indian Trail, NC 28079

4 Beds 4 Baths 2,200 sqft Built 2005

$400,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

December 22, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $181.82
  • 6 Days on Market
  • MLS # : 3692699
  • Updated Date : 12/26/2020 at 12:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,200 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Location ! Location ! Location ! You are going to fall in love with this two-story home with a walk out basement! Updated renovations including- New flooring up and down, interior paint, remodeled kitchen in 2019. The kitchen has massive counter and cabinet space and opens to a large Deck. Retreat upstairs to your main bedroom with LVP flooring, large bath that boasts double sinks and a tiled shower. Upstairs 2 bedrooms share a second full bathroom. Upstairs laundry room and large finished bonus room over the garage. Talk about an amazing walkout finished basement. Has one guest bedroom, full bathroom, large living/playroom. Also has another room that could be used for the office/playroom (currently a bedroom). Has a large storage room. Large fenced flat backyard. Would be great for a pool. Very private lot with walking trails and wooded common space. New HVAC, garage door and hot water heater within last year.

SEE MORE

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
Indian Trail Elementary School Primary Regular 682 41 9
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Indian Trail Elementary School

  • Education Level: Primary
  • # of students: 682
  • # of teachers: 41
9
GreatSchools Rating

Sun Valley Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 69
6
GreatSchools Rating

Sun Valley High School

  • Education Level: High
  • # of students: 1,306
  • # of teachers: 76
7
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,476
Property Tax -$261
Property Insurance -$64
HOA -$42
Property Management Fees -$119
CASH FLOW
-$161

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.

$400,000

PROJECTED PRICE

$1,800

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-$5.0k$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$16,465

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,531

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,449
1$1,4492$1,5753$1,7004$1,7955$1,800
$1,800
RENT COMPS ANALYSIS
  • 2007 Colton Ridge Drive Indian Trail, NC 5
    • 4 beds 4 baths ∙ 1,932 Sqft ∙ Built 2005 4 beds 4 baths ∙ 1,932 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.93
    •  
  • 5340 Courtfield Drive Indian Trail, NC 1
    • 4 beds 3 baths ∙ 1,918 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,918 Sqft ∙ Built 1997
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.76
    •  
  • 1008 Farmingham Lane Indian Trail, NC 2
    • 4 beds 3 baths ∙ 2,094 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,094 Sqft ∙ Built 2001
    property image
    LEASED 07/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.75
    •  
  • 1003 Basin Court Indian Trail, NC 3
    • 4 beds 3 baths ∙ 2,188 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,188 Sqft ∙ Built 2000
    property image
    LEASED 08/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.78
    •  
  • 13008 Fenwick Drive Indian Trail, NC 4
    • 4 beds 3 baths ∙ 2,182 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,182 Sqft ∙ Built 2001
    property image
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.82
    •  
PROPERTY LISTING DETAILS
Lisa Archer
1.704.327.8386
Keller Williams Ballantyne Area
BESbswy