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2018 Cornflower Lane Indian Trail, NC 28079

4 Beds 3 Baths 2,605 sqft Built 2005

$330,000

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $126.68
  • 6 Days on Market
  • MLS # : 3686523
  • Updated Date : 12/05/2020 at 08:20
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,605 sqft
  • Baths : 2 full , 1 half
Listing Agent

South Charlotte Realty Inc

Listing Agent's Description

Homes like that do not come on the market very often! Just minutes from I-485 & Monroe Bypass this lovely original owner home offers easy to-live-in floor plan: Kitchen w/ 42" cabinets, granite counters & back splash, SS appliances, recessed lights, island opens to large family room w/fireplace. There are impressive dining room, study, glamours engineered hardwoods, beautifully appointed spindles staircase. Huge bedrooms upstairs are all w/walk-in closets w/custom built-in shelves, upgraded carpet & pad. Amazing bathrooms w/designer's tile work & extended size showers, spacious laundry w/window. Enjoy your morning on stunning Belgard pavers patio overlooking large green lot, which backs up to the wooded area. All of that comes with the terrific subdivision of Crismark, which offers 2 swimming pools, two tennis courts, club house, play ground & Soccer Field. Schools info from EduLog 11-24-2020.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Crismark

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k324k

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

Neighborhood: Crismark

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441917

* 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
 

$297,000$363,000$330,000

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,218
Property Tax -$216
Property Insurance -$76
Property Management Fees -$119
CASH FLOW
$162

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.

$330,000

PROJECTED PRICE

$1,790

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.9%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$93,200

INVESTMENT

$93,200

Down Payment
$82,500
Rehab Estimate
$5,750
Closing Costs
$4,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,218

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $82,500
Loan Amount $247,500
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$43,497

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,778

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,6753$1,7354$1,7905$1,850
$1,850
RENT COMPS ANALYSIS
  • 2018 Cornflower Lane Indian Trail, NC 4
    • 4 beds 3 baths ∙ 2,605 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,605 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.69
    •  
  • 1013 Breakmaker Lane Indian Trail, NC 1
    • 4 beds 3 baths ∙ 2,512 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,512 Sqft ∙ Built 2004
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.65
    •  
  • 3000 Chimney Wood Trail Indian Trail, NC 2
    • 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2006
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.66
    •  
  • 3010 Chimney Wood Trail Indian Trail, NC 3
    • 4 beds 3 baths ∙ 2,542 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,542 Sqft ∙ Built 2005
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,735
    • $0.68
    •  
  • 6003 Paddle Wheel Lane Indian Trail, NC 5
    • 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 2004
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.74
    •  
PROPERTY LISTING DETAILS
Nadejda Nadia. Boldt
1.704.560.6460
South Charlotte Realty Inc
BESbswy