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2281 Redwood Drive Indian Trail, NC 28079

4 Beds 3 Baths 1,996 sqft Built 1994

$310,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 15, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $155.31
  • 1 Days on Market
  • MLS # : 3682584
  • Updated Date : 11/15/2020 at 00:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,996 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Beautiful Four Bedroom Home on a Large Private Lot. Perfect for entertaining. No HOA. Updated Kitchen with Granite Counter Tops. Large Master Bedroom and Bath with Walk-in Closet. Bonus Room/ Office. Large Backyard Building/ Shed & Swing Set. Deck. Professional Surround Sound in Main Living Area. Smart Lights. Large Attic with Plenty of Storage Space. This is a Must See!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Country Woods East

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Country Woods East

NeighborhoodNIR 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
Stallings Elementary School Primary Regular 576 32 9
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Stallings Elementary School

  • Education Level: Primary
  • # of students: 576
  • # of teachers: 32
9
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
 

$279,000$341,000$310,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$1,144
Property Tax -$203
Property Insurance -$65
Property Management Fees -$139
CASH FLOW
-$10

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.

$310,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.4%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$87,900

INVESTMENT

$87,900

Down Payment
$77,500
Rehab Estimate
$5,750
Closing Costs
$4,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,144

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,500
Loan Amount $232,500
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$18,337

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,572

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5403$1,6004$1,6505$1,695
$1,695
RENT COMPS ANALYSIS
  • 2281 Redwood Drive Indian Trail, NC 2
    • 4 beds 3 baths ∙ 1,996 Sqft ∙ Built 1994 4 beds 3 baths ∙ 1,996 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.77
    •  
  • 7009 Paddle Wheel Lane Indian Trail, NC 1
    • 4 beds 3 baths ∙ 1,990 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,990 Sqft ∙ Built 2005
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.75
    •  
  • 6708 Brookgreen Terrace Matthews, NC 3
    • 4 beds 2 baths ∙ 1,909 Sqft ∙ Built 1979 4 beds 2 baths ∙ 1,909 Sqft ∙ Built 1979
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.84
    •  
  • 100 Old Farm Court Matthews, NC 4
    • 4 beds 2 baths ∙ 2,150 Sqft ∙ Built 1975 4 beds 2 baths ∙ 2,150 Sqft ∙ Built 1975
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.77
    •  
  • 6108 Follow The Trail Indian Trail, NC 5
    • 3 beds 3 baths ∙ 2,150 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,150 Sqft ∙ Built 2006
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.79
    •  
PROPERTY LISTING DETAILS
Justin Hall
1.304.692.4343
Keller Williams Ballantyne Area
BESbswy