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3007 Eagle Ridge Lane Indian Trail, NC 28079

4 Beds 3 Baths 3,197 sqft Built 2020

INVESTimate

$376,265

List Price

$1,970

$1,773 - $2,167

Rent Est.

$400,120  ( +6.34%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Built In 2020
  • Price/Sqft : $117.69
  • 10 Days on Market
  • MLS # : 3652487
  • Updated Date : 08/17/2020 at 15:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,197 sqft
  • Baths : 2 full , 1 half
Listing Agent

M/i Homes

Listing Agent's Description

Homesite 434 – Check out one of our most popular plans in Heritage, the Galloway II which has a spacious loft and a great master suite with a designer shower with an extended drying area. This home has 4 beds and 2.5 baths, and a floorplan you'll fall in love with! There are beautiful hardwood floors in the foyer, kitchen, FR, DR and study. Situated on a spacious wooded lot in a great and desirable area of south Charlotte.

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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

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
Sun Valley Elementary School Primary Regular 695 45 9
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Sun Valley Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 45
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
 

$338,639$413,892$376,265

PURCHASE PRICE

$1,773$2,167$1,970

RENT

DOWN PAYMENT
FINANCING

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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,970
EXPENSES Loan Payment -$1,388
Property Tax -$246
Property Insurance -$87
HOA -$65
Property Management Fees -$177
CASH FLOW
$7

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$376,265

PROJECTED PRICE

$1,970

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.34%
Maintenance Year (1-5) 3.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$101,710

INVESTMENT

$101,710

Down Payment
$94,066
Rehab Estimate
$2,000
Closing Costs
$5,644

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,388

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $94,066
Loan Amount $282,199
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$23,065

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,970

    LIST RENT
  • $0.62

    LIST RENT PER SQFT
  • $1,998

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,8953$1,9454$1,9505$1,970
$1,970
RENT COMPS ANALYSIS
  • 3007 Eagle Ridge Lane Indian Trail, NC 5
    • 4 beds 3 baths ∙ 3,197 Sqft ∙ Built 2020 4 beds 3 baths ∙ 3,197 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.62
    •  
  • 4018 Magna Lane Indian Trail, NC 1
    • 5 beds 3 baths ∙ 3,050 Sqft ∙ Built 2004 5 beds 3 baths ∙ 3,050 Sqft ∙ Built 2004
    property image
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.62
    •  
  • 1030 Coulwood Lane Indian Trail, NC 2
    • 4 beds 3 baths ∙ 3,159 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,159 Sqft ∙ Built 2007
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.60
    •  
  • 1015 Taylor Glen Lane Indian Trail, NC 3
    • 5 beds 4 baths ∙ 3,027 Sqft ∙ Built 2001 5 beds 4 baths ∙ 3,027 Sqft ∙ Built 2001
    property image
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.64
    •  
  • 1010 Semmes Lane Indian Trail, NC 4
    • 4 beds 3 baths ∙ 3,056 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,056 Sqft ∙ Built 2006
    property image
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.64
    •  
PROPERTY LISTING DETAILS
Alan Beulah
1.704.208.8125
M/i Homes
BESbswy