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304 Glenridge Court Indian Trail, NC 28079

3 Beds 2 Baths 1,048 sqft Built 1993

$220,000

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $209.92
  • 6 Days on Market
  • MLS # : 3718937
  • Updated Date : 03/20/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,048 sqft
  • Baths : 2 full
Listing Agent

Sa Carolinas Realty Inc

Listing Agent's Description

LOCATION, LOCATION, LOCATION. Amazing Home Style Ranch in a cul de sac . No HOA, Beautiful Laminate Flooring in master bedroom. Master bath has a beautiful walk-in ceramic tile shower, vanities, sinks and new faucets, mirrors and beautiful ceramic tile flooring. Home features a wood burning fireplace with hearth, screened back porch and a fenced back yard. SOLD AS IS. Seller provide a Home Owner Guarantee up to $ 600. This don't gonna last long. Please adhere to all COVID-19 best practices. Leave card and provide feedback as soon as possible.

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

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
Stallings Elementary School Primary Regular 576 32 9
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Stallings Elementary School

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

$198,000$242,000$220,000

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$764
Property Tax -$144
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
$146

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.

$220,000

PROJECTED PRICE

$1,220

PROJECTED RENT

0.55%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$28,209

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $1,216

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$1,220
1$1,2202$1,3003$1,4004$1,4005$1,500
$1,500
RENT COMPS ANALYSIS
  • 304 Glenridge Court Indian Trail, NC 1
    • 3 beds 2 baths ∙ 1,048 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,048 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $1.16
    •  
  • 130 Windy Rush Court Indian Trail, NC 2
    • 3 beds 2 baths ∙ 1,100 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,100 Sqft ∙ Built 1992
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.18
    •  
  • 707 Pesca Lane Matthews, NC 3
    • 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1999
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.12
    •  
  • 128 Liberty Lane Indian Trail, NC 4
    • 3 beds 2 baths ∙ 1,161 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,161 Sqft ∙ Built 1992
    LEASED 01/28/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.21
    •  
  • 1012 Cranston Crossing Place Indian Trail, NC 5
    • 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 2001
    LEASED 09/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.13
    •  
PROPERTY LISTING DETAILS
Rodrigo Martinez
1.704.953.8485
Sa Carolinas Realty Inc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3718937
Last Updated: 03/20/2021
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