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3058 Eagle Ridge Lane Indian Trail, NC 28079

5 Beds 3 Baths 3,189 sqft Built 2021

$388,035

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $121.68
  • 4 Days on Market
  • MLS # : 3696401
  • Updated Date : 01/08/2021 at 11:13
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,189 sqft
  • Baths : 3 full
Listing Agent

M/i Homes

Listing Agent's Description

Homesite 408 – This captivating 5-bed, 3-bath, 2-story home with it’s stunning brick and faux cedar shake accents will catch the eye of the most Meticulous buyer! This home is definitely not lacking for space! There is plenty of room for guests in the first floor suite, and the open floorplan transforms the space perfectly, making entertaining a breeze! Chat with your guests while you cook on your gas range, catch up with loved ones while congregating around the large kitchen island, or cozy up to the fireplace while making lasting memories with those most important to you. The upstairs game-room is the perfect spot for movie night or a home gym, and the Owner's Suite is a retreat in itself! It is so huge you may want to never leave. Imagine sipping on your favorite beverage with some nice relaxing music in your luxurious garden tub after a long day at work or play. Did I mention the enormous walk-in closet? Hurry and make your appointment today. This home won’t last long!

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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
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
 

$349,232$426,839$388,035

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,348
Property Tax -$250
Property Insurance -$87
HOA -$65
Property Management Fees -$119
CASH FLOW
$152

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.

$388,035

PROJECTED PRICE

$2,020

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.3%
Maintenance Year (1-5) 3.00%
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$1.4M

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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$104,829

INVESTMENT

$104,829

Down Payment
$97,009
Rehab Estimate
$2,000
Closing Costs
$5,821

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,348

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,009
Loan Amount $291,026
See What Happens When You Reinvest Cash Flow

7.75

YEARS SAVED

$40,525

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,993

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,8953$1,9454$1,9505$2,020
$2,020
RENT COMPS ANALYSIS
  • 3058 Eagle Ridge Lane Indian Trail, NC 5
    • 5 beds 3 baths ∙ 3,189 Sqft ∙ Built 2021 5 beds 3 baths ∙ 3,189 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.63
    •  
  • 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