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4515 Oconnell Street Indian Trail, NC 28079

3 Beds 3 Baths 2,832 sqft Built 2007

$299,900

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $105.90
  • 5 Days on Market
  • MLS # : 3702642
  • Updated Date : 01/29/2021 at 09:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,832 sqft
  • Baths : 2 full , 1 half
Listing Agent

Stephen Cooley Real Estate Group

Listing Agent's Description

WE HAVE MULTIPLE OFFERS. SELLER IS ASKING FOR HIGHEST AND BEST BY SUNDAY, 1/31 AT 1PM. Such a beautiful 1 level home with a great floor plan. This home offers lots of square footage and rooms. There is a formal living room that could be used an an office. Formal dining room and a great room with a fireplace/gas logs. The great room opens up to the spacious kitchen where you will find lots of cabinets, a pantry and breakfast bar. Your favorite room in the house just may be the bright and cheery sun room where you can enjoy reading a book, quite time in the morning with a cup of coffee, or use it has a hobby room. Lots of time will be spent in the large fenced back yard. One of the largest lots in the neighborhood and on a cul-de-sac street. Great size patio for BBQs. Lots of architectural details throughout.

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

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
Porter Ridge Elementary School Primary Regular 479 31 6
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Porter Ridge Elementary School

  • Education Level: Primary
  • # of students: 479
  • # 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
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,042
Property Tax -$240
Property Insurance -$80
HOA -$55
Property Management Fees -$119
CASH FLOW
$444

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.

$299,900

PROJECTED PRICE

$1,980

PROJECTED RENT

0.66%

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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

12.75

YEARS SAVED

$60,956

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,804

    COMP ESTIMATED VALUE
  • $0.64

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,9253$1,980
$1,980
RENT COMPS ANALYSIS
  • 4515 Oconnell Street Indian Trail, NC 3
    • 3 beds 3 baths ∙ 2,818 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,818 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.70
    •  
  • 1012 Yellow Bee Road Indian Trail, NC 1
    • 4 beds 3 baths ∙ 2,716 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,716 Sqft ∙ Built 2007
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.64
    •  
  • 2002 Seabiscuit Drive Indian Trail, NC 2
    • 4 beds 3 baths ∙ 3,006 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,006 Sqft ∙ Built 2003
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $0.64
    •  
PROPERTY LISTING DETAILS
Stephen Cooley
1.803.985.1240
Stephen Cooley Real Estate Group
BESbswy