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5105 Faith Church Road Indian Trail, NC 28079

3 Beds 2 Baths 1,959 sqft Built 2005

$308,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $157.22
  • 3 Days on Market
  • MLS # : 3719390
  • Updated Date : 03/20/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,959 sqft
  • Baths : 2 full
Listing Agent

Ace Realty Co, Inc.

Listing Agent's Description

This one owner home has so many of the features many buyers are looking for. Located in Hemby Commons, you are only minutes away from 485, grocery store, and the kids can walk to the elementary school. The neighborhood is big enough to have that sense of community, yet small enough to have minimal HOA dues. A brick/vinyl ranch with one bedroom up, the floor plan flows nicely and has both privacy and openness for family gatherings. Built by one of the finest local homebuilders, needed updates are cosmetic in nature and would give the buyer the opportunity to make it their own. This is a hard to find property in this price point and location, please take a look.

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
Hemby Bridge Elementary School Primary Regular 496 31 6
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Hemby Bridge Elementary School

  • Education Level: Primary
  • # of students: 496
  • # 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
 

$277,200$338,800$308,000

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 -$1,070
Property Tax -$201
Property Insurance -$64
HOA -$18
Property Management Fees -$119
CASH FLOW
$68

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.

$308,000

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) 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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,370

INVESTMENT

$87,370

Down Payment
$77,000
Rehab Estimate
$5,750
Closing Costs
$4,620

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $77,000
Loan Amount $231,000
See What Happens When You Reinvest Cash Flow

7

YEARS SAVED

$25,739

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
  • $0.79

    LIST RENT PER SQFT
  • $1,606

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,525
1$1,5252$1,5403$1,6754$1,6755$1,895
$1,895
RENT COMPS ANALYSIS
  • 5105 Faith Church Road Indian Trail, NC 2
    • 3 beds 2 baths ∙ 1,959 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,959 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.79
    •  
  • 2005 Tiger Eye Avenue Indian Trail, NC 1
    • 3 beds 3 baths ∙ 1,930 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,930 Sqft ∙ Built 2003
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.79
    •  
  • 3011 Saphire Lane Indian Trail, NC 3
    • 4 beds 3 baths ∙ 2,074 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,074 Sqft ∙ Built 2005
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.81
    •  
  • 2014 Makin Drive Indian Trail, NC 4
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2003
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.81
    •  
  • 1010 Onotoa Drive Indian Trail, NC 5
    • 4 beds 3 baths ∙ 1,968 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,968 Sqft ∙ Built 2001
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.96
    •  
PROPERTY LISTING DETAILS
Ray Black
1.704.363.6518
Ace Realty Co, Inc.
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719390
Last Updated: 03/20/2021
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