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5503 Fulton Ridge Drive Indian Trail, NC 28079

4 Beds 3 Baths 2,580 sqft Built 2003

INVESTimate

$300,000

List Price

$1,620

$1,458 - $1,782

Rent Est.

$319,020  ( +6.34%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2003
  • Price/Sqft : $116.28
  • 15 Days on Market
  • MLS # : 3649903
  • Updated Date : 08/25/2020 at 18:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,580 sqft
  • Baths : 2 full , 1 half
Listing Agent

Better Homes And Gardens Real Estate Paracle

Listing Agent's Description

Drive up to your new home and enjoy brand new professional landscaping! Walk through the front door to a wide open 2-story foyer embellished in new hardwood floors throughout (2019). You'll also find a formal dining and living room to each side of the foyer. A private office on the main level is great for working from home. Get cozy in the spacious 2-story family room perfect for entertaining as it is open to the chef's kitchen which features granite countertops, custom backsplash, an oversized island, and cabinets galore. Step out back to a bright and cheery sunroom and enjoy some of Carolina's best sunsets from your own backyard. Upstairs is an incredibly spacious owner's suite complete with deep tray ceilings. The master bath boasts granite countertops, dual vanity sinks, a stand-up shower, and garden tub. Upstairs you will also find the convenience of the laundry room and 3 additional bedrooms. Moments away from Sun Valley, this home benefits from LOW Union County taxes only!

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
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
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,107
Property Tax -$196
Property Insurance -$76
HOA -$54
Property Management Fees -$146
CASH FLOW
$41

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.

$300,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.54%

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) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$21,465

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,780

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,620
1$1,6202$1,6453$1,6954$1,7505$1,950
$1,950
RENT COMPS ANALYSIS
  • 5503 Fulton Ridge Drive Indian Trail, NC 1
    • 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.63
    •  
  • 5817 Lindley Crescent Drive Indian Trail, NC 2
    • 4 beds 3 baths ∙ 2,514 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,514 Sqft ∙ Built 2005
    LEASED 12/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.65
    •  
  • 5908 Lindley Crescent Drive Indian Trail, NC 3
    • 4 beds 3 baths ∙ 2,506 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,506 Sqft ∙ Built 2005
    LEASED 12/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.68
    •  
  • 2005 Brook Valley Run Monroe, NC 4
    • 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2003
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.70
    •  
  • 1001 Marcell Lane Indian Trail, NC 5
    • 5 beds 3 baths ∙ 2,660 Sqft ∙ Built 2008 5 beds 3 baths ∙ 2,660 Sqft ∙ Built 2008
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.73
    •  
PROPERTY LISTING DETAILS
Leah Long
1.803.280.3833
Better Homes And Gardens Real Estate Paracle
BESbswy