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5755 Indian Wood Drive Matthews, NC 28104

3 Beds 2 Baths 1,181 sqft Built 1993

$239,900

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $203.13
  • 6 Days on Market
  • MLS # : 3711432
  • Updated Date : 02/27/2021 at 16:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,181 sqft
  • Baths : 2 full
Listing Agent

Real Estate Solutions, Inc

Listing Agent's Description

Remodeled single story home at end of cul-de-sac with lots of privacy. New carpet in Great room, hall, and bedrooms, new vinyl plank flooring in both bathrooms, laundry closet, foyer, Dining area and kitchen. New countertops, sink, faucet and disposal. All new stainless steel appliances, dishwasher, microwave, stove and refrigerator. Screed porch off the kitchen is prefect for relaxing and enjoying the outdoors. HEATED SQUARE FOOTAGE IS CURRENTLY FROM TAX RECORDS AND WILL BE UPDATED WHEN WE RECEIVE AN UPDATED FLOOR PLAN/HOUSE MEASUREMENT

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: 28104

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k349k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442033

* 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
Indian Trail Elementary School Primary Regular 682 41 9
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Indian Trail Elementary School

  • Education Level: Primary
  • # of students: 682
  • # of teachers: 41
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
 

$215,910$263,890$239,900

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 -$833
Property Tax -$159
Property Insurance -$49
Property Management Fees -$119
CASH FLOW
$59

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.

$239,900

PROJECTED PRICE

$1,220

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.2%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$833

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$20,962

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
  • $1.03

    LIST RENT PER SQFT
  • $1,216

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,220
1$1,2202$1,2503$1,3004$1,500
$1,500
RENT COMPS ANALYSIS
  • 5755 Indian Wood Drive Matthews, NC 1
    • 3 beds 2 baths ∙ 1,181 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,181 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $1.03
    •  
  • 328 Glenridge Court Indian Trail, NC 2
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1993
    LEASED 12/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.04
    •  
  • 317 Enchanted Drive Matthews, NC 3
    • 3 beds 2 baths ∙ 1,237 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,237 Sqft ∙ Built 1996
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.05
    •  
  • 725 Catawba Circle N Matthews, NC 4
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1977
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.00
    •  
PROPERTY LISTING DETAILS
Joe Marse
1.704.202.1488
Real Estate Solutions, Inc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3711432
Last Updated: 02/27/2021
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