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604 Summerston Lane Indian Trail, NC 28079

3 Beds 3 Baths 1,842 sqft Built 1995

$265,000

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $143.87
  • 5 Days on Market
  • MLS # : 3674632
  • Updated Date : 11/28/2020 at 11:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,842 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Don't miss out on this fantastic home in popular Brandon Oaks neighborhood. New floors, paint and light fixtures downstairs! This attractive brick front transitional is situated on a large level yard with a side-load 2-car garage. Pride of ownership is reflected in the new windows (warranty conveys to new owner), brand new HVAC unit (2020), new garage door (2018), new dishwasher (2019), new kitchen faucet (2020), new luxury vinyl plank throughout first floor (2020), and new light fixtures. Enjoy low Union County taxes and award winning schools minutes from I-485 access and a short walk to Brandon Oaks impressive community amenities. Side load 2-car garage has additional paved parking and an exterior storage building provides room for all your gardening needs. Amenities include community clubhouse and pool, playground, lighted tennis courts, basketball court, sand volleyball court, sports field and picturesque pond with walking trails.

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

Neighborhood: Brandon Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Brandon Oaks

NeighborhoodNIR 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
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$978
Property Tax -$173
Property Insurance -$62
HOA -$46
Property Management Fees -$132
CASH FLOW
$79

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.

$265,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.2%
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$900k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$23,355

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,575

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,449
1$1,4492$1,4703$1,6004$1,6505$1,695
$1,695
RENT COMPS ANALYSIS
  • 604 Summerston Lane Indian Trail, NC 2
    • 3 beds 3 baths ∙ 1,842 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,842 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.80
    •  
  • 5340 Courtfield Drive Indian Trail, NC 1
    • 4 beds 3 baths ∙ 1,918 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,918 Sqft ∙ Built 1997
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.76
    •  
  • 2241 Shumard Circle Indian Trail, NC 3
    • 4 beds 3 baths ∙ 1,922 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,922 Sqft ∙ Built 2001
    property image
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.83
    •  
  • 3004 Secret Garden Court Indian Trail, NC 4
    • 4 beds 2 baths ∙ 1,835 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,835 Sqft ∙ Built 2002
    property image
    LEASED 09/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.90
    •  
  • 2007 Council Fire Circle Indian Trail, NC 5
    • 4 beds 3 baths ∙ 1,920 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,920 Sqft ∙ Built 2005
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.88
    •  
PROPERTY LISTING DETAILS
Brenda Kresak
1.678.793.2510
Exp Realty Llc
BESbswy