Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

6114 Trevor Simpson Drive Indian Trail, NC 28079

3 Beds 3 Baths 1,498 sqft Built 1999

$264,900

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $176.84
  • 6 Days on Market
  • MLS # : 3716631
  • Updated Date : 03/13/2021 at 16:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,498 sqft
  • Baths : 2 full , 1 half
Listing Agent

Prostead Realty

Listing Agent's Description

Beautiful Home in Desirable Lake Park! Wood floors on main – 3/4 in Oak! Living room has stacked stone fireplace surround. Crown molding and lots of windows. Kitchen has quartz countertops with peninsula breakfast bar, white cabinets & subway tile backsplash, SS and Black appliances, new sink & Faucet. Fridge does NOT convey. Dining room has chair rail & crown molding. Powder room has shiplap, updated vanity, mirror & light. Up, the master bedroom has deep tray ceiling w/fan & large walk-in closet. On-suite bathroom has dual mirrors & lights, shelf over tub & separate shower. There are also two bedrooms and a hall bathroom has tub/shower combo. Yard backs to a farm and deer and goats visit the back fence! Outside, is a fenced backyard, a patio and play equipment which can stay or go. Lake Park has many amenities, volleyball, tennis, a pool, 13 lakes & ponds and numerous playgrounds. Great location!

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: Lake Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Lake Park

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
Poplin Elementary School Primary Regular 719 40 7
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Poplin Elementary School

  • Education Level: Primary
  • # of students: 719
  • # of teachers: 40
7
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
 

$238,410$291,390$264,900

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$920
Property Tax -$173
Property Insurance -$55
HOA -$7
Property Management Fees -$119
CASH FLOW
$216

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.

$264,900

PROJECTED PRICE

$1,490

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.4%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$75,949

INVESTMENT

$75,949

Down Payment
$66,225
Rehab Estimate
$5,750
Closing Costs
$3,974

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$920

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,225
Loan Amount $198,675
See What Happens When You Reinvest Cash Flow

10.08

YEARS SAVED

$38,359

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,491

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4903$1,5004$1,6255$1,650
$1,650
RENT COMPS ANALYSIS
  • 6114 Trevor Simpson Drive Indian Trail, NC 2
    • 3 beds 3 baths ∙ 1,498 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,498 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.99
    •  
  • 4012 Lake Charles Way Indian Trail, NC 1
    • 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 1997
    property image
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.96
    •  
  • 6627 Courtland Street Indian Trail, NC 3
    • 3 beds 3 baths ∙ 1,568 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,568 Sqft ∙ Built 2000
    property image
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.96
    •  
  • 4419 Sages Avenue Indian Trail, NC 4
    • 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 2005
    property image
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $1.04
    •  
  • 4004 Lake Charles Way Indian Trail, NC 5
    • 3 beds 2 baths ∙ 1,616 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,616 Sqft ∙ Built 1997
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.02
    •  
PROPERTY LISTING DETAILS
Wendy Richards
1.704.604.6115
Prostead Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3716631
Last Updated: 03/13/2021
BESbswy