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6306 Scott Long Road Indian Trail, NC 28079

3 Beds 2 Baths 1,325 sqft Built 1975

$250,000

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $188.68
  • 3 Days on Market
  • MLS # : 3682388
  • Updated Date : 11/13/2020 at 18:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,325 sqft
  • Baths : 2 full
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Beautiful 3.5 acres of trees on the edge of Indian Trail. If you are looking for a little elbow room this is it. This property is surrounded by many residential communities. This is a full brick ranch with a basement that needs some TLC. Mold remediation will be necessary. This is perfect for someone looking for a long-term investment and doesn't mind a home improvement project. It has so much potential.

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
Sardis Elementary School Primary Regular 592 45 8
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Sardis Elementary School

  • Education Level: Primary
  • # of students: 592
  • # of teachers: 45
8
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
 

$225,000$275,000$250,000

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 -$922
Property Tax -$163
Property Insurance -$52
Property Management Fees -$134
CASH FLOW
$218

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.

$250,000

PROJECTED PRICE

$1,490

PROJECTED RENT

0.60%

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

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$39,563

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
  • $1.12

    LIST RENT PER SQFT
  • $1,484

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3503$1,4454$1,4905$1,500
$1,500
RENT COMPS ANALYSIS
  • 6306 Scott Long Road Indian Trail, NC 4
    • 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1975
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $1.12
    •  
  • 3703 Nuthatch Drive Indian Trail, NC 1
    • 3 beds 2 baths ∙ 1,221 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,221 Sqft ∙ Built 2001
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.11
    •  
  • 3711 Nuthatch Drive Indian Trail, NC 2
    • 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 2000
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.11
    •  
  • 3414 Braefield Drive Indian Trail, NC 3
    • 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 1999
    LEASED 12/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $1.19
    •  
  • 3502 Braefield Drive Indian Trail, NC 5
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1999
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.07
    •  
PROPERTY LISTING DETAILS
Rachel Alles
1.855.299.7653
Mark Spain Real Estate
BESbswy