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7038 Ladys Secret Drive Indian Trail, NC 28079

3 Beds 2 Baths 2,079 sqft Built 2005

INVESTimate

$275,000

List Price

$1,690

$1,521 - $1,859

Rent Est.

$292,435  ( +6.34%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $132.28
  • 6 Days on Market
  • MLS # : 3654098
  • Updated Date : 08/25/2020 at 10:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,079 sqft
  • Baths : 2 full
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Rocking chair front porch on this adorable, craftsman home in highly sought after Bonterra subdivision with equestrian facilities. Spacious patio home on corner lot with mature landscaping and lawn maintenance included. Home has an open floor plan with arch doorways, vaulted ceiling in great room, ceiling fans, tray ceilings in the master bedroom and dining room. Upgraded, raised panel cabinets throughout, staggered height cabinets in the kitchen. Kitchen has a breakfast bar and opens to a breakfast area and the great room, perfect for entertaining. Home has a large sun room for afternoons of reading and relaxing. Carpets professionally cleaned Aug 2020. AC replaced in 2018. Home located next to a common area park with soothing water fountain. Home will be professionally cleaned.

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
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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$1,015
Property Tax -$180
Property Insurance -$66
HOA -$155
Property Management Fees -$152
CASH FLOW
$122

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.

$275,000

PROJECTED PRICE

$1,690

PROJECTED RENT

0.61%

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$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,015

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$26,655

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,715

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,625
1$1,6252$1,6503$1,6904$1,6955$1,750
$1,750
RENT COMPS ANALYSIS
  • 7038 Ladys Secret Drive Indian Trail, NC 3
    • 3 beds 2 baths ∙ 2,079 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,079 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.81
    •  
  • 1018 Garden Web Road Indian Trail, NC 1
    • 4 beds 3 baths ∙ 2,036 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,036 Sqft ∙ Built 2013
    property image
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.80
    •  
  • 1006 Back Stretch Boulevard Indian Trail, NC 2
    • 3 beds 3 baths ∙ 2,004 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,004 Sqft ∙ Built 2015
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.82
    •  
  • 1032 Back Stretch Boulevard Indian Trail, NC 4
    • 3 beds 3 baths ∙ 2,073 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,073 Sqft ∙ Built 2006
    property image
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.82
    •  
  • 5104 Alysheba Drive Indian Trail, NC 5
    • 3 beds 3 baths ∙ 2,109 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,109 Sqft ∙ Built 2002
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.83
    •  
PROPERTY LISTING DETAILS
Kelly Warren
1.704.526.6530
Wilkinson Era Real Estate
BESbswy