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10118 Black Locust Lane #371 Harrisburg, NC 28075

4 Beds 3 Baths 2,423 sqft Built 2021

$418,990

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $172.92
  • 3 Days on Market
  • MLS # : 3697024
  • Updated Date : 01/08/2021 at 21:16
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,423 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nvr Homes, Inc./ryan Homes

Listing Agent's Description

Offering $5,000 in Designer Options! Brand new home sites backing to trees and natural areas. Front porch of your dreams! This home has amazing curb appeal. Trendy interior features such as quartz in the kitchen, oversized basin sink, stainless appliances durable vinyl plank flooring. Pick between white, gray or espresso cabinetry! Luxury master suite has enormous walk in closet with a window and secondary bedrooms are nicely sized. New community in Harrisburg located 1 mile off I-485 at the Rocky River exit 36. Community has swimming pool, club house, playground, soccer fields, surrounded by trees and rolling hills. Charlotte address but Harrisburg schools and taxes. Seller to pay $7,000 towards closing costs with the use of our preferred lender.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28075

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Zip Code: 28075

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441834

* 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
Patriots Elementary School Primary Regular 893 50 NA
Hickory Ridge Middle School Middle Regular 1,164 65 NA
Hickory Ridge High School High Regular 1,573 77 7

Patriots Elementary School

  • Education Level: Primary
  • # of students: 893
  • # of teachers: 50
NA
GreatSchools Rating

Hickory Ridge Middle School

  • Education Level: Middle
  • # of students: 1,164
  • # of teachers: 65
NA
GreatSchools Rating

Hickory Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 77
7
GreatSchools Rating
 

$377,091$460,889$418,990

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,455
Property Tax -$283
Property Insurance -$73
HOA -$71
Property Management Fees -$119
CASH FLOW
-$221

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$418,990

PROJECTED PRICE

$1,780

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.8%
Maintenance Year (1-5) 3.00%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$113,032

INVESTMENT

$113,032

Down Payment
$104,748
Rehab Estimate
$2,000
Closing Costs
$6,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,455

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $104,748
Loan Amount $314,243
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$9,868

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,763

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1
1$12$1,5953$1,6604$1,6755$1,780
$1,780
RENT COMPS ANALYSIS
  • 10118 Black Locust Lane Harrisburg, NC 5
    • 4 beds 3 baths ∙ 2,423 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,423 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.73
    •  
  • 11373 Mendora Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,403 Sqft ∙ Built 1980 3 beds 3 baths ∙ 2,403 Sqft ∙ Built 1980
    property image
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1
    • $0.00
    •  
  • 7413 Sugar Maple Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,236 Sqft ∙ Built 1999 3 beds 3 baths ∙ 2,236 Sqft ∙ Built 1999
    property image
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.71
    •  
  • 3323 Streamside Drive Davidson, NC 3
    • 5 beds 3 baths ∙ 2,354 Sqft ∙ Built 2008 5 beds 3 baths ∙ 2,354 Sqft ∙ Built 2008
    property image
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.71
    •  
  • 8623 Saucercup Terrace Harrisburg, NC 4
    • 4 beds 3 baths ∙ 2,343 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,343 Sqft ∙ Built 2005
    property image
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.71
    •  
PROPERTY LISTING DETAILS
Jerry Smith
1.704.610.5282
Nvr Homes, Inc./ryan Homes
BESbswy