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1250 Hyman Avenue Hendersonville, NC 28792

2 Beds 1 Baths 1,210 sqft Built 1955

$289,000

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $238.84
  • 2 Days on Market
  • MLS # : CAR3760228
  • Updated Date : 07/12/2021 at 22:02
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,210 sqft
  • Baths : 1 full
Listing Agent

Preferred Realty

Listing Agent's Description

Stately, well-maintained, little brick house in "Hyman Heights Historic District" on corner lot close to town. Circular floor plan allows for comfortable flow. Other architectural details include 8 foot ceilings, decorative angular-cut archways in large living room and dining room, and multiple pocket doors. Kitchen has been updated and the furnace upgraded in 2010. Walk-in cedar closets and plenty of storage. Laundry closet with newer washer and dryer on main floor. Covered porch with concrete floor on back is a great place to enjoy the outdoors. Basement garage with concrete floor provides ample space for a vehicle and a workshop. Brand new gas water heater installed. Beautiful, mature landscaping. Yard is partially fenced, but not fully. Great location, close to popular 7th Ave and downtown Hendersonville for easy access. And only a few blocks to the Oklawaha Greenway trail.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Hyman Heights

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $89k250k

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

Neighborhood: Hyman Heights

NeighborhoodNIR Market*CityMarket2015Year2011 Q42019 Q28509009501000105011001150120012501300Rent in $8151346

* 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
Bruce Drysdale Elementary School Primary Regular 472 33 4
Hendersonville Middle School Middle Regular 619 40 8
Hendersonville High School High Regular 770 45 8

Bruce Drysdale Elementary School

  • Education Level: Primary
  • # of students: 472
  • # of teachers: 33
4
GreatSchools Rating

Hendersonville Middle School

  • Education Level: Middle
  • # of students: 619
  • # of teachers: 40
8
GreatSchools Rating

Hendersonville High School

  • Education Level: High
  • # of students: 770
  • # of teachers: 45
8
GreatSchools Rating
 

$260,100$317,900$289,000

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$1,004
Property Tax -$93
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$5

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$289,000

PROJECTED PRICE

$1,270

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.20%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,335

INVESTMENT

$82,335

Down Payment
$72,250
Rehab Estimate
$5,750
Closing Costs
$4,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,004

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,250
Loan Amount $216,750
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$17,597

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $1,452

    COMP ESTIMATED VALUE
  • $1.2

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$9753$1,2504$1,400
$1,400
RENT COMPS ANALYSIS
  • 1250 Hyman Avenue Hendersonville, NC 1
    • 2 beds 1 baths ∙ 1,210 Sqft ∙ Built 1955 2 beds 1 baths ∙ 1,210 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 33 Lake Drive #g6 Hendersonville, NC 2
    • 2 beds 2 baths ∙ 930 Sqft ∙ Built 1980 2 beds 2 baths ∙ 930 Sqft ∙ Built 1980
    LEASED 09/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $1.05
    •  
  • 29 Lake Drive #h2 Hendersonville, NC 3
    • 2 beds 2 baths ∙ 936 Sqft ∙ Built 1980 2 beds 2 baths ∙ 936 Sqft ∙ Built 1980
    LEASED 03/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.34
    •  
  • 304 Live Oak Lane #304 Hendersonville, NC 4
    • 2 beds 2 baths ∙ 1,365 Sqft ∙ Built 1985 2 beds 2 baths ∙ 1,365 Sqft ∙ Built 1985
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.03
    •  
PROPERTY LISTING DETAILS
Katherine Fox
1.828.817.0755
Preferred Realty
BESbswy