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2642 Red Maple Lane Harrisburg, NC 28075

5 Beds 4 Baths 3,848 sqft Built 2015

$465,000

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $120.84
  • 5 Days on Market
  • MLS # : 3707565
  • Updated Date : 02/13/2021 at 22:50
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,848 sqft
  • Baths : 3 full , 1 half
Listing Agent

Carolina Roots Realty Group Llc

Listing Agent's Description

Beautiful, spacious 5 bedroom, one-owner home in the highly sought-after Blume subdivision in Harrisburg. The elegant entry hallway leads you past the formal dining room and office, into the huge, open kitchen/breakfast area/family room. Full guest suite on the main level is perfect for in-laws and guests. Very large master bedroom with sitting area, two closets and double-sink master bath on upper level. Also on the upper level are three more bedrooms adjacent to the loft area, as well as the spacious bonus room. This home has TONS of space - just what you need with the new stay-at-home lifestyle.

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: 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 Unknown 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:
  • # of teachers:
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
 

$418,500$511,500$465,000

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$1,615
Property Tax -$353
Property Insurance -$100
HOA -$62
Property Management Fees -$119
CASH FLOW
$152

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.

$465,000

PROJECTED PRICE

$2,400

PROJECTED RENT

0.52%

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) 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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$128,975

INVESTMENT

$128,975

Down Payment
$116,250
Rehab Estimate
$5,750
Closing Costs
$6,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,615

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $116,250
Loan Amount $348,750
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$42,234

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,400

    LIST RENT
  • $0.62

    LIST RENT PER SQFT
  • $2,527

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,5003$2,6954$2,700
$2,700
RENT COMPS ANALYSIS
  • 2642 Red Maple Lane Harrisburg, NC 1
    • 5 beds 4 baths ∙ 3,848 Sqft ∙ Built 2015 5 beds 4 baths ∙ 3,848 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.62
    •  
  • 4857 Pepper Drive Harrisburg, NC 2
    • 6 beds 3 baths ∙ 3,650 Sqft ∙ Built 2014 6 beds 3 baths ∙ 3,650 Sqft ∙ Built 2014
    LEASED 01/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.68
    •  
  • 8386 Burgundy Ridge Drive Harrisburg, NC 3
    • 5 beds 5 baths ∙ 4,188 Sqft ∙ Built 2006 5 beds 5 baths ∙ 4,188 Sqft ∙ Built 2006
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.64
    •  
  • 3815 Burnage Hall Road Harrisburg, NC 4
    • 5 beds 5 baths ∙ 4,146 Sqft ∙ Built 2006 5 beds 5 baths ∙ 4,146 Sqft ∙ Built 2006
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.65
    •  
PROPERTY LISTING DETAILS
Cliff Antrim
1.703.862.7849
Carolina Roots Realty Group Llc
BESbswy