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2830 Cedar Springs Drive Spartanburg, SC 29302

3 Beds 2 Baths - sqft Built 1950

$114,900

List Price

$1,090

$981 - $1.2K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1950
  • Price/Sqft : $89.91
  • 52 Days on Market
  • MLS # : 1427646
  • Updated Date : 11/04/2020 at 17:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : '-'
  • Baths : 2 full
Listing Agent

Better Homes & Gardens Young &

Listing Agent's Description

BACK on the Market! Buyer changed their mind. All inspections, appraisal completed. Their loss is your gain. This adorable home is perfect for first time home buyers, downsizers, or investors. As you drive up to the home, you are welcomed by a beautiful front porch. This home has freshly painted walls, new flooring, and some updates to kitchen and bathrooms. Features include master bedroom with full bath, 2 additional bedrooms, over-sized laundry room, and additional full bath. Two additional lots are available for purchase. Don’t miss your opportunity to own this delightful home located close to Croft State Park, shopping and restaurants. Schedule your showing today!

SEE MORE

PRICE & RENT TRENDS

Zip Code: 29302

ZipNIR Market*CityMarket2010Year2000201960k70k80k90k100k110k120k130k140k150k160kPrice in $58k165k

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

Zip Code: 29302

ZipNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5831350

* 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
Spartanburg High School High Regular 1,287 114 4

Spartanburg High School

  • Education Level: High
  • # of students: 1,287
  • # of teachers: 114
4
GreatSchools Rating
 

$103,410$126,390$114,900

PURCHASE PRICE

$981$1,199$1,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,090
EXPENSES Loan Payment -$424
Property Tax -$241
Property Insurance -$51
Property Management Fees -$87
CASH FLOW
$288

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$114,900

PROJECTED PRICE

$1,090

PROJECTED RENT

0.95%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.52%
Appreciation Year (1-5) 4.1%
Maintenance Year (1-5) 8.00%
Vacancy 7.90%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k

PROJECTED ANNUAL CASH FLOW

11530$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$50k$100k$150k$200k$250k$300k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$36,199

INVESTMENT

$36,199

Down Payment
$28,725
Rehab Estimate
$5,750
Closing Costs
$1,724

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$424

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $28,725
Loan Amount $86,175
See What Happens When You Reinvest Cash Flow

14.42

YEARS SAVED

$31,542

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,090

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,150

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,090
1$1,0902$1,125
$1,125
RENT COMPS ANALYSIS
* Sqft is provided from public sources
  • 2830 Cedar Springs Drive Spartanburg, SC 1
    • 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1950
    • Rent
    • Rent Per SQFT
    •  
    • $1,090
    • $0.85
    •  
  • 166 Anderson Drive Spartanburg, SC 2
    • 3 beds 1 baths ∙ 1,248 Sqft ∙ Built 3 beds 1 baths ∙ 1,248 Sqft ∙ Built
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,125
    • $0.90
    •  
PROPERTY LISTING DETAILS
Lisa Cato
1.864.590.2703
Better Homes & Gardens Young &
Lauren Taylor
1.866.250.5610
Homeunion SC LLC
21064
( GGARMLS)
MLS #: 1427646
Last Updated: 11/04/2020
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