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3763 Burnage Hall Road Harrisburg, NC 28075

5 Beds 3 Baths 2,714 sqft Built 2006

$382,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

December 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $140.75
  • 7 Days on Market
  • MLS # : 3685511
  • Updated Date : 12/28/2020 at 12:54
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,714 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Harrisburg two-story home offers a patio, granite countertops, and a two-car garage. This home is vacant and cleaned regularly.

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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

Neighborhood: Magnolia Springs

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k320k

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

Neighborhood: Magnolia Springs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441958

* 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
Harrisburg Elementary School Primary Regular 912 53 8
Hickory Ridge Middle School Middle Regular 1,164 65 NA
Hickory Ridge High School High Regular 1,573 77 7

Harrisburg Elementary School

  • Education Level: Primary
  • # of students: 912
  • # of teachers: 53
8
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
 

$343,800$420,200$382,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,409
Property Tax -$272
Property Insurance -$78
HOA -$49
Property Management Fees -$119
CASH FLOW
-$127

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.

$382,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.47%

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

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$106,980

INVESTMENT

$106,980

Down Payment
$95,500
Rehab Estimate
$5,750
Closing Costs
$5,730

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,409

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $95,500
Loan Amount $286,500
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$17,417

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,782

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,765
1$1,7652$1,8003$1,8004$1,895
$1,895
RENT COMPS ANALYSIS
  • 3763 Burnage Hall Road Harrisburg, NC 3
    • 5 beds 3 baths ∙ 2,714 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,714 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.66
    •  
  • 3416 Burnage Hall Road Harrisburg, NC 1
    • 4 beds 3 baths ∙ 2,401 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,401 Sqft ∙ Built 2005
    property image
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,765
    • $0.74
    •  
  • 8927 Merrie Rose Avenue Charlotte, NC 2
    • 5 beds 3 baths ∙ 2,960 Sqft ∙ Built 2007 5 beds 3 baths ∙ 2,960 Sqft ∙ Built 2007
    property image
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.61
    •  
  • 8378 Burgundy Ridge Drive Harrisburg, NC 4
    • 5 beds 3 baths ∙ 3,058 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,058 Sqft ∙ Built 2006
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.62
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy