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392 Ridgecrest Drive Spartanburg, SC 29301

3 Beds 2 Baths - sqft Built 1962

$149,900

List Price

$960

$864 - $1.1K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $140.62
  • 2 Days on Market
  • MLS # : 1435821
  • Updated Date : 01/23/2021 at 02:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : '-'
  • Baths : 1 full , 1 half
Listing Agent

Ponce Realty Group, Llc

Listing Agent's Description

Must see this home to appreciate all it has to offer! 3 bedrooms with 1 and half bath home with HUGE 20x25 ft building with fenced yard located in the desirable district 6 and walking distance to the elementary school, shopping, groceries, medical facilities and I-85 and I-26. You immediately notice all the NEW vinyl windows that have been installed to home and building (2016), refinished hardwoods, NEW interior and exterior doors, NEW ceiling fans, and completely gutted and updated bathroom (2020). Other items that have been updated is NEW plumbing/drain lines and NEW upgraded electrical, NEW hot water heater (2020), and NEW shutters! This home offers a large living room with scenic views out of the panoramic windows with hardwood floors that run through the living, hall, and all the bedrooms. There are two spacious bedrooms with closets and the master has a half bath. In the eat-in kitchen there is plenty of cabinetry and prep space. In the carport there is a NEW pull-down staircase for access to the attic and a storage closet for the laundry. The 20x25ft building is complete with electrical and offers endless possibilities. The building has a wall of build-in storage shelves, plenty of room for storage and sliding entry doors. Too many upgrades to mention.

SEE MORE

PRICE & RENT TRENDS

Zip Code: 29301

ZipNIR Market*CityMarket2010Year2000201960k70k80k90k100k110k120k130k140kPrice in $58k149k

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

Zip Code: 29301

ZipNIR Market*CityMarket2010Year20002019 Q2600650700750800850900950100010501100115012001250Rent in $5831261

* 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
Dorman High Freshman Campus High Regular 863 53 5
Dorman High School High Regular 2,381 126 3

Dorman High Freshman Campus

  • Education Level: High
  • # of students: 863
  • # of teachers: 53
5
GreatSchools Rating

Dorman High School

  • Education Level: High
  • # of students: 2,381
  • # of teachers: 126
3
GreatSchools Rating
 

$134,910$164,890$149,900

PURCHASE PRICE

$864$1,056$960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $960
EXPENSES Loan Payment -$521
Property Tax -$269
Property Insurance -$47
Property Management Fees -$77
CASH FLOW
$46

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.

$149,900

PROJECTED PRICE

$960

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.52%
Appreciation Year (1-5) 3.7%
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$50k$100k$150k$200k$250k$300k$350k$400k$450k

PROJECTED ANNUAL CASH FLOW

11530-$1.0k$0.0$1.0k$2.0k$3.0k$4.0k$5.0k$6.0k$7.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$45,474

INVESTMENT

$45,474

Down Payment
$37,475
Rehab Estimate
$5,750
Closing Costs
$2,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$521

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $37,475
Loan Amount $112,425
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$7,296

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $960

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $917

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$960
1$9602$1,150
$1,150
RENT COMPS ANALYSIS
* Sqft is provided from public sources
  • 392 Ridgecrest Drive Spartanburg, SC 1
    • 3 beds 2 baths ∙ 1,066 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,066 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $960
    • $0.90
    •  
  • 218 Singing Woods Lane Spartanburg, SC 2
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 3 beds 2 baths ∙ 1,344 Sqft ∙ Built
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.86
    •  
PROPERTY LISTING DETAILS
Tasha Ellison
1.864.706.6974
Ponce Realty Group, Llc
Lauren Taylor
1.866.250.5610
Homeunion SC LLC
21064
( GGARMLS)
MLS #: 1435821
Last Updated: 01/23/2021
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