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400 Grimes Drive Simpsonville, SC 29681

4 Beds 3 Baths - sqft Built 2004

INVESTimate

$250,000

List Price

$1,830

$1,647 - $2,013

Rent Est.

$258,425  ( +3.37%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $100.08
  • 3 Days on Market
  • MLS # : 1425737
  • Updated Date : 08/24/2020 at 19:55
CONSTRUCTION
  • Beds : 4
  • Floor Size : '-'
  • Baths : 2 full , 1 half
Listing Agent

Re/max Moves Simpsonville

Listing Agent's Description

Spacious home featuring 4 bedrooms, 2.5 baths, a bonus room, office, dining room, and more! Upon entering through the foyer, you will be greeted by a great office space to your right, and a formal dining room to the left. Continue through the dining room, into the kitchen and breakfast room, which is open to the spacious great room! You'll also find convenient access to the updated deck, which is great for entertaining! You even have easy access to the community pool via a private gate on the rear fence line! Head upstairs where you will find 4 very spacious bedrooms, including the master suite with double sinks, walk-in closet, garden tub, and more! If you need even more room, there's still a bonus room to explore, which would make a great playroom or media room! You will not be disappointed with this fantastic home in a great Five Forks community!

SEE MORE

PRICE & RENT TRENDS

Zip Code: 29681

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $85k259k

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

Zip Code: 29681

ZipNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9171760

* 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
Bells Crossing Elementary School Primary Regular 955 53 9
Riverside Middle School Middle Regular 1,130 63 10
Mauldin High School High Regular 2,240 108 8

Bells Crossing Elementary School

  • Education Level: Primary
  • # of students: 955
  • # of teachers: 53
9
GreatSchools Rating

Riverside Middle School

  • Education Level: Middle
  • # of students: 1,130
  • # of teachers: 63
10
GreatSchools Rating

Mauldin High School

  • Education Level: High
  • # of students: 2,240
  • # of teachers: 108
8
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,647$2,013$1,830

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,830
EXPENSES Loan Payment -$922
Property Tax -$303
Property Insurance -$73
Property Management Fees -$146
CASH FLOW
$385

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.

$250,000

PROJECTED PRICE

$1,830

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 3.37%
Maintenance Year (1-5) 8.00%
Vacancy 6.12%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

12.25

YEARS SAVED

$56,084

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,830

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,842

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8303$1,8504$1,8505$1,850
$1,850
RENT COMPS ANALYSIS
* Sqft is provided from public sources
  • 400 Grimes Drive Simpsonville, 2
    • 4 beds 3 baths ∙ 2,498 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,498 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,830
    • $0.73
    •  
  • 8 Teton Court Simpsonville, 1
    • 4 beds 3 baths ∙ 2,347 Sqft ∙ Built 4 beds 3 baths ∙ 2,347 Sqft ∙ Built
    property image
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.76
    •  
  • 20 Ginger Gold Drive Simpsonville, 3
    • 5 beds 4 baths ∙ 2,566 Sqft ∙ Built 2004 5 beds 4 baths ∙ 2,566 Sqft ∙ Built 2004
    property image
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.72
    •  
  • 505 Grimes Drive Simpsonville, 4
    • 4 beds 3 baths ∙ 2,427 Sqft ∙ Built 4 beds 3 baths ∙ 2,427 Sqft ∙ Built
    property image
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.76
    •  
  • 38 Ginger Gold Drive Simpsonville, 5
    • 4 beds 3 baths ∙ 2,602 Sqft ∙ Built 4 beds 3 baths ∙ 2,602 Sqft ∙ Built
    property image
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.71
    •  
PROPERTY LISTING DETAILS
Cameron Keegan
1.864.238.7109
Re/max Moves Simpsonville
Lauren Taylor
1.866.250.5610
Homeunion SC LLC
21064
( GGARMLS)
MLS #: 1425737
Last Updated: 08/24/2020
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