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431 Hillcrest Drive Harrisburg, NC 28075

3 Beds 2 Baths 1,427 sqft Built 1990

$280,000

List Price

$1,210

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $196.22
  • 2 Days on Market
  • MLS # : 3719487
  • Updated Date : 03/20/2021 at 15:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,427 sqft
  • Baths : 2 full
Listing Agent

Helen Adams Realty

Listing Agent's Description

This adorable, all brick ranch, on a cul de sac,in the heart of Harrisburg, is the one you have been looking for. The house has been freshly painted and new luxury vinyl plank floors recently installed. You will love the open floor plan, eat in kitchen and large laundry room as well as the split bedroom set up. When you're ready to spend time outside you have the option of relaxing on the front porch or outback on the screened in porch. This large, wooded lot will offer lots of privacy and room to roam and make your own. Welcome home!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Whitefield Manor

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Whitefield Manor

NeighborhoodNIR 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
Pitts School Road Elementary School Primary Regular 809 49 5
Hickory Ridge Middle School Middle Unknown NA
Hickory Ridge High School High Regular 1,573 77 7

Pitts School Road Elementary School

  • Education Level: Primary
  • # of students: 809
  • # of teachers: 49
5
GreatSchools Rating

Hickory Ridge Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Hickory Ridge High School

  • Education Level: High
  • # of students: 1,573
  • # of teachers: 77
7
GreatSchools Rating
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,089$1,331$1,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,210
EXPENSES Loan Payment -$973
Property Tax -$189
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
-$125

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.

$280,000

PROJECTED PRICE

$1,210

PROJECTED RENT

0.43%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$973

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$8,724

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,210

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,224

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,210
1$1,2102$1,2493$1,3454$1,3505$1,499
$1,499
RENT COMPS ANALYSIS
  • 431 Hillcrest Drive Harrisburg, NC 1
    • 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,210
    • $0.85
    •  
  • 10700 Hunters Trace Court Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1991
    property image
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.86
    •  
  • 4924 Abercromby Street Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,558 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,558 Sqft ∙ Built 2013
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.86
    •  
  • 10800 Whittersham Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1987
    property image
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.84
    •  
  • 5911 Leatherwood Lane Harrisburg, NC 5
    • 4 beds 3 baths ∙ 1,750 Sqft ∙ Built 1982 4 beds 3 baths ∙ 1,750 Sqft ∙ Built 1982
    property image
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.86
    •  
PROPERTY LISTING DETAILS
Heather Flohr
1.980.475.2252
Helen Adams Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719487
Last Updated: 03/20/2021
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