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4768 Myers Lane Harrisburg, NC 28075

3 Beds 3 Baths 2,382 sqft Built 1994

$439,000

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $184.30
  • 3 Days on Market
  • MLS # : 3682808
  • Updated Date : 12/11/2020 at 18:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,382 sqft
  • Baths : 3 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

Beautiful 3 bed, 3 full bath home in charming Bradford Park! This brick two-story sits on a large wooded lot with a walkout patio! Once inside, you’ll find gorgeous hardwood floors, a gas fireplace, and fresh carpet in select areas! The kitchen features Formica countertops, stainless steel appliances, and a large island table. Don’t miss out on this great location, just minutes from 485 and Concord Mills! The neighborhood offers a clubhouse and community pool! This home has been well cared for and ready for move-in! 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: Bradford Park

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $118k434k

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

Neighborhood: Bradford Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $8442479

* 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
Patriots Elementary School Primary Regular 893 50 NA
Hickory Ridge Middle School Middle Regular 1,164 65 NA
Hickory Ridge High School High Regular 1,573 77 7

Patriots Elementary School

  • Education Level: Primary
  • # of students: 893
  • # of teachers: 50
NA
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
 

$395,100$482,900$439,000

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,620
Property Tax -$297
Property Insurance -$72
HOA -$43
Property Management Fees -$119
CASH FLOW
-$190

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.

$439,000

PROJECTED PRICE

$1,960

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 2.2%
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$122,085

INVESTMENT

$122,085

Down Payment
$109,750
Rehab Estimate
$5,750
Closing Costs
$6,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,620

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $109,750
Loan Amount $329,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$16,825

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,960

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,745

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1
1$12$1,5953$1,6454$1,6755$1,960
$1,960
RENT COMPS ANALYSIS
  • 4768 Myers Lane Harrisburg, NC 5
    • 3 beds 3 baths ∙ 2,382 Sqft ∙ Built 1994 3 beds 3 baths ∙ 2,382 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.82
    •  
  • 11373 Mendora Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 2,403 Sqft ∙ Built 1980 3 beds 3 baths ∙ 2,403 Sqft ∙ Built 1980
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1
    • $0.00
    •  
  • 7413 Sugar Maple Lane Charlotte, NC 2
    • 3 beds 3 baths ∙ 2,236 Sqft ∙ Built 1999 3 beds 3 baths ∙ 2,236 Sqft ∙ Built 1999
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.71
    •  
  • 13600 Brandon Trail Drive Charlotte, NC 3
    • 3 beds 3 baths ∙ 2,285 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,285 Sqft ∙ Built 2009
    LEASED 11/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.72
    •  
  • 5076 Sunburst Lane Charlotte, NC 4
    • 3 beds 3 baths ∙ 2,330 Sqft ∙ Built 3 beds 3 baths ∙ 2,330 Sqft ∙ Built
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.72
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy