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5875 Leatherwood Lane Harrisburg, NC 28075

4 Beds 3 Baths 2,152 sqft Built 1981

$320,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $148.70
  • 6 Days on Market
  • MLS # : 3697807
  • Updated Date : 01/12/2021 at 23:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,152 sqft
  • Baths : 3 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

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

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Timber Forest

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $116k318k

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

Neighborhood: Timber Forest

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 Regular 1,164 65 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: 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
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,111
Property Tax -$216
Property Insurance -$68
Property Management Fees -$119
CASH FLOW
$116

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.

$320,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.51%

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$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$31,193

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,619

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5753$1,6304$1,6655$1,850
$1,850
RENT COMPS ANALYSIS
  • 5875 Leatherwood Lane Harrisburg, NC 3
    • 4 beds 3 baths ∙ 2,152 Sqft ∙ Built 1981 4 beds 3 baths ∙ 2,152 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.76
    •  
  • 11034 Mallard Crossing Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 1,890 Sqft ∙ Built 1991 4 beds 3 baths ∙ 1,890 Sqft ∙ Built 1991
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.77
    •  
  • 2128 Turtle Point Road Charlotte, NC 2
    • 3 beds 3 baths ∙ 1,992 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,992 Sqft ∙ Built 2008
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.79
    •  
  • 5940 Hickory Hollow Court Harrisburg, NC 4
    • 4 beds 3 baths ∙ 2,430 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,430 Sqft ∙ Built 2001
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,665
    • $0.69
    •  
  • 4805 Walnut Grove Street Harrisburg, NC 5
    • 5 beds 3 baths ∙ 2,489 Sqft ∙ Built 2002 5 beds 3 baths ∙ 2,489 Sqft ∙ Built 2002
    LEASED 09/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.74
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy