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6070 Ironwood Court Harrisburg, NC 28075

4 Beds 3 Baths 2,164 sqft Built 2001

INVESTimate

$312,000

List Price

$1,660

$1,494 - $1,826

Rent Est.

$331,906  ( +6.38%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $144.18
  • 7 Days on Market
  • MLS # : 3653673
  • Updated Date : 08/20/2020 at 13:57
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,164 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

This is the home you've been waiting for! Located in convenient Rocky River Crossing, this home truly has it all. Updated kitchen, wood floors, fenced and tree lined, private backyard and so much more. Neighborhood amenities include pool, walking trails, playground and clubhouse. Sellers including 1 year home warranty with accepted offer from Home Warranty of America! You do not want to miss this!

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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: Rocky River Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k311k

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

Neighborhood: Rocky River Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8421877

* 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
 

$280,800$343,200$312,000

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$1,151
Property Tax -$211
Property Insurance -$68
HOA -$36
Property Management Fees -$149
CASH FLOW
$45

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$312,000

PROJECTED PRICE

$1,660

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 6.38%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$88,430

INVESTMENT

$88,430

Down Payment
$78,000
Rehab Estimate
$5,750
Closing Costs
$4,680

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,151

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $78,000
Loan Amount $234,000
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$19,648

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,639

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6603$1,6954$1,6955$1,750
$1,750
RENT COMPS ANALYSIS
  • 6070 Ironwood Court Harrisburg, NC 2
    • 4 beds 3 baths ∙ 2,164 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,164 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.77
    •  
  • 6053 Ironwood Court Harrisburg, NC 1
    • 4 beds 3 baths ∙ 2,201 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,201 Sqft ∙ Built 2001
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.72
    •  
  • 5398 Josephine Lane Concord, NC 3
    • 3 beds 3 baths ∙ 2,310 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,310 Sqft ∙ Built 2006
    property image
    LEASED 01/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.73
    •  
  • 807 Treva Anne Drive Concord, NC 4
    • 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 2005
    property image
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.79
    •  
  • 4507 Sedgewood Lane Harrisburg, NC 5
    • 4 beds 3 baths ∙ 2,220 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,220 Sqft ∙ Built 2001
    property image
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.79
    •  
PROPERTY LISTING DETAILS
Tania Wahl
1.888.584.9431
Exp Realty Llc
BESbswy