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71 Hubbard Avenue #3 Asheville, NC 28806

3 Beds 3 Baths 1,483 sqft Built 2002

$347,500

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $234.32
  • 2 Days on Market
  • MLS # : CAR3761189
  • Updated Date : 07/12/2021 at 22:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,483 sqft
  • Baths : 2 full , 1 half
Listing Agent

Engel & Völkers Asheville

Listing Agent's Description

Say Hello to your new West Asheville home! This beautiful home with tons of edible landscaping is ready for you. The first floor of this home has been freshly painted and redone. Enjoy the comforting color palate and ease of flow into your beautifully redone kitchen and guest bath. A spacious deck spanning the entire length of the house is waiting for you to enjoy! Head upstairs to enjoy your master with on-suite, and 2 extra bedrooms! Located just 1 mile from everything the desirable Haywood road has to offer and just 2 miles from Carrier Park and the French Broad. Please visit the NCDOT website for information regarding I-26 connector projects that may impact 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

Zip Code: 28806

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $89k294k

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

Zip Code: 28806

ZipNIR Market*CityMarket2015Year2011 Q42019 Q210001050110011501200125013001350140014501500155016001650Rent in $9881659

* 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
School Of Inquiry And Life Science Primary Magnet 299 14 8
Asheville Middle School Middle Regular 721 62 4
Asheville High School High Regular 1,089 91 5

School Of Inquiry And Life Science

  • Education Level: Primary
  • # of students: 299
  • # of teachers: 14
8
GreatSchools Rating

Asheville Middle School

  • Education Level: Middle
  • # of students: 721
  • # of teachers: 62
4
GreatSchools Rating

Asheville High School

  • Education Level: High
  • # of students: 1,089
  • # of teachers: 91
5
GreatSchools Rating
 

$312,750$382,250$347,500

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,207
Property Tax -$300
Property Insurance -$55
Property Management Fees -$119
CASH FLOW
-$60

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$347,500

PROJECTED PRICE

$1,620

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 9.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.20%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,838

INVESTMENT

$97,838

Down Payment
$86,875
Rehab Estimate
$5,750
Closing Costs
$5,213

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,207

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $86,875
Loan Amount $260,625
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$13,558

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,730

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6203$1,7384$1,850
$1,850
RENT COMPS ANALYSIS
  • 71 Hubbard Avenue #3 Asheville, NC 2
    • 3 beds 3 baths ∙ 1,483 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,483 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $1.09
    •  
  • 35 Maple Crescent Street Asheville, NC 1
    • 3 beds 1 baths ∙ 1,536 Sqft ∙ Built 1923 3 beds 1 baths ∙ 1,536 Sqft ∙ Built 1923
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.04
    •  
  • 79 Louisiana Avenue Asheville, NC 3
    • 3 beds 3 baths ∙ 1,624 Sqft ∙ Built 1918 3 beds 3 baths ∙ 1,624 Sqft ∙ Built 1918
    LEASED 05/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,738
    • $1.07
    •  
  • 9 Gratitude Drive Asheville, NC 4
    • 3 beds 3 baths ∙ 1,374 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,374 Sqft ∙ Built 2014
    LEASED 10/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.35
    •  
PROPERTY LISTING DETAILS
Darryl Liscomb
1.828.348.4717
Engel & Völkers Asheville
BESbswy