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7148 Furlow Lane Harrisburg, NC 28075

3 Beds 2 Baths 1,636 sqft Built 2001

$250,000

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $152.81
  • 15 Days on Market
  • MLS # : 3700596
  • Updated Date : 02/05/2021 at 12:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,636 sqft
  • Baths : 2 full
Listing Agent

1st Choice Properties, Inc.

Listing Agent's Description

Prime location! Spacious and open ranch on cul-de-sac convenient to Harrisburg and Charlotte. Just minutes away from shopping, dining and entertainment. The covered entry invites you into this easy flow floor plan offering a formal dining room which could easily be used as "Flex Space". (Home office, Home schooling, etc....) Kitchen offers dining area & pass through to living room and refrigerator that conveys. Lots of cabinets and pantry too! Spacious living room with gas fireplace, sliders out to a patio and vaulted ceiling w/ ceiling fan. The master bedroom is large with walk in closet, MBTH w/ separate shower and large tub & dual vanities. The secondary bedrooms are have deep closets and are anchored by a second full bath. The laundry room has cabinets and between the home and garage. Don't miss this ranch! Easy one level living!

SEE MORE

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: Canterfield Estates

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Canterfield Estates

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
Patriots Elementary School Primary Unknown NA
Hickory Ridge Middle School Middle Unknown NA
Hickory Ridge High School High Regular 1,573 77 7

Patriots Elementary School

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

$225,000$275,000$250,000

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$868
Property Tax -$169
Property Insurance -$58
HOA -$35
Property Management Fees -$119
CASH FLOW
$91

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.

$250,000

PROJECTED PRICE

$1,340

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.5%
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$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$23,942

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,346

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,340
1$1,3402$1,4953$1,4954$1,5205$1,595
$1,595
RENT COMPS ANALYSIS
  • 7148 Furlow Lane Harrisburg, NC 1
    • 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $0.82
    •  
  • 1965 Moss Creek Drive Harrisburg, NC 2
    • 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 2005
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.81
    •  
  • 1943 Moss Creek Drive Harrisburg, NC 3
    • 3 beds 3 baths ∙ 1,828 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,828 Sqft ∙ Built 2005
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.82
    •  
  • 7209 Winding Cedar Trail Harrisburg, NC 4
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 2004
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.81
    •  
  • 7128 Furlow Lane Harrisburg, NC 5
    • 3 beds 3 baths ∙ 1,857 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,857 Sqft ∙ Built 2001
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.86
    •  
PROPERTY LISTING DETAILS
Tina Pedersen
1.704.701.5106
1st Choice Properties, Inc.
BESbswy