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8488 Penton Place Harrisburg, NC 28075

5 Beds 4 Baths 3,446 sqft Built 2011

$450,000

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $130.59
  • 10 Days on Market
  • MLS # : 3715479
  • Updated Date : 03/11/2021 at 00:05
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,446 sqft
  • Baths : 3 full , 1 half
Listing Agent

Nexthome Allegiance

Listing Agent's Description

Stunning Abbington home! Tremendous curb appeal w/ stone and brick accents. Large, leveled, fenced back yard & 3-car side-load, fully insulated garage! Private main level office with french doors. Beautiful 5" wood floors adorn most of the main level. Main level bedroom and private full bath. Additional half bath on main for guests. Open floor plan with large center island in kitchen. The kitchen features stainless steel appliances including the refrigerator. First floor laundry includes washer & dryer. Family room features built-in custom shelving and a gas fireplace. This home is truly Move-In Ready! Enormous Owner's suite w/ large walk-in closet. Dual vanities, deep garden tub and tiled shower in Owner's Bath. Spacious secondary bedrooms. Huge bonus room w/ built-in speakers making it perfect for a home theater. Freshly stained deck - the perfect space for grilling & entertaining. Great Harrisburg location! Community features include a pool, clubhouse, tennis courts & playground.

SEE MORE

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: Abbington

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $118k489k

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

Neighborhood: Abbington

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $8442645

* 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
Harrisburg Elementary School Primary Regular 912 53 8
Hickory Ridge Middle School Middle Unknown NA
Hickory Ridge High School High Regular 1,573 77 7

Harrisburg Elementary School

  • Education Level: Primary
  • # of students: 912
  • # of teachers: 53
8
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
 

$405,000$495,000$450,000

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$1,563
Property Tax -$341
Property Insurance -$92
HOA -$58
Property Management Fees -$119
CASH FLOW
$387

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.

$450,000

PROJECTED PRICE

$2,560

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.2%
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$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

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$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

10.17

YEARS SAVED

$66,421

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,560

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $2,619

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,5003$2,560
$2,560
RENT COMPS ANALYSIS
  • 8488 Penton Place Harrisburg, NC 3
    • 5 beds 4 baths ∙ 3,446 Sqft ∙ Built 2011 5 beds 4 baths ∙ 3,446 Sqft ∙ Built 2011
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $0.74
    •  
  • 8528 Twickenham Terrace Harrisburg, NC 1
    • 5 beds 4 baths ∙ 3,226 Sqft ∙ Built 2012 5 beds 4 baths ∙ 3,226 Sqft ∙ Built 2012
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.77
    •  
  • 4857 Pepper Drive Harrisburg, NC 2
    • 6 beds 3 baths ∙ 3,650 Sqft ∙ Built 2014 6 beds 3 baths ∙ 3,650 Sqft ∙ Built 2014
    property image
    LEASED 01/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.68
    •  
PROPERTY LISTING DETAILS
Shauna Graves
1.704.650.6689
Nexthome Allegiance
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3715479
Last Updated: 03/11/2021
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