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8715 Savannah Road Harrisburg, NC 28075

5 Beds 4 Baths 4,114 sqft Built 2008

INVESTimate

$475,000

List Price

$2,870

$2,620 - $3,120

Rent Est.

$497,943  ( +4.83%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2008
  • Price/Sqft : $115.46
  • 6 Days on Market
  • MLS # : 3654141
  • Updated Date : 08/22/2020 at 12:07
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,114 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams University City

Listing Agent's Description

Impeccable All Brick 5Br/3.5Ba home w/impressive Media/Bonus Room (or can be used as 5th bedroom) in Harrisburg. Open Floor Plan perfect for entertaining. Great Room w/Gorgeous Wood Floors, Gas Fireplace, opening directly into terrific Chef’s Kitchen w/ Large Kitchen Island/Breakfast Bar, Granite Counters, Tile Backsplash, Stainless Steel Appliances, Double Oven, & Walk-in Pantry. Dining Room and Formal Living room with gorgeous wood floors. Office on main level w/ French doors currently being uses as workout room. Upstairs you will find a Large Master Bedroom w/Trey Ceiling, Walk-In Closet & En-Suite w/Garden Tub, Stand up Tiled Shower & Separate Dual Vanity, plus 3 additional Bedrooms (one being used as an office) & 2 Full Baths as well as a Media/Bonus Room that you just have to see to believe. Outside you will enjoy a Custom Paver Patio w/seat wall. Fenced Yard w/ beautiful landscaping and trees for lots of privacy. 3 car side load garage for extra space/storage.

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: Litchfield Village

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k347k

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

Neighborhood: Litchfield Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442097

* 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 Regular 1,164 65 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: 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
 

$427,500$522,500$475,000

PURCHASE PRICE

$2,583$3,157$2,870

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,870
EXPENSES Loan Payment -$1,753
Property Tax -$321
Property Insurance -$105
HOA -$53
Property Management Fees -$258
CASH FLOW
$380

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.

$475,000

PROJECTED PRICE

$2,870

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.83%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,753

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

9.17

YEARS SAVED

$70,780

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,870

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $3,497

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,695
1$2,6952$2,8703$3,0954$5,500
$5,500
RENT COMPS ANALYSIS
  • 8715 Savannah Road Harrisburg, NC 2
    • 4 beds 4 baths ∙ 4,114 Sqft ∙ Built 2008 4 beds 4 baths ∙ 4,114 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $2,870
    • $0.70
    •  
  • 8386 Burgundy Ridge Drive Harrisburg, NC 1
    • 5 beds 5 baths ∙ 4,188 Sqft ∙ Built 2006 5 beds 5 baths ∙ 4,188 Sqft ∙ Built 2006
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.64
    •  
  • 3840 Grovesner Street Harrisburg, NC 3
    • 5 beds 5 baths ∙ 4,299 Sqft ∙ Built 2007 5 beds 5 baths ∙ 4,299 Sqft ∙ Built 2007
    LEASED 05/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,095
    • $0.72
    •  
  • 4321 Satterwythe Lane Charlotte, NC 4
    • 5 beds 4 baths ∙ 4,123 Sqft ∙ Built 1989 5 beds 4 baths ∙ 4,123 Sqft ∙ Built 1989
    LEASED 05/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $5,500
    • $1.33
    •  
PROPERTY LISTING DETAILS
Maggie Laskowski
1.704.651.3405
Keller Williams University City
BESbswy