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1009 Colony Court #10 Gastonia, NC 28056

5 Beds 3 Baths 2,167 sqft Built 1978

$290,000

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $133.83
  • 48 Days on Market
  • MLS # : 3676916
  • Updated Date : 12/10/2020 at 14:20
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,167 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

LOCATION! This unique contemporary-style home features 5 BRs & 2.5 BAs. Situated on a 1+ ac lot, the backyd boasts a park-like setting w/ mature landscaping & a small stream. In the KIT, cabinet & countertop space abound w/ large center island, desk/workspace & breakfast/dining area that opens to back deck. KIT updates incl'd SS appliances, granite c-tops, new fronts on cabs & new hardware; Great rm features oversized windows allowing for tons of natural light, towering cathedral ceilings & a cozy FP. Hardwoods were installed in KIT, great rm, entryway & hallway. Also, on the main is a BR/OFC & half bath. Upstairs, you’ll find a loft open to the great rm below, along w/ the master BR, a bath & 2 secondary BRs. The lower level features a walk-out basement (to patio) w/ BR, BA, den/flex space w/ large bar & a workshop area. Laundry has ample storage to incl'd built-ins;Carport; Walking distance to Gastonia Country Club, Conv't to Southampton Tennis & Racket Club, dining & shopping, I-85.

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

Zip Code: 28056

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $81k213k

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

Zip Code: 28056

ZipNIR Market*CityMarket2010Year20002019 Q270080090010001100120013001400Rent in $6901460

* 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
Robinson Elementary School Primary Regular 362 22 6
Cramerton Middle School Middle Regular 833 42 8
Forestview High School High Regular 1,143 63 7

Robinson Elementary School

  • Education Level: Primary
  • # of students: 362
  • # of teachers: 22
6
GreatSchools Rating

Cramerton Middle School

  • Education Level: Middle
  • # of students: 833
  • # of teachers: 42
8
GreatSchools Rating

Forestview High School

  • Education Level: High
  • # of students: 1,143
  • # of teachers: 63
7
GreatSchools Rating
 

$261,000$319,000$290,000

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,070
Property Tax -$241
Property Insurance -$68
Property Management Fees -$119
CASH FLOW
$353

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.

$290,000

PROJECTED PRICE

$1,850

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

11.42

YEARS SAVED

$58,761

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,690

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,7253$1,850
$1,850
RENT COMPS ANALYSIS
  • 1009 Colony Court Gastonia, NC 3
    • 5 beds 3 baths ∙ 2,167 Sqft ∙ Built 1978 5 beds 3 baths ∙ 2,167 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.85
    •  
  • 1539 Georgetowne Drive Gastonia, NC 1
    • 4 beds 3 baths ∙ 1,884 Sqft ∙ Built 1970 4 beds 3 baths ∙ 1,884 Sqft ∙ Built 1970
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.80
    •  
  • 1516 Plantation Trail Gastonia, NC 2
    • 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 1993
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.76
    •  
PROPERTY LISTING DETAILS
Pamela Wigington
1.704.460.4911
Re/max Executive
BESbswy