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1028 Sapphire Drive Gastonia, NC 28054

4 Beds 3 Baths 2,207 sqft Built 2002

$254,900

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $115.50
  • 27 Days on Market
  • MLS # : 3700611
  • Updated Date : 02/17/2021 at 13:58
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,207 sqft
  • Baths : 2 full , 1 half
Listing Agent

C-a-re Realty

Listing Agent's Description

**All offers will be accepted until Sunday Feb. 21st at 8pm** Fabulous 2 story home in sought after neighborhood of Mountain View in township of Ranlo. Home features new granite countertops and cabinets with crown molding * cozy family room with gas fireplace as well as large living room and dining area * large open kitchen with brand new french doors that lead to huge fenced in backyard with playset . Second floor features large master bedroom with vaulted ceiling and 2 walk in closets * master bath has dual vanity, garden tub, separate shower and water closet * 3 additional good sized bedrooms as well another full bath. This home is one of the largest per square ft in the subdivision and the biggest fenced-in backyard. With a private backyard and all the upgrades you want in a home. The following are updated less than a year ago: Air conditioning, Furnace, Water heater, French door, Gutter guards, Garage door opener and Garage door coils.

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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

Zip Code: 28054

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k213k

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

Zip Code: 28054

ZipNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6771375

* 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
Brookside Elementary School Primary Regular 551 34 4
Holbrook Middle School Middle Regular 731 40 6
North Gaston High School High Regular 1,095 60 3

Brookside Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 34
4
GreatSchools Rating

Holbrook Middle School

  • Education Level: Middle
  • # of students: 731
  • # of teachers: 40
6
GreatSchools Rating

North Gaston High School

  • Education Level: High
  • # of students: 1,095
  • # of teachers: 60
3
GreatSchools Rating
 

$229,410$280,390$254,900

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$885
Property Tax -$196
Property Insurance -$69
HOA -$15
Property Management Fees -$119
CASH FLOW
$266

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.

$254,900

PROJECTED PRICE

$1,550

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 6.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$73,299

INVESTMENT

$73,299

Down Payment
$63,725
Rehab Estimate
$5,750
Closing Costs
$3,824

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$885

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $63,725
Loan Amount $191,175
See What Happens When You Reinvest Cash Flow

10.58

YEARS SAVED

$40,169

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,561

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,425
1$1,4252$1,5503$1,6504$1,6855$1,695
$1,695
RENT COMPS ANALYSIS
  • 1028 Sapphire Drive Gastonia, NC 2
    • 4 beds 3 baths ∙ 2,207 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,207 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.70
    •  
  • 1052 Sapphire Drive Gastonia, NC 1
    • 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2009
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.69
    •  
  • 3125 Teton Drive Gastonia, NC 3
    • 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 2003
    LEASED 04/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.73
    •  
  • 168 Ranlo Avenue Gastonia, NC 4
    • 3 beds 3 baths ∙ 2,505 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,505 Sqft ∙ Built 2004
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,685
    • $0.67
    •  
  • 4262 Everest Drive Gastonia, NC 5
    • 4 beds 3 baths ∙ 2,292 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,292 Sqft ∙ Built 2004
    LEASED 11/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.74
    •  
PROPERTY LISTING DETAILS
Don Gomez
1.704.644.1467
C-a-re Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3700611
Last Updated: 02/17/2021
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