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1107 Fairfield Drive #7 Gastonia, NC 28054

4 Beds 3 Baths 2,830 sqft Built 1949

$299,900

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1949
  • Price/Sqft : $105.97
  • 38 Days on Market
  • MLS # : 3668760
  • Updated Date : 11/03/2020 at 18:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,830 sqft
  • Baths : 2 full , 1 half
Listing Agent

Carolinas Realty

Listing Agent's Description

Easy Access to 85 and all the amenities Gastonia has to offer. NO HOA! Charming ranch, with a fenced in backyard! 4 BR 2.5 baths. Tons of space, and potential! One bedroom currently being used as a home office. This space has so much potential. 2 dining areas, and dens. Both dens feature fireplaces, and the formal area features stunning stonework. Formal den leads to large back deck, and fenced in portion of the backyard. 2 Car garage with more parking in the driveway. Attic, and basement space too!

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

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
Sherwood Elementary School Primary Regular 659 38 4
Grier Middle School Middle Regular 679 38 6
Ashbrook High School High Regular 1,436 89 4

Sherwood Elementary School

  • Education Level: Primary
  • # of students: 659
  • # of teachers: 38
4
GreatSchools Rating

Grier Middle School

  • Education Level: Middle
  • # of students: 679
  • # of teachers: 38
6
GreatSchools Rating

Ashbrook High School

  • Education Level: High
  • # of students: 1,436
  • # of teachers: 89
4
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$1,107
Property Tax -$249
Property Insurance -$80
Property Management Fees -$145
CASH FLOW
$29

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.

$299,900

PROJECTED PRICE

$1,610

PROJECTED RENT

0.54%

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$17,771

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.57

    LIST RENT PER SQFT
  • $1,627

    COMP ESTIMATED VALUE
  • $0.58

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5953$1,6104$1,6255$1,695
$1,695
RENT COMPS ANALYSIS
  • 1107 Fairfield Drive Gastonia, NC 3
    • 4 beds 3 baths ∙ 2,830 Sqft ∙ Built 1949 4 beds 3 baths ∙ 2,830 Sqft ∙ Built 1949
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.57
    •  
  • 904 Edgewood Circle Gastonia, NC 1
    • 4 beds 4 baths ∙ 2,616 Sqft ∙ Built 1950 4 beds 4 baths ∙ 2,616 Sqft ∙ Built 1950
    property image
    LEASED 07/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.57
    •  
  • 808 Willow Creek Drive Gastonia, NC 2
    • 4 beds 3 baths ∙ 2,733 Sqft ∙ Built 4 beds 3 baths ∙ 2,733 Sqft ∙ Built
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.58
    •  
  • 924 Bent Branch Street Gastonia, NC 4
    • 3 beds 3 baths ∙ 2,961 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,961 Sqft ∙ Built 2008
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.55
    •  
  • 1035 Bent Branch Street Gastonia, NC 5
    • 3 beds 3 baths ∙ 2,926 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,926 Sqft ∙ Built 2007
    property image
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.58
    •  
PROPERTY LISTING DETAILS
Nancy Smith
1.704.493.0723
Carolinas Realty
BESbswy