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1112 Eastwood Drive Wingate, NC 28174

4 Beds 3 Baths 1,783 sqft Built 2015

$265,000

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $148.63
  • 2 Days on Market
  • MLS # : 3699431
  • Updated Date : 01/16/2021 at 22:47
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,783 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bradley Real Estate & Development

Listing Agent's Description

Wow! 4 bedrooms with 2.5 bathrooms. Close to Wingate University and close to the bypass. This home is one of the most loved and well cared for homes around. Open floor plan that opens up to a spacious kitchen and dining area on the main floor. Owner's suite has an en suite bathroom and walk-in closet. This one will NOT disappoint! Please follow all COVID-19 showing protocols.

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: 28174

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210kPrice in $103k213k

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

Zip Code: 28174

ZipNIR Market*CityMarket2010Year20002019 Q275080085090095010001050110011501200125013001350Rent in $7141375

* 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
Wingate Elementary School Primary Regular 616 61 6
East Union Middle School Middle Regular 908 59 3
Forest Hills High School High Regular 937 63 2

Wingate Elementary School

  • Education Level: Primary
  • # of students: 616
  • # of teachers: 61
6
GreatSchools Rating

East Union Middle School

  • Education Level: Middle
  • # of students: 908
  • # of teachers: 59
3
GreatSchools Rating

Forest Hills High School

  • Education Level: High
  • # of students: 937
  • # of teachers: 63
2
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$920
Property Tax -$202
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$38

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.

$265,000

PROJECTED PRICE

$1,340

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 9.0%
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-$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$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$920

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

5.83

YEARS SAVED

$17,459

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,426

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2993$1,3404$1,399
$1,399
RENT COMPS ANALYSIS
  • 1112 Eastwood Drive Wingate, NC 3
    • 4 beds 3 baths ∙ 1,783 Sqft ∙ Built 2015 4 beds 3 baths ∙ 1,783 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $0.75
    •  
  • 305 Colonial Circle Wingate, NC 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1986
    LEASED 09/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.80
    •  
  • 5302 Tucker Phillips Drive Wingate, NC 2
    • 4 beds 2 baths ∙ 1,668 Sqft ∙ Built 2008 4 beds 2 baths ∙ 1,668 Sqft ∙ Built 2008
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.78
    •  
  • 5308 Tucker Phillips Drive Wingate, NC 4
    • 4 beds 3 baths ∙ 1,760 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,760 Sqft ∙ Built 2016
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.79
    •  
PROPERTY LISTING DETAILS
Carol Bradley
1.704.400.6043
Bradley Real Estate & Development
BESbswy