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1117 Gainsborough Drive Matthews, NC 28104

3 Beds 3 Baths 2,300 sqft Built 2001

$350,000

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $152.17
  • 7 Days on Market
  • MLS # : 3703270
  • Updated Date : 02/06/2021 at 12:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,300 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Providence @485

Listing Agent's Description

FANTASTIC David Weekley Glenhaven with a Covered Front Porch and Private Back Patio! This home is quality built and beautiful all the way through. Updated Kitchen with stainless steel appliances and granite. New tile and wide plank engineered wood flooring on main. Spacious rooms and a wonderful flow. Freshly painted main living spaces, ready for your move in. Elegant Master Suite and versatile Loft on upper. Perfectly designed built-in bookcases. Backload Garage is attached and out of view. Chestnut Oaks offers nature trails, pool and playground. Put this one on the TOP of YOUR LIST! **MULTIPLE OFFERS RECEIVED. SELLERS ACCEPTING OFFERS UNTIL 5pm on FEB 7th.**

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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

Neighborhood: Chestnut Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k338k

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

Neighborhood: Chestnut Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441905

* 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
Indian Trail Elementary School Primary Regular 682 41 9
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Indian Trail Elementary School

  • Education Level: Primary
  • # of students: 682
  • # of teachers: 41
9
GreatSchools Rating

Sun Valley Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 69
6
GreatSchools Rating

Sun Valley High School

  • Education Level: High
  • # of students: 1,306
  • # of teachers: 76
7
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,216
Property Tax -$232
Property Insurance -$70
HOA -$48
Property Management Fees -$119
CASH FLOW
$35

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.

$350,000

PROJECTED PRICE

$1,720

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$24,868

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,869

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7203$1,8454$2,0005$2,085
$2,085
RENT COMPS ANALYSIS
  • 1117 Gainsborough Drive Matthews, NC 2
    • 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.75
    •  
  • 1001 Gainsborough Drive Matthews, NC 1
    • 3 beds 3 baths ∙ 2,424 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,424 Sqft ∙ Built 2002
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.70
    •  
  • 1323 Privett Park Place Matthews, NC 3
    • 3 beds 3 baths ∙ 2,130 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,130 Sqft ∙ Built 2018
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.87
    •  
  • 5132 Craftsman Ridge Drive Stallings, NC 4
    • 4 beds 3 baths ∙ 2,289 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,289 Sqft ∙ Built 2006
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.87
    •  
  • 6204 Potter Road Matthews, NC 5
    • 4 beds 3 baths ∙ 2,466 Sqft ∙ Built 1982 4 beds 3 baths ∙ 2,466 Sqft ∙ Built 1982
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,085
    • $0.85
    •  
PROPERTY LISTING DETAILS
Brent "andy" Bovender
1.704.625.6127
Allen Tate Providence @485
BESbswy