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118 Hamrick Road #1012F Gastonia, NC 28056

3 Beds 3 Baths 1,848 sqft Built 2021

$319,990

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $173.15
  • 2 Days on Market
  • MLS # : CAR3761688
  • Updated Date : 07/12/2021 at 20:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,848 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nvr Homes, Inc./ryan Homes

Listing Agent's Description

Stunning new construction townhome with detached two car garage! Minutes from downtown Belmont and Cramerton while still close to I-85 and Charlotte. Main floor has large dining room leading to a wonderful, open kitchen that features a huge island and stainless steel appliances. Half bath on main. Kitchen then leads to large great room that looks out on the private fenced in back yard. Upstairs owner's suite has massive walk-in closet, his/her vanity, a large walk-in tiled shower with seat and wonderful soaking tub! Other features include 9' ceilings on both floors, smart home features, and a tankless water heater. Refrigerator, washer and dryer are even included! You don’t even have to worry about lawn care or exterior maintenance as that is included as well. Great incentives to purchase so hurry in! To be built.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Cramerton

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $81k213k

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

Neighborhood: Cramerton

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
New Hope Elementary School Primary Regular 542 27 7
Cramerton Middle School Middle Regular 833 42 8
Stuart W. Cramer High School High Regular 782 45 NA

New Hope Elementary School

  • Education Level: Primary
  • # of students: 542
  • # of teachers: 27
7
GreatSchools Rating

Cramerton Middle School

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

Stuart W. Cramer High School

  • Education Level: High
  • # of students: 782
  • # of teachers: 45
NA
GreatSchools Rating
 

$287,991$351,989$319,990

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,111
Property Tax -$206
Property Insurance -$62
HOA -$170
Property Management Fees -$119
CASH FLOW
-$48

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$319,990

PROJECTED PRICE

$1,620

PROJECTED RENT

0.51%

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) 3.00%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$86,797

INVESTMENT

$86,797

Down Payment
$79,998
Rehab Estimate
$2,000
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $79,998
Loan Amount $239,993
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$12,157

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,585

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5503$1,6204$1,6455$1,850
$1,850
RENT COMPS ANALYSIS
  • 118 Hamrick Road #1012f Gastonia, NC 3
    • 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 2021 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.88
    •  
  • 3924 Catawba Hills Drive #248 Gastonia, NC 1
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2015 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2015
    property image
    LEASED 06/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.87
    •  
  • 2631 Cypress Oak Lane Gastonia, NC 2
    • 3 beds 2 baths ∙ 1,918 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,918 Sqft ∙ Built 2008
    property image
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.81
    •  
  • 5212 Newport Landing Way Gastonia, NC 4
    • 4 beds 3 baths ∙ 1,911 Sqft ∙ Built 2013 4 beds 3 baths ∙ 1,911 Sqft ∙ Built 2013
    property image
    LEASED 03/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.86
    •  
  • 6169 Rosemore Lane Gastonia, NC 5
    • 4 beds 3 baths ∙ 2,181 Sqft ∙ Built 4 beds 3 baths ∙ 2,181 Sqft ∙ Built
    property image
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.85
    •  
PROPERTY LISTING DETAILS
Jerry Smith
1.704.610.5282
Nvr Homes, Inc./ryan Homes
BESbswy