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1216 Craig Avenue Gastonia, NC 28054

3 Beds 1 Baths 1,367 sqft Built 1950

$169,900

List Price

$1,110

$999 - $1.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1950
  • Price/Sqft : $124.29
  • 5 Days on Market
  • MLS # : 3677958
  • Updated Date : 10/31/2020 at 15:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,367 sqft
  • Baths : 1 full
Listing Agent

Weichert Realtors-pmi Group

Listing Agent's Description

BEAUTIFUL HOME LOCATED MINUTES FROM I 85 ACCESS!!! Minutes from shops and restaurants! This home features gorgeous new flooring throughout! FENCED in backyard! Appliances to convey! You won't want to miss this home, it will be gone soon! Fireplace is for cosmetic purposes only and does not function.

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
Woodhill Elementary School Primary Regular 470 28 2
Grier Middle School Middle Regular 679 38 6
Ashbrook High School High Regular 1,436 89 4

Woodhill Elementary School

  • Education Level: Primary
  • # of students: 470
  • # of teachers: 28
2
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
 

$152,910$186,890$169,900

PURCHASE PRICE

$999$1,221$1,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,110
EXPENSES Loan Payment -$627
Property Tax -$141
Property Insurance -$52
Property Management Fees -$100
CASH FLOW
$191

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.

$169,900

PROJECTED PRICE

$1,110

PROJECTED RENT

0.65%

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$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,774

INVESTMENT

$50,774

Down Payment
$42,475
Rehab Estimate
$5,750
Closing Costs
$2,549

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$627

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $42,475
Loan Amount $127,425
See What Happens When You Reinvest Cash Flow

10

YEARS SAVED

$29,089

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,110

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,170

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$9503$9754$1,0505$1,110
$1,110
RENT COMPS ANALYSIS
  • 1216 Craig Avenue Gastonia, NC 5
    • 3 beds 1 baths ∙ 1,304 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,304 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,110
    • $0.85
    •  
  • 606 E 4th Avenue Gastonia, NC 1
    • 3 beds 1 baths ∙ 965 Sqft ∙ Built 1920 3 beds 1 baths ∙ 965 Sqft ∙ Built 1920
    property image
    LEASED 07/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.96
    •  
  • 209 New Hope Road Gastonia, NC 2
    • 3 beds 1 baths ∙ 1,167 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,167 Sqft ∙ Built 1930
    property image
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.81
    •  
  • 606 Park Terrace Gastonia, NC 3
    • 3 beds 1 baths ∙ 966 Sqft ∙ Built 1958 3 beds 1 baths ∙ 966 Sqft ∙ Built 1958
    property image
    LEASED 09/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $1.01
    •  
  • 511 N Morehead Street Gastonia, NC 4
    • 3 beds 2 baths ∙ 1,247 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,247 Sqft ∙ Built 1940
    property image
    LEASED 06/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.84
    •  
PROPERTY LISTING DETAILS
Alexandra Love
1.704.502.3611
Weichert Realtors-pmi Group
BESbswy