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1218 Craig Avenue Gastonia, NC 28054

3 Beds 1 Baths 1,222 sqft Built 1950

$169,000

List Price

$1,150

$1K - $1.3K

Rent Est.

$50,535

Investment Est.

AVAILABLE

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AVAILABLE

1 Year
(+6.0%)
1 YR. PROJ. APPRECIATION


Cap Rate	4.8%
Cash Flow	$3,048
Value Increase	$10,398

10 YEAR

Cash On Cash	4.2%
Total Return	14.2%

PROPERTY INFO

January 23, 2021 RECENTLY ADDED

FACTS

Single Family
Built In 1950
Price/Sqft : $138.30
2 Days on Market
MLS # : 3701096
Updated Date : 01/23/2021 at 17:35

CONSTRUCTION

Beds : 3
Floor Size : 1,222 sqft
Baths : 1 full

Listing Agent

Better Homes And Gardens Real Estate Paracle

Listing Agent's Description

Don't miss out on this ABSOLUTELY Adorable, 3 Bedroom and 1 Bath 1222 sq ft. home!! Beautiful Wood Floors throughout most of the home with Porcelain tile in the Kitchen and Bathroom. All updates were done in 2018 and includes 30-year architectural Roof, Windows, Gorgeous Granite Countertops, and stainless steel appliances! Not only does this home come with Washer, Dryer, and Refrigerator but it also comes with a Smart System that includes 2 exterior cameras, a Nest Thermostat, Smart Lock, Nest Camera Doorbell and a Smart Smoke/CO2 Detector. It has a PERFECT backyard for entertaining, with an 8ft privacy fence, lovely patio lights for the nighttime, a storage shed, fire pit, and paved patio! (Fireplace is non-functioning and sold "as-is")

Gastonia, North Carolina

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MARKET HIGHLIGHTS

Charlotte Market Report

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)

Zip Code: 28054

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

Zip Code: 28054

* 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

GreatSchools Rating

Grier Middle School

Education Level: Middle
# of students: 679
# of teachers: 38

GreatSchools Rating

Ashbrook High School

Education Level: High
# of students: 1,436
# of teachers: 89

GreatSchools Rating

FINANCIALS

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$152,100$185,90000$169,000

PURCHASE PRICE

$1,035$1,26500$1,150

RENT

DOWN PAYMENT

FINANCING

OFF ON

Acquisition Concierge

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PROPERTY

Expense Inflation	%
Vacancy	%
Length of Stay
Expense Inflation	%
Vacancy	%
Length of Stay

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (1-5)

Appreciation	%
Rental Growth	%
Maintenance	%

YEAR (6+)

Appreciation	%
Rental Growth	%
Maintenance	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

INVESTMENT

Rehab Costs
Reinvest Cash Flow	Yes No
Interest Rate	%

Learn how to read this

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME	Rent	$1,150
EXPENSES	Loan Payment	-$587
	Property Tax	-$140
	Property Insurance	-$50
	Property Management Fees	-$119




CASH FLOW $254

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.

$169,000

PROJECTED PRICE

$1,150

PROJECTED RENT

0.68%

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

PROJECTED ANNUAL CASH FLOW

Tenant Turnover

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

Appreciation
Principal
Loan Balance

TOTAL CASH OUT OF POCKET

INVESTMENT

$50,535

Down Payment	$42,250
Rehab Estimate	$5,750
Closing Costs	$2,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$587

MONTHLY LOAN PAYMENT

30 yr

3.75%

25.00%

Down Payment

Term	30 Years
Interest	3.75%
Down Payment	$42,250
Loan Amount	$126,750

See What Happens When You Reinvest Cash Flow

12.5

YEARS SAVED

$33,367

INTEREST SAVED

CASH FLOW REINVESTMENT

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

$1,150
LIST RENT
$0.94
LIST RENT PER SQFT

$1,152
COMP ESTIMATED VALUE
$0.94
COMP AVG. RENT PER SQFT

Comps Range

$950

1$9502$9503$9754$1,1505$1,365

$1,365

RENT COMPS ANALYSIS

1,222
PROPERTY SQFT
$0.94
AVG RENT PER SQFT
$1,152
ESTIMATED VALUE
$1,150
LIST RENT

1218 Craig Avenue Gastonia, NC 5

3 beds 1 baths ∙ 1,222 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,222 Sqft ∙ Built 1950
Price

Price Per SQFT

$169,000

$138.30
1310 Poston Circle Gastonia, NC 1

3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1947
SOLD 08/26/20
Price

Price Per SQFT

$82,600

$62.96
914 E Maple Avenue Gastonia, NC 2

3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1951
SOLD 07/02/20
Price

Price Per SQFT

$94,600

$63.07
122 Patrick Street Gastonia, NC 3

3 beds 1 baths ∙ 1,225 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,225 Sqft ∙ Built 1950
SOLD 04/06/20
Price

Price Per SQFT

$115,000

$93.88
716 Lewis Street Gastonia, NC 4

3 beds 2 baths ∙ 1,446 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,446 Sqft ∙ Built 1956
SOLD 09/24/20
Price

Price Per SQFT

$130,600

$90.32

1218 Craig Avenue Gastonia, NC 4

3 beds 1 baths ∙ 1,222 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,222 Sqft ∙ Built 1950
Rent

Rent Per SQFT

$1,150

$0.94
811 Circle View Gastonia, NC 1

3 beds 1 baths ∙ 1,008 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,008 Sqft ∙ Built 1959
LEASED 01/15/20
Rent

Rent Per SQFT

$950

$0.94
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
LEASED 11/02/20
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
LEASED 09/11/19
Rent

Rent Per SQFT

$975

$1.01
1216 Craig Avenue Gastonia, NC 5

3 beds 1 baths ∙ 1,367 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,367 Sqft ∙ Built 1950
LEASED 01/08/21
Rent

Rent Per SQFT

$1,365

$1.00

PROPERTY LISTING DETAILS

Carmen Reitzel
1.937.450.1714
Better Homes And Gardens Real Estate Paracle

1218 Craig Avenue Gastonia, NC 28054

$169,000

$1,150

$50,535

REQUEST INFO

PROPERTY INFO

FACTS

CONSTRUCTION

Listing Agent

Listing Agent's Description

MARKET HIGHLIGHTS

PRICE & RENT TRENDS

SCHOOLS

Woodhill Elementary School

Grier Middle School

Ashbrook High School

FINANCIALS

$152,100$185,90000$169,000

$1,035$1,26500$1,150

Acquisition Concierge

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

$169,000

$1,150

0.68%

PROJECTED ACCUMULATED WEALTH

PROJECTED ANNUAL CASH FLOW

PROJECTED PROPERTY VALUE

TOTAL CASH OUT OF POCKET

INVESTMENT

LOAN DETAILS

25%

$587

12.5

$33,367

$169,000

$138.3

$94,775

$77.56

COMPS RANGE

PRICE COMPS ANALYSIS

$1,150

$0.94

$1,152

$0.94

Comps Range

RENT COMPS ANALYSIS

PROPERTY LISTING DETAILS