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135 Eller Road Gastonia, NC 28056

3 Beds 1 Baths 1,108 sqft Built 1970

$205,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
February 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $185.02
  • 5 Days on Market
  • MLS # : 3707306
  • Updated Date : 02/10/2021 at 15:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,108 sqft
  • Baths : 1 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Gastonia home has one story. This home is vacant and cleaned regularly.

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: 28056

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $81k213k

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

Zip Code: 28056

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
W.a. Bess Elementary School Primary Regular 551 32 8
Cramerton Middle School Middle Regular 833 42 8
Forestview High School High Regular 1,143 63 7

W.a. Bess Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 32
8
GreatSchools Rating

Cramerton Middle School

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

Forestview High School

  • Education Level: High
  • # of students: 1,143
  • # of teachers: 63
7
GreatSchools Rating
 

$184,500$225,500$205,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$712
Property Tax -$123
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
$228

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.

$205,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.60%

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) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$60,075

INVESTMENT

$60,075

Down Payment
$51,250
Rehab Estimate
$5,750
Closing Costs
$3,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$712

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $51,250
Loan Amount $153,750
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$33,951

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,163

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,230
1$1,2302$1,3003$1,350
$1,350
RENT COMPS ANALYSIS
  • 135 Eller Road Gastonia, NC 1
    • 3 beds 1 baths ∙ 1,108 Sqft ∙ Built 1970 3 beds 1 baths ∙ 1,108 Sqft ∙ Built 1970
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $1.11
    •  
  • 116 Buena Vale Drive Gastonia, NC 2
    • 3 beds 2 baths ∙ 1,272 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,272 Sqft ∙ Built 1992
    property image
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.02
    •  
  • 511 Armstrong Drive Belmont, NC 3
    • 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1964
    property image
    LEASED 02/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.08
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
BESbswy