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1413 Redland Drive Gastonia, NC 28054

3 Beds 3 Baths 1,200 sqft Built 2020

$189,000

List Price

$1,120

$1K - $1.2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $157.50
  • 5 Days on Market
  • MLS # : 3681701
  • Updated Date : 11/12/2020 at 18:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,200 sqft
  • Baths : 2 full , 1 half
Listing Agent

Providence Management & Invest

Listing Agent's Description

NEW CONSTRUCTION. Estimated completion date: 1/14/2021. 3bd/2.5ba. All bedrooms are upstairs. Luxury vinyl plank flooring throughout common area. Granite in kitchen and bathrooms. Will update pictures throughout the process.

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: 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
Brookside Elementary School Primary Regular 551 34 4
Holbrook Middle School Middle Regular 731 40 6
North Gaston High School High Regular 1,095 60 3

Brookside Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 34
4
GreatSchools Rating

Holbrook Middle School

  • Education Level: Middle
  • # of students: 731
  • # of teachers: 40
6
GreatSchools Rating

North Gaston High School

  • Education Level: High
  • # of students: 1,095
  • # of teachers: 60
3
GreatSchools Rating
 

$170,100$207,900$189,000

PURCHASE PRICE

$1,008$1,232$1,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,120
EXPENSES Loan Payment -$697
Property Tax -$153
Property Insurance -$50
Property Management Fees -$101
CASH FLOW
$119

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$189,000

PROJECTED PRICE

$1,120

PROJECTED RENT

0.59%

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) 3.00%
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$52,085

INVESTMENT

$52,085

Down Payment
$47,250
Rehab Estimate
$2,000
Closing Costs
$2,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$697

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $47,250
Loan Amount $141,750
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$23,370

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,120

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,107

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$1,1203$1,2494$1,3255$1,341
$1,341
RENT COMPS ANALYSIS
  • 1413 Redland Drive Gastonia, NC 2
    • 3 beds 3 baths ∙ 1,200 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,200 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,120
    • $0.93
    •  
  • 1912 Hemlock Avenue Gastonia, NC 1
    • 3 beds 1 baths ∙ 1,064 Sqft ∙ Built 1925 3 beds 1 baths ∙ 1,064 Sqft ∙ Built 1925
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.87
    •  
  • 3015 Teton Drive Gastonia, NC 3
    • 3 beds 3 baths ∙ 1,344 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,344 Sqft ∙ Built 2003
    property image
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.93
    •  
  • 824 Joselynn Drive Gastonia, NC 4
    • 3 beds 3 baths ∙ 1,441 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,441 Sqft ∙ Built 2018
    property image
    LEASED 05/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.92
    •  
  • 1348 Waylon Avenue Gastonia, NC 5
    • 3 beds 3 baths ∙ 1,441 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,441 Sqft ∙ Built 2018
    property image
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,341
    • $0.93
    •  
PROPERTY LISTING DETAILS
Joshua Fannin
1.704.913.3076
Providence Management & Invest
BESbswy