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1517 Poston Circle Gastonia, NC 28054

3 Beds 1 Baths 1,240 sqft Built 1955

$180,000

List Price

$1,120

$1K - $1.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $145.16
  • 5 Days on Market
  • MLS # : 3712002
  • Updated Date : 02/24/2021 at 18:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,240 sqft
  • Baths : 1 full
Listing Agent

Allen Tate Concord

Listing Agent's Description

SELLER IS REVIEWING ALL OFFERS ON MONDAY MARCH 1ST AT 5:00 PM 3 bedroom ranch home. New windows, paint, wiring, plumbing, duct work, cabinets, tile backsplash with granite. New floring throughout. New recessed lights in kitchen. New gutters. Storage building. New tile shower in bathroom. **Remove shoes and wear a mask.**

SEE MORE

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

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
 

$162,000$198,000$180,000

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 -$625
Property Tax -$149
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$176

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.

$180,000

PROJECTED PRICE

$1,120

PROJECTED RENT

0.62%

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$700k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,450

INVESTMENT

$53,450

Down Payment
$45,000
Rehab Estimate
$5,750
Closing Costs
$2,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$625

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $45,000
Loan Amount $135,000
See What Happens When You Reinvest Cash Flow

10.25

YEARS SAVED

$26,735

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
  • $0.9

    LIST RENT PER SQFT
  • $1,132

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$9503$1,1204$1,2955$1,365
$1,365
RENT COMPS ANALYSIS
  • 1517 Poston Circle Gastonia, NC 3
    • 3 beds 1 baths ∙ 1,240 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,240 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $1,120
    • $0.90
    •  
  • 1912 Hemlock Avenue Gastonia, NC 1
    • 3 beds 1 baths ∙ 1,064 Sqft ∙ Built 1925 3 beds 1 baths ∙ 1,064 Sqft ∙ Built 1925
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.87
    •  
  • 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
    •  
  • 836 Raindrops Road Gastonia, NC 4
    • 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 2003
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.98
    •  
  • 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
Teresa Long
1.704.796.0260
Allen Tate Concord
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3712002
Last Updated: 02/24/2021
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