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1548 Wiggins Drive #Lot 53 Gastonia, NC 28054

5 Beds 4 Baths 2,836 sqft Built 2021

$430,000

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
February 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $151.62
  • 5 Days on Market
  • MLS # : 3709403
  • Updated Date : 02/17/2021 at 08:53
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,836 sqft
  • Baths : 4 full
Listing Agent

Eastwood Homes

Listing Agent's Description

Ask about move-in specials on this wonderful Cypress plan! This 3-story home features more than 2,800 square feet with five bedrooms and four full baths. A convenient guest suite is located on the main with the master and two secondary bedrooms upstairs. The spacious bedroom and bath on the third floor has 350 square feet! An extended breakfast area gives you more seating space and the study with French doors gives you a perfect place to work or study from home. The beautiful kitchen has white cabinets, granite counters, an ice white ceramic tile backsplash in a brick pattern, and stainless appliances, including a gas cooktop. Other upgrades include a luxury master bath, gas fireplace, metal balusters, and oak tread stairs. Ask about the Smart Home features INCLUDED in this home! Enjoy the community pool, clubhouse, and fitness center when you make this your new home. Find out more today!

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

Neighborhood: Robinson Oaks

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $68k318k

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

Neighborhood: Robinson Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2600700800900100011001200130014001500160017001800Rent in $5241809

* 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
Sherwood Elementary School Primary Regular 659 38 4
Grier Middle School Middle Regular 679 38 6
Ashbrook High School High Regular 1,436 89 4

Sherwood Elementary School

  • Education Level: Primary
  • # of students: 659
  • # of teachers: 38
4
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
 

$387,000$473,000$430,000

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,494
Property Tax -$348
Property Insurance -$81
HOA -$38
Property Management Fees -$119
CASH FLOW
-$229

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.

$430,000

PROJECTED PRICE

$1,850

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.0%
Maintenance Year (1-5) 3.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$115,950

INVESTMENT

$115,950

Down Payment
$107,500
Rehab Estimate
$2,000
Closing Costs
$6,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,494

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $107,500
Loan Amount $322,500
See What Happens When You Reinvest Cash Flow

2.92

YEARS SAVED

$9,745

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $1,758

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,7253$1,850
$1,850
RENT COMPS ANALYSIS
  • 1548 Wiggins Drive Gastonia, NC 3
    • 5 beds 4 baths ∙ 2,836 Sqft ∙ Built 2021 5 beds 4 baths ∙ 2,836 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.65
    •  
  • 808 Willow Creek Drive Gastonia, NC 1
    • 4 beds 3 baths ∙ 2,733 Sqft ∙ Built 4 beds 3 baths ∙ 2,733 Sqft ∙ Built
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.58
    •  
  • 1027 Bent Branch Street Gastonia, NC 2
    • 4 beds 3 baths ∙ 2,675 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,675 Sqft ∙ Built 2007
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.64
    •  
PROPERTY LISTING DETAILS
Michael Conley
1.704.907.0699
Eastwood Homes
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3709403
Last Updated: 02/17/2021
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