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1718 Gaston Mountain Drive #405 Dallas, NC 28034

3 Beds 3 Baths 2,196 sqft Built 2021

$251,990

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
November 29, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $114.75
  • 2 Days on Market
  • MLS # : 3687135
  • Updated Date : 11/28/2020 at 19:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,196 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dr Horton Inc

Listing Agent's Description

This home offers an open floor plan with formal dining area that flows to the kitchen with an island with granite counter tops and Stainless Steel appliances including microwave, dishwasher, electric stove. Master bedroom offers a Cathedral ceiling with a large walk-in closet . All secondary bedrooms have walk-in closets . Along with a separate loft area.

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

Neighborhood: Spencer Mountain Village

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k213k

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

Neighborhood: Spencer Mountain Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270080090010001100120013001400Rent in $6411476

* 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
Carr Elementary School Primary Regular 647 40 5
W.c. Friday Middle School Middle Regular 687 38 4
North Gaston High School High Regular 1,095 60 3

Carr Elementary School

  • Education Level: Primary
  • # of students: 647
  • # of teachers: 40
5
GreatSchools Rating

W.c. Friday Middle School

  • Education Level: Middle
  • # of students: 687
  • # of teachers: 38
4
GreatSchools Rating

North Gaston High School

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

$226,791$277,189$251,990

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$930
Property Tax -$164
Property Insurance -$69
HOA -$43
Property Management Fees -$131
CASH FLOW
$124

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.

$251,990

PROJECTED PRICE

$1,460

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) -1.4%
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$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$68,777

INVESTMENT

$68,777

Down Payment
$62,998
Rehab Estimate
$2,000
Closing Costs
$3,780

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$930

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,998
Loan Amount $188,993
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$26,238

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,482

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,345
1$1,3452$1,3953$1,3954$1,4455$1,460
$1,460
RENT COMPS ANALYSIS
  • 1718 Gaston Mountain Drive Dallas, NC 5
    • 3 beds 3 baths ∙ 2,196 Sqft ∙ Built 2021 3 beds 3 baths ∙ 2,196 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.66
    •  
  • 5056 Broad Leaf Court Dallas, NC 1
    • 3 beds 3 baths ∙ 2,108 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,108 Sqft ∙ Built 2015
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.64
    •  
  • 1036 Joselynn Drive Gastonia, NC 2
    • 3 beds 3 baths ∙ 1,960 Sqft ∙ Built 2010 3 beds 3 baths ∙ 1,960 Sqft ∙ Built 2010
    LEASED 06/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.71
    •  
  • 1114 Blue Topaz Drive Dallas, NC 3
    • 4 beds 3 baths ∙ 1,988 Sqft ∙ Built 2015 4 beds 3 baths ∙ 1,988 Sqft ∙ Built 2015
    LEASED 02/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.70
    •  
  • 2936 Village Center Drive Dallas, NC 4
    • 4 beds 3 baths ∙ 2,231 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,231 Sqft ∙ Built 2010
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.65
    •  
PROPERTY LISTING DETAILS
Corina Elliott
1.704.253.0051
Dr Horton Inc
BESbswy