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1817 Old English Drive Gastonia, NC 28054

3 Beds 1 Baths 989 sqft Built 1963

$154,900

List Price

$940

$846 - $1K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $156.62
  • 2 Days on Market
  • MLS # : 3699339
  • Updated Date : 01/16/2021 at 14:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 989 sqft
  • Baths : 1 full
Listing Agent

Moss Realty

Listing Agent's Description

This 3 bedroom brick ranch has it all! Newly renovated from top to bottom! The HVAC is less than a year old! Complete with Luxury Vinyl Plank floor, granite counter tops, updated bathroom, new windows and fresh paint! This home is move in ready! Schedule a time to view this home today!

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
 

$139,410$170,390$154,900

PURCHASE PRICE

$846$1,034$940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $940
EXPENSES Loan Payment -$538
Property Tax -$93
Property Insurance -$46
Property Management Fees -$119
CASH FLOW
$144

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.

$154,900

PROJECTED PRICE

$940

PROJECTED RENT

0.61%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$46,799

INVESTMENT

$46,799

Down Payment
$38,725
Rehab Estimate
$5,750
Closing Costs
$2,324

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$538

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $38,725
Loan Amount $116,175
See What Happens When You Reinvest Cash Flow

10.17

YEARS SAVED

$22,634

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $940

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $947

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$9403$9954$1,1755$1,295
$1,295
RENT COMPS ANALYSIS
  • 1817 Old English Drive Gastonia, NC 2
    • 3 beds 1 baths ∙ 989 Sqft ∙ Built 1963 3 beds 1 baths ∙ 989 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $940
    • $0.95
    •  
  • 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
    •  
  • 2111 E Propst Street Gastonia, NC 3
    • 3 beds 1 baths ∙ 993 Sqft ∙ Built 1925 3 beds 1 baths ∙ 993 Sqft ∙ Built 1925
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $1.00
    •  
  • 2865 Ebony Avenue Gastonia, NC 4
    • 3 beds 3 baths ∙ 1,200 Sqft ∙ Built 1955 3 beds 3 baths ∙ 1,200 Sqft ∙ Built 1955
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.98
    •  
  • 836 Raindrops Road Gastonia, NC 5
    • 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
    •  
PROPERTY LISTING DETAILS
Michael Johnson
1.704.813.1073
Moss Realty
BESbswy