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1902 Old English Drive Gastonia, NC 28054

3 Beds 1 Baths 1,144 sqft Built 1963

$155,000

List Price

$1,090

$981 - $1.2K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $135.49
  • 5 Days on Market
  • MLS # : 3702412
  • Updated Date : 01/29/2021 at 09:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,144 sqft
  • Baths : 1 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Are your buyers looking for a 3 bedroom home that offers new LVP flooring in living room, kitchen and hallways. New freshly painted walls, kitchen cabinets and a brand new septic tank? This ranch style home is just over 1100 sq ft and has a fully fenced in backyard with an oversized deck that's perfect for grilling. This home is ideal for a first time buyer or someone looking to downsize.

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
 

$139,500$170,500$155,000

PURCHASE PRICE

$981$1,199$1,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,090
EXPENSES Loan Payment -$538
Property Tax -$93
Property Insurance -$49
Property Management Fees -$119
CASH FLOW
$290

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.

$155,000

PROJECTED PRICE

$1,090

PROJECTED RENT

0.70%

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$12k$14k

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$46,825

INVESTMENT

$46,825

Down Payment
$38,750
Rehab Estimate
$5,750
Closing Costs
$2,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% 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 $38,750
Loan Amount $116,250
See What Happens When You Reinvest Cash Flow

14

YEARS SAVED

$35,151

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,090

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,105

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$9953$1,0904$1,3415$1,360
$1,360
RENT COMPS ANALYSIS
  • 1902 Old English Drive Gastonia, NC 3
    • 3 beds 1 baths ∙ 1,182 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,182 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,090
    • $0.92
    •  
  • 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 2
    • 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
    •  
  • 1348 Waylon Avenue Gastonia, NC 4
    • 3 beds 3 baths ∙ 1,441 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,441 Sqft ∙ Built 2018
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,341
    • $0.93
    •  
  • 1612 Allegheny Drive Gastonia, NC 5
    • 3 beds 3 baths ∙ 1,441 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,441 Sqft ∙ Built 2016
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.94
    •  
PROPERTY LISTING DETAILS
Michael Corbett
1.910.975.4022
Exp Realty Llc
BESbswy