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203 Meadow Drive Gastonia, NC 28054

3 Beds 1 Baths 925 sqft Built 1954

$105,900

List Price

$900

$810 - $990

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $114.49
  • 5 Days on Market
  • MLS # : 3681563
  • Updated Date : 11/11/2020 at 13:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 925 sqft
  • Baths : 1 full
Listing Agent

Premier Properties-nc & Sc Inc

Listing Agent's Description

3 Bedroom, Hardwood floors through out, large level fenced in backyard, close to 321 and I-85, schools, shopping, and work centers near by.

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: Highland

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k213k

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

Neighborhood: Highland

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
 

$95,310$116,490$105,900

PURCHASE PRICE

$810$990$900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $900
EXPENSES Loan Payment -$391
Property Tax -$86
Property Insurance -$45
Property Management Fees -$81
CASH FLOW
$298

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.

$105,900

PROJECTED PRICE

$900

PROJECTED RENT

0.85%

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

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$50k$100k$150k$200k$250k$300k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$33,814

INVESTMENT

$33,814

Down Payment
$26,475
Rehab Estimate
$5,750
Closing Costs
$1,589

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$391

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $26,475
Loan Amount $79,425
See What Happens When You Reinvest Cash Flow

15.92

YEARS SAVED

$32,857

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $900

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $902

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$795
1$7952$8993$9004$9355$950
$950
RENT COMPS ANALYSIS
  • 203 Meadow Drive Gastonia, NC 3
    • 3 beds 1 baths ∙ 925 Sqft ∙ Built 1954 3 beds 1 baths ∙ 925 Sqft ∙ Built 1954
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $0.97
    •  
  • 1007 Green Circle Drive Gastonia, NC 1
    • 3 beds 1 baths ∙ 800 Sqft ∙ Built 3 beds 1 baths ∙ 800 Sqft ∙ Built
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $795
    • $0.99
    •  
  • 433 W Davidson Avenue Gastonia, NC 2
    • 3 beds 2 baths ∙ 924 Sqft ∙ Built 3 beds 2 baths ∙ 924 Sqft ∙ Built
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $899
    • $0.97
    •  
  • 600 Windy Hill Drive Gastonia, NC 4
    • 3 beds 1 baths ∙ 984 Sqft ∙ Built 1959 3 beds 1 baths ∙ 984 Sqft ∙ Built 1959
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $935
    • $0.95
    •  
  • 811 Circle View Gastonia, NC 5
    • 3 beds 1 baths ∙ 1,008 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,008 Sqft ∙ Built 1959
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.94
    •  
PROPERTY LISTING DETAILS
Greg Herring
1.704.806.4496
Premier Properties-nc & Sc Inc
BESbswy