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205 Wynnchester Road Gastonia, NC 28056

4 Beds 3 Baths 2,376 sqft Built 1976

INVESTimate

$300,000

List Price

$1,710

$1,539 - $1,881

Rent Est.

$313,860  ( +4.62%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1976
  • Price/Sqft : $126.26
  • 6 Days on Market
  • MLS # : 3654204
  • Updated Date : 08/22/2020 at 08:44
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,376 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Gastonia

Listing Agent's Description

Beautiful peaceful and private setting for this custom built brick home! Level lot with mature trees and large yard is the perfect spot for relaxing, grilling out and entertaining. Kitchen has new counter tops, tile back splash, center island and breakfast area. Den is cozy with wood walls, built-ins, fireplace and access to the backyard. Large family room with hardwood floors that flow into the dining and foyer. Large owners suite and secondary bedrooms all offer good closet space. 2 car side load garage is open (no pull down doors so identified as carport). Great location close to shopping, schools and hospital.

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: 28056

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $81k213k

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

Zip Code: 28056

ZipNIR Market*CityMarket2010Year20002019 Q270080090010001100120013001400Rent in $6901460

* 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
W.a. Bess Elementary School Primary Regular 551 32 8
Cramerton Middle School Middle Regular 833 42 8
Forestview High School High Regular 1,143 63 7

W.a. Bess Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 32
8
GreatSchools Rating

Cramerton Middle School

  • Education Level: Middle
  • # of students: 833
  • # of teachers: 42
8
GreatSchools Rating

Forestview High School

  • Education Level: High
  • # of students: 1,143
  • # of teachers: 63
7
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$1,107
Property Tax -$249
Property Insurance -$72
Property Management Fees -$154
CASH FLOW
$129

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$300,000

PROJECTED PRICE

$1,710

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.62%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$27,035

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,699

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,585
1$1,5852$1,6093$1,6504$1,7105$1,920
$1,920
RENT COMPS ANALYSIS
  • 205 Wynnchester Road Gastonia, NC 4
    • 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 1976
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $0.72
    •  
  • 3643 Creekside Drive Gastonia, NC 1
    • 3 beds 3 baths ∙ 2,232 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,232 Sqft ∙ Built 2016
    property image
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.71
    •  
  • 3833 Streamside Drive Gastonia, NC 2
    • 4 beds 3 baths ∙ 2,201 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,201 Sqft ∙ Built 2017
    property image
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,609
    • $0.73
    •  
  • 3509 Catawba Creek Drive Gastonia, NC 3
    • 4 beds 3 baths ∙ 2,305 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,305 Sqft ∙ Built 2006
    property image
    LEASED 04/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.72
    •  
  • 3420 Donnington Way Gastonia, NC 5
    • 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2014
    property image
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.77
    •  
PROPERTY LISTING DETAILS
Cathy Young
1.704.860.5400
Allen Tate Gastonia
BESbswy