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208 Gatewood Lane Weddington, NC 28104

3 Beds 2 Baths 1,232 sqft Built 1980

INVESTimate

$227,000

List Price

$1,480

$1,332 - $1,628

Rent Est.

$238,691  ( +5.15%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 26, 2020 RECENTLY ADDED
FACTS
  • Built In 1980
  • Price/Sqft : $184.25
  • 1 Days on Market
  • MLS # : 3650903
  • Updated Date : 08/26/2020 at 00:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,232 sqft
  • Baths : 2 full
Listing Agent

Carolina Home Advisors Llc

Listing Agent's Description

Contemporary style ranch on almost an acre waiting for you to make it your own!! Weddington schools! Family room with vaulted ceiling, skylights, stone fireplace with gas logs and new vinyl plank floors. Kitchen with butcher block countertops and stainless steel refrigerator. Large walk in closet in master bedroom. New french doors lead out to deck. New garage doors and opener. 3 storage buildings

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: 28104

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $118k627k

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

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400260028003000Rent in $8443081

* 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
Antioch Elementary School Primary Regular 744 42 9
Weddington Middle School Middle Regular 997 55 10
Weddington High School High Regular 1,342 69 9

Antioch Elementary School

  • Education Level: Primary
  • # of students: 744
  • # of teachers: 42
9
GreatSchools Rating

Weddington Middle School

  • Education Level: Middle
  • # of students: 997
  • # of teachers: 55
10
GreatSchools Rating

Weddington High School

  • Education Level: High
  • # of students: 1,342
  • # of teachers: 69
9
GreatSchools Rating
 

$204,300$249,700$227,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$838
Property Tax -$117
Property Insurance -$50
Property Management Fees -$133
CASH FLOW
$342

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.

$227,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.15%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,905

INVESTMENT

$65,905

Down Payment
$56,750
Rehab Estimate
$5,750
Closing Costs
$3,405

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$838

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,750
Loan Amount $170,250
See What Happens When You Reinvest Cash Flow

12.58

YEARS SAVED

$52,779

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $1,306

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,480
1$1,4802$1,650
$1,650
RENT COMPS ANALYSIS
  • 208 Gatewood Lane Weddington, NC 1
    • 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $1.20
    •  
  • 317 Gatewood Lane Weddington, NC 2
    • 3 beds 3 baths ∙ 1,554 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,554 Sqft ∙ Built 1981
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.06
    •  
PROPERTY LISTING DETAILS
Dan Ross
1.704.661.1720
Carolina Home Advisors Llc
BESbswy