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2109 Hemlock Avenue Gastonia, NC 28054

3 Beds 2 Baths 1,200 sqft Built 2020

$196,500

List Price

$1,000

$900 - $1.1K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $163.75
  • 3 Days on Market
  • MLS # : 3705684
  • Updated Date : 02/06/2021 at 21:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,200 sqft
  • Baths : 2 full
Listing Agent

Realty One Group Select

Listing Agent's Description

MULTIPLE OFFERS RECEIVED. DECISION WILL BE MADE FEB 7TH BY 6:00PM. This brand new open concept ranch home will win your heart. Everything was built to make this house as pretty and functional as possible. Granite countertops in the kitchen and bathrooms, gorgeous recessed lighting throughout, ceiling fans in all bedrooms, brand new stainless steel appliances, modern water/scratch resistant vinyl floors, tiles in the bathrooms. And the list goes on. The super spacious 2 car carport is an entertainers paradise (for when we can party together again, of course). And to make it better, the house sits near the end of a dead end street and across from a park, so you have a lot of privacy as well. Don't miss it!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$176,850$216,150$196,500

PURCHASE PRICE

$900$1,100$1,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,000
EXPENSES Loan Payment -$683
Property Tax -$163
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
-$14

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$196,500

PROJECTED PRICE

$1,000

PROJECTED RENT

0.51%

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) 3.00%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$54,073

INVESTMENT

$54,073

Down Payment
$49,125
Rehab Estimate
$2,000
Closing Costs
$2,948

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$683

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,125
Loan Amount $147,375
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$9,938

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,000

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,077

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$9503$1,0004$1,2955$1,350
$1,350
RENT COMPS ANALYSIS
  • 2109 Hemlock Avenue Gastonia, NC 3
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.83
    •  
  • 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
    •  
  • 209 New Hope Road Gastonia, NC 2
    • 3 beds 1 baths ∙ 1,167 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,167 Sqft ∙ Built 1930
    LEASED 11/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.81
    •  
  • 836 Raindrops Road Gastonia, NC 4
    • 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
    •  
  • 1217 Bicycle Court Gastonia, NC 5
    • 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 2006
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.93
    •  
PROPERTY LISTING DETAILS
Claudia Ogrizek
1.704.995.1300
Realty One Group Select
BESbswy