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2408 Kinmere Drive Gastonia, NC 28056

4 Beds 3 Baths 2,520 sqft Built 2008

$324,900

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $128.93
  • 3 Days on Market
  • MLS # : 3703529
  • Updated Date : 01/30/2021 at 10:43
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,520 sqft
  • Baths : 2 full , 1 half
Listing Agent

Maxx West Realty Inc

Listing Agent's Description

Well Maintained Spacious Home, Granite Kitchen Counters, an abundance of cabinets, Owners suite on the Main level, two walk in closets, bath features separate vanities, garden tub, separate shower, Upper level 3 additional Bedrooms each with good closet space, plus bonus room over the garage, Large Utility/Laundry near back door, Over sized deck offers treed privacy and outdoor fireplace. One year home warranty being provided by America's Preferred.

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: Kinmere

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $81k318k

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

Neighborhood: Kinmere

NeighborhoodNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300140015001600170018001900Rent in $6901977

* 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
 

$292,410$357,390$324,900

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,129
Property Tax -$270
Property Insurance -$75
HOA -$41
Property Management Fees -$119
CASH FLOW
$147

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.

$324,900

PROJECTED PRICE

$1,780

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,849

INVESTMENT

$91,849

Down Payment
$81,225
Rehab Estimate
$5,750
Closing Costs
$4,874

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,225
Loan Amount $243,675
See What Happens When You Reinvest Cash Flow

7.83

YEARS SAVED

$33,216

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,783

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,585
1$1,5852$1,7003$1,7804$1,9205$2,075
$2,075
RENT COMPS ANALYSIS
  • 2408 Kinmere Drive Gastonia, NC 3
    • 4 beds 3 baths ∙ 2,520 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,520 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.71
    •  
  • 3709 Tranquil Court Gastonia, NC 1
    • 3 beds 3 baths ∙ 2,400 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,400 Sqft ∙ Built 2005
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.66
    •  
  • 2643 Gaston Day School Road Gastonia, NC 2
    • 3 beds 2 baths ∙ 2,350 Sqft ∙ Built 1997 3 beds 2 baths ∙ 2,350 Sqft ∙ Built 1997
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.72
    •  
  • 3420 Donnington Way Gastonia, NC 4
    • 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2014
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.77
    •  
  • 2425 Flintshire Lane Gastonia, NC 5
    • 4 beds 3 baths ∙ 2,768 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,768 Sqft ∙ Built 2011
    LEASED 09/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.75
    •  
PROPERTY LISTING DETAILS
Sharon West
1.704.724.2060
Maxx West Realty Inc
BESbswy