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2426 Lynn Drive Gastonia, NC 28054

3 Beds 1 Baths 1,056 sqft Built 1963

$167,500

List Price

$1,070

$963 - $1.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $158.62
  • 3 Days on Market
  • MLS # : 3720267
  • Updated Date : 03/21/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,056 sqft
  • Baths : 1 full
Listing Agent

Moss Realty

Listing Agent's Description

This home is completely remodeled! With brand new windows, HVAC and and hardwood floors this home is sure to impress! The kitchen is updated with custom granite counter tops and tile backsplash. The .31 acre lot allows plenty of room for pets and family activities. The covered side porch is a great for entertaining! This home is perfect for a first time home buyer and will not last long! Make an appointment to view this home today!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$150,750$184,250$167,500

PURCHASE PRICE

$963$1,177$1,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,070
EXPENSES Loan Payment -$582
Property Tax -$129
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
$193

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.

$167,500

PROJECTED PRICE

$1,070

PROJECTED RENT

0.64%

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$600k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$50,138

INVESTMENT

$50,138

Down Payment
$41,875
Rehab Estimate
$5,750
Closing Costs
$2,513

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$582

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $41,875
Loan Amount $125,625
See What Happens When You Reinvest Cash Flow

11.25

YEARS SAVED

$28,066

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,070

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,008

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$9953$1,0704$1,2495$1,295
$1,295
RENT COMPS ANALYSIS
  • 2426 Lynn Drive Gastonia, NC 3
    • 3 beds 1 baths ∙ 1,056 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,056 Sqft ∙ Built 1963
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,070
    • $1.01
    •  
  • 1912 Hemlock Avenue Gastonia, NC 1
    • 3 beds 1 baths ∙ 1,064 Sqft ∙ Built 1925 3 beds 1 baths ∙ 1,064 Sqft ∙ Built 1925
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.87
    •  
  • 2111 E Propst Street Gastonia, NC 2
    • 3 beds 1 baths ∙ 993 Sqft ∙ Built 1925 3 beds 1 baths ∙ 993 Sqft ∙ Built 1925
    property image
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $1.00
    •  
  • 3015 Teton Drive Gastonia, NC 4
    • 3 beds 3 baths ∙ 1,344 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,344 Sqft ∙ Built 2003
    property image
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.93
    •  
  • 836 Raindrops Road Gastonia, NC 5
    • 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 2003
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.98
    •  
PROPERTY LISTING DETAILS
Michael Johnson
1.704.813.1073
Moss Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3720267
Last Updated: 03/21/2021
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