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2501 Glyncastle Way Gastonia, NC 28056

4 Beds 2 Baths 1,774 sqft Built 2007

$288,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $162.34
  • 3 Days on Market
  • MLS # : 3679863
  • Updated Date : 11/07/2020 at 18:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,774 sqft
  • Baths : 2 full
Listing Agent

Terry Realty Group, Inc

Listing Agent's Description

Beautifully maintained, full brick ranch is ready for you to unpack and relax! Pretty hardwood, bamboo floors and sun-filled rooms throughout. Gas log fireplace with built-in niche for electronics above. Granite counters and all new slate appliances plus upgraded Samsung refrigerator remains! Large owner's suite has separate sitting area and bathroom with garden tub & large shower. Wait until you get outside--covered patio area AND separate veranda w/ hot tub! The outdoor living space is definitely an oasis with fully fenced yard and blinds on the veranda for privacy. You'll also have a community pool to enjoy too! HVAC replaced in June 2020 has 10 yr. warranty. Come discover it today!

SEE MORE

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: 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
 

$259,200$316,800$288,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,063
Property Tax -$239
Property Insurance -$61
HOA -$41
Property Management Fees -$146
CASH FLOW
$71

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.

$288,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

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-$2.0k$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$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,070

INVESTMENT

$82,070

Down Payment
$72,000
Rehab Estimate
$5,750
Closing Costs
$4,320

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,063

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,000
Loan Amount $216,000
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$19,932

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,397

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,348
1$1,3482$1,4953$1,5504$1,5955$1,620
$1,620
RENT COMPS ANALYSIS
  • 2501 Glyncastle Way Gastonia, NC 5
    • 4 beds 2 baths ∙ 1,774 Sqft ∙ Built 2007 4 beds 2 baths ∙ 1,774 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.91
    •  
  • 211 Valleydale Drive Gastonia, NC 1
    • 4 beds 2 baths ∙ 1,777 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,777 Sqft ∙ Built 1960
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,348
    • $0.76
    •  
  • 3857 Streamside Drive Gastonia, NC 2
    • 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 2017
    LEASED 06/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.75
    •  
  • 4586 Huntington Drive Gastonia, NC 3
    • 3 beds 3 baths ∙ 1,892 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,892 Sqft ∙ Built 1989
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.82
    •  
  • 3811 Broadview Lane Gastonia, NC 4
    • 3 beds 2 baths ∙ 1,945 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,945 Sqft ∙ Built 2010
    LEASED 05/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.82
    •  
PROPERTY LISTING DETAILS
Natalie Terry
1.704.575.5400
Terry Realty Group, Inc
BESbswy