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2525 Darren Drive Gastonia, NC 28054

3 Beds 1 Baths 1,096 sqft Built 1951

$160,000

List Price

$930

$837 - $1K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1951
  • Price/Sqft : $145.99
  • 17 Days on Market
  • MLS # : 3675758
  • Updated Date : 11/07/2020 at 12:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,096 sqft
  • Baths : 1 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Newly renovated! Greeted by a lovely rocking chair ready front porch, this home offers an open layout great for entertaining. Lots of countertop space in the kitchen for cooking and food prep. Fresh neutral paint and flooring complement any décor. Don't miss the large backyard, perfect for cookouts or sitting around the firepit.

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: 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
Gardner Park Elementary School Primary Regular 668 36 5
Holbrook Middle School Middle Regular 731 40 6
Ashbrook High School High Regular 1,436 89 4

Gardner Park Elementary School

  • Education Level: Primary
  • # of students: 668
  • # of teachers: 36
5
GreatSchools Rating

Holbrook Middle School

  • Education Level: Middle
  • # of students: 731
  • # of teachers: 40
6
GreatSchools Rating

Ashbrook High School

  • Education Level: High
  • # of students: 1,436
  • # of teachers: 89
4
GreatSchools Rating
 

$144,000$176,000$160,000

PURCHASE PRICE

$837$1,023$930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $930
EXPENSES Loan Payment -$590
Property Tax -$133
Property Insurance -$48
Property Management Fees -$84
CASH FLOW
$75

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.

$160,000

PROJECTED PRICE

$930

PROJECTED RENT

0.58%

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

PROJECTED ANNUAL CASH FLOW

11530-$1.0k$0.0$1.0k$2.0k$3.0k$4.0k$5.0k$6.0k$7.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$48,150

INVESTMENT

$48,150

Down Payment
$40,000
Rehab Estimate
$5,750
Closing Costs
$2,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$590

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $40,000
Loan Amount $120,000
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$14,803

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $930

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,066

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$930
1$9302$1,1003$1,1954$1,2085$1,300
$1,300
RENT COMPS ANALYSIS
  • 2525 Darren Drive Gastonia, NC 1
    • 3 beds 1 baths ∙ 1,096 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,096 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $930
    • $0.85
    •  
  • 2400 Terra Drive Gastonia, NC 2
    • 3 beds 2 baths ∙ 1,122 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,122 Sqft ∙ Built 2005
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.98
    •  
  • 732 Willow Creek Drive Gastonia, NC 3
    • 3 beds 3 baths ∙ 1,249 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,249 Sqft ∙ Built 2013
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.96
    •  
  • 1011 Holly Drive Gastonia, NC 4
    • 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1964
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,208
    • $0.96
    •  
  • 1649 Hoffman Road Gastonia, NC 5
    • 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 1993
    LEASED 07/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.99
    •  
PROPERTY LISTING DETAILS
Matthew Hanks
1.704.931.5325
Exp Realty Llc
BESbswy