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253 Moore Drive Gastonia, NC 28056

3 Beds 3 Baths 1,776 sqft Built 1987

INVESTimate

$359,000

List Price

$1,740

$1,566 - $1,914

Rent Est.

$375,586  ( +4.62%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1987
  • Price/Sqft : $202.14
  • 6 Days on Market
  • MLS # : 3653272
  • Updated Date : 08/21/2020 at 17:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,776 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Fort Mill

Listing Agent's Description

Rare opportunity to live on acreage so close to Charlotte! Rocking chair front porch welcomes you to this 3 bed 3 bath home with basement situated on 4.79 acres. No HOA, convenient in town location with a country feel. Brand new updates inside and out. Barn and fenced pasture in place- bring your horses! If you are looking for peace and serenity then your search will stop here!

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

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
 

$323,100$394,900$359,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,325
Property Tax -$215
Property Insurance -$61
Property Management Fees -$157
CASH FLOW
-$17

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.

$359,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 4.62%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$100,885

INVESTMENT

$100,885

Down Payment
$89,750
Rehab Estimate
$5,750
Closing Costs
$5,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,325

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,750
Loan Amount $269,250
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$18,230

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,859

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,740
1$1,7402$1,7753$1,7754$2,395
$2,395
RENT COMPS ANALYSIS
  • 253 Moore Drive Gastonia, NC 1
    • 3 beds 3 baths ∙ 1,776 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,776 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.98
    •  
  • 4820 Weber Court Gastonia, NC 2
    • 3 beds 3 baths ∙ 1,913 Sqft ∙ Built 3 beds 3 baths ∙ 1,913 Sqft ∙ Built
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.93
    •  
  • 4804 Weber Court Gastonia, NC 3
    • 3 beds 3 baths ∙ 1,913 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,913 Sqft ∙ Built 2019
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.93
    •  
  • 1011 Lake Shore Drive Belmont, NC 4
    • 3 beds 2 baths ∙ 1,900 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,900 Sqft ∙ Built 1982
    LEASED 03/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.26
    •  
PROPERTY LISTING DETAILS
Lena Horrigan
1.803.630.7001
Keller Williams Fort Mill
BESbswy