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2620 Swamp Chestnut Oak Drive #339 Gastonia, NC 28056

4 Beds 3 Baths 2,446 sqft Built 2020

$315,628

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $129.04
  • 2 Days on Market
  • MLS # : 3678602
  • Updated Date : 11/02/2020 at 13:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,446 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lennar Sales Corp

Listing Agent's Description

Access to the community pool, cabana, and playground.

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

Neighborhood: Bethesda Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $81k300k

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

Neighborhood: Bethesda Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300140015001600170018001900Rent in $6901962

* 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
Lowell Elementary School Primary Regular 537 31 4
Holbrook Middle School Middle Regular 731 40 6
Ashbrook High School High Regular 1,436 89 4

Lowell Elementary School

  • Education Level: Primary
  • # of students: 537
  • # of teachers: 31
4
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
 

$284,065$347,191$315,628

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,165
Property Tax -$203
Property Insurance -$73
HOA -$48
Property Management Fees -$167
CASH FLOW
$204

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$315,628

PROJECTED PRICE

$1,860

PROJECTED RENT

0.59%

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) 3.00%
Vacancy 6.57%
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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$85,641

INVESTMENT

$85,641

Down Payment
$78,907
Rehab Estimate
$2,000
Closing Costs
$4,734

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,165

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $78,907
Loan Amount $236,721
See What Happens When You Reinvest Cash Flow

7.83

YEARS SAVED

$40,084

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,841

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,609
1$1,6092$1,6453$1,6954$1,7955$1,860
$1,860
RENT COMPS ANALYSIS
  • 2620 Swamp Chestnut Oak Drive Gastonia, NC 5
    • 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.76
    •  
  • 3833 Streamside Drive Gastonia, NC 1
    • 4 beds 3 baths ∙ 2,201 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,201 Sqft ∙ Built 2017
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,609
    • $0.73
    •  
  • 5032 Newport Landing Way Gastonia, NC 2
    • 3 beds 3 baths ∙ 2,283 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,283 Sqft ∙ Built 2006
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.72
    •  
  • 4338 Timberwood Drive Gastonia, NC 3
    • 4 beds 3 baths ∙ 2,178 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,178 Sqft ∙ Built 2003
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.78
    •  
  • 2625 Holly Oak Lane Gastonia, NC 4
    • 4 beds 2 baths ∙ 2,298 Sqft ∙ Built 2008 4 beds 2 baths ∙ 2,298 Sqft ∙ Built 2008
    LEASED 05/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.78
    •  
PROPERTY LISTING DETAILS
Caitlin Marchillo
1.704.770.8916
Lennar Sales Corp
BESbswy