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2644 Swamp Chestnut Oak Drive #343 Gastonia, NC 28056

4 Beds 4 Baths 2,931 sqft Built 2020

$401,028

List Price

$2,220

$2K - $2.4K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $136.82
  • 3 Days on Market
  • MLS # : 3678329
  • Updated Date : 11/01/2020 at 16:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,931 sqft
  • Baths : 3 full , 1 half
Listing Agent

Lennar Sales Corp

Listing Agent's Description

The unique large porch on this home will stand out from the other Forsyths. The abundance of cabinets in the kitchen is a show stopper, as is the huge game room on the second level. There is a wonderful usable rear yard and an unfinished basement will incredible finished potential. Welcome Home to Bethesda Oaks.

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
 

$360,925$441,131$401,028

PURCHASE PRICE

$1,998$2,442$2,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,220
EXPENSES Loan Payment -$1,480
Property Tax -$258
Property Insurance -$82
HOA -$48
Property Management Fees -$200
CASH FLOW
$152

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.

$401,028

PROJECTED PRICE

$2,220

PROJECTED RENT

0.55%

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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$108,272

INVESTMENT

$108,272

Down Payment
$100,257
Rehab Estimate
$2,000
Closing Costs
$6,015

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,480

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $100,257
Loan Amount $300,771
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$36,408

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,220

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $2,296

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,075
1$2,0752$2,0753$2,1254$2,220
$2,220
RENT COMPS ANALYSIS
  • 2644 Swamp Chestnut Oak Drive Gastonia, NC 4
    • 4 beds 4 baths ∙ 2,931 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,931 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $0.76
    •  
  • 4918 Trayton Avenue Gastonia, NC 1
    • 5 beds 4 baths ∙ 2,698 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,698 Sqft ∙ Built 2019
    property image
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.77
    •  
  • 4911 Trayton Avenue Gastonia, NC 2
    • 5 beds 4 baths ∙ 2,698 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,698 Sqft ∙ Built 2019
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.77
    •  
  • 6177 Rosemore Lane Gastonia, NC 3
    • 5 beds 4 baths ∙ 2,698 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,698 Sqft ∙ Built 2019
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,125
    • $0.79
    •  
PROPERTY LISTING DETAILS
Caitlin Marchillo
1.704.770.8916
Lennar Sales Corp
BESbswy